Home |Life Insurance | If I buy a term insurance plan from any insurer and unfortunately the company gets shutdown in the middle of term then what happens to my insurance policy, will it be active or not for the entire term?

If I buy a term insurance plan from any insurer and unfortunately the company gets shutdown in the middle of term then what happens to my insurance policy, will it be active or not for the entire term?

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Shailesh Kumar Shailesh Kumar, Co-founder, Insurance Samadhan verified
Answered on September 17,2022

Dear 

As per Insurance Act , no insurance company can  shut down . At the most , another company would take it over and all liabilities will be taken care of .

So dont worry , your insurance company will never close and management may change to honour all existing policies .

It has already happened  in last 20 years .

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