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My LIC policy was foreclosed without intimating me neither a notice was sent and the bank did not give me any settlement amount. What can I do my father had paid 13 out of 14 premiums?
My LIC policy was foreclosed without intimating me neither a notice was sent and the bank did not give me any settlement amount. What can I do my father had paid 13 out of 14 premiums?
Shailesh Kumar, Co-founder, Insurance Samadhan
Answered on January 28,2024
Answered on January 28,2024
A policy is foreclosed when the loan amount plus accrued interest exceeds the total surrender value.
If it has exceeded the total surrender value then policy will be foreclosed without any intimation
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