Friday, September 29, 2023
  • Privacy Policy
  • DMCA
  • Contact Us
  • Guest Post
The Anand Market
No Result
View All Result
  • World
  • India
  • UK
  • US
  • Top Stories
  • Technology
    • Game
  • Business
    • Finance
    • Market
    • Crypto
    • Insurance
  • Entertainment
    • Movies
    • What to Watch
    • Fashion
  • Sports
    • Today’s Match Predictions
    • Cricket
    • Football
    • NBA
    • NFL
  • Health
    • Fitness
  • Education
  • Web Stories
  • World
  • India
  • UK
  • US
  • Top Stories
  • Technology
    • Game
  • Business
    • Finance
    • Market
    • Crypto
    • Insurance
  • Entertainment
    • Movies
    • What to Watch
    • Fashion
  • Sports
    • Today’s Match Predictions
    • Cricket
    • Football
    • NBA
    • NFL
  • Health
    • Fitness
  • Education
  • Web Stories
No Result
View All Result
The Anand Market
No Result
View All Result
Home Business Insurance

How do I get a refund for policies that were mis-sold to me?

by The Anand Market
1 day ago
in Insurance
50
how do i get a refund for policies that were mis-sold to me?
11
SHARES
FacebookTwitter

I have multiple life insurance policies (endowment savings plans) from different insurers. An insurance agent had taken advantage of my advanced age and poor health condition to sell these policies by giving me false assurance of good returns. Also, I realized that the policies have wrong details about the policyholder and life-assured medical status.

I now want a full refund of my investments in these policies. Please let me know how to go about this.

—Name withheld on request

You should first get the corrections incorporated into the policies. You will need to submit the relevant KYC documents. This will help the insurer verify and process the correction. During this process, it would be helpful for you to keep some evidence of false disclosure by the insurance employee. An email trail of the medical history shared with the person or a written acknowledgment would be most useful.

When you update the insurer about your health conditions they may ask for more information. In many cases, particularly in investment-oriented plans, they will continue the insurance. However, they may decide to charge a loading or even cancel the insurance. If they cancel and you can establish that you were cheated, then they will return the premiums paid after adjusting for administrative expenses.

image 16
How Do I Get A Refund For Policies That Were Mis-Sold To Me? 3

There is a provision in law that claims cannot be denied, unless there is patent fraud, after 3 years. This means that if the discrepancies in your health status are minor, then claims will be paid once 3 years are over. If the discrepancies are significant, the insurer could contest your claim.

If the insurer decides to retain the policy, then you could surrender the policy. The surrender value expected from endowment plans is mentioned in the policy schedule.

The surrender value increases with every year of paid premium. However, it is likely that when you surrender, you could lose some principal amount paid.

I am holding a health insurance policy for the last 10 years. In the previous year ended 31 March, I paid a total premium of ₹61,000. I turned 60 on 8 November and want to know how much deductions I will be entitled to under 80D for the previous financial year.

—Name withheld on request

Under 80D, higher deduction for health insurance premiums is available for senior citizens. Since, while paying the premium, you were not a senior citizen, you will be eligible for regular deduction of ₹25,000.

Do note that the insurance premium is also calculated accordingly. The premium payable in any given year is based on the last completed year of age. Do consult your tax advisor for a specific interpretation of the rules.

Tags: Health insurancehealth statusinsurancerefund for mis-sold policies

Related Posts

how to hire more efficiently in the new year
Insurance

How to hire more efficiently in the new year

September 28, 2023
114
rothesay chief becomes abi board member
Insurance

Rothesay chief becomes ABI board member

September 28, 2023
105
top retail brokers 2023
Insurance

Top Retail Brokers 2023

September 28, 2023
132
ifarm underwriting enlists reserv to handle claims
Insurance

iFarm Underwriting enlists Reserv to handle claims

September 28, 2023
114
Leave Comment

Top Stories

  • tamilyogi

    Tamil Yogi Latest Tamil Movie TamilYogi.com, TamilYogi.cool

    2989 shares
    Share 1196 Tweet 747
  • Top 10 Websites for Tamil Movies Download

    2488 shares
    Share 995 Tweet 622
  • Download All Marvel Movies in Hindi Dubbed from Filmyzilla

    2886 shares
    Share 1154 Tweet 722
  • Watch Ek Tha Tiger Full Movie Download Free [4K, HD, 1080p 480p, 720p] Review

    2847 shares
    Share 1139 Tweet 712
  • Download Avengers Endgame Full Movie [4K, HD, 1080p 480p, 720p] Review

    1331 shares
    Share 532 Tweet 333
  • Vegamovies – Download 480p, 720p, 1080p and 2160p 4K Hindi Dubbed Movies

    5286 shares
    Share 2114 Tweet 1322
  • Watch Sultan Movie Download [4K, HD, 1080p 480p, 720p] Review

    5094 shares
    Share 2038 Tweet 1274
  • Watch Dream Girl 2 Movie Download [4K, HD, 1080p, 480p, 720p] Review

    106 shares
    Share 42 Tweet 27
  • Watch Dilwale Movie Download [4K, HD, 1080p 480p, 720p] Review

    3264 shares
    Share 1305 Tweet 816
  • Dashing CM Bharat Movie Download [4K, HD, 1080p 480p, 720p] Review

    1434 shares
    Share 574 Tweet 359
Facebook Twitter Instagram Telegram RSS Youtube

About Us

Follow us for news, photos, videos, and the latest trends around the world & on the Internet. www.anandmarket.in

Category

  • Business
  • Cricket
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Football
  • Game
  • Health
  • India
  • Insurance
  • Market
  • Movies
  • NBA
  • NFL
  • Sports
  • Technology
  • Today's Match Predictions
  • Top Stories
  • UK
  • US
  • What to Watch
  • World

© 2020-2023 The Ananad Market - Latest News from Verified Sources.

No Result
View All Result
  • World
  • India
  • UK
  • US
  • Top Stories
  • Technology
    • Game
  • Business
    • Finance
    • Market
    • Crypto
    • Insurance
  • Entertainment
    • Movies
    • What to Watch
    • Fashion
  • Sports
    • Today’s Match Predictions
    • Cricket
    • Football
    • NBA
    • NFL
  • Health
    • Fitness
  • Education
  • Web Stories
  • Login
  • Sign Up

© 2020-2023 The Ananad Market - Latest News from Verified Sources.

Welcome Back!

OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In