Refund for two years premium of sundarlal tejpal jain(Death in July-23) -Health Insurance Policy - P
Complain ID : CCN036452 44
Insurance Complaint
Complaint Date: December 21, 2023
- State : Maharashtra
- City : Palghar
- Address: AT -post Kelwa , Near Railway Staion Kelwa
I am writing to request a refund for the two-year premium paid for my father [sundarlal tejpal jain] insurance policy : P/170000/01/2023/057275 . He passed away on 06/07/2023 in the first year of the policy
As you know the claim for sundarlal tejpal jain’s death has been processed and paid out However I believe that I am entitled to a refund for the two-year premium as he was only able to benefit from the policy for one year
Company told us that claim is paid , so that they cannot refund the premium for demise person,if we had known that than we had claim for premium refund for that as claim is paid only Rs. 12529/- , We have paid Rs 85429 for 3 years premium (2A 1C) , and if we claimed for premium refund than it would be better as we can claim Rs 38296/- Difference , as 3 years premium for other 2 person ( 1A 1C) is Rs 47133/- only.
Since sundarlal tejpal jain death was unexpected and occurred early in the policy term it would be unfair to require me to pay for two years of coverage when he was only able to benefit from one year
Just take an example If a policyholder buys a 1-year family floater policy (2A 1C) from Star Health and is hospitalized and dies the company will pay the hospital bills and terminate the name of the deceased person So on renewal, the policy will be renewed for only 2 people (1A 1C) In this case the premium for the 2nd and 3rd years should not be paid as the person died Similarly in case someone pays the premium for 3 years but dies in the first year they must be entitled to a refund of the premium for the 2nd and 3rd years on a pro rata basis.
I have attached a copy of sundarlal tejpal jain’s death certificate and a copy of the insurance policy I would be grateful if you could process my request for a refund as soon as possible.
As you know the claim for sundarlal tejpal jain’s death has been processed and paid out However I believe that I am entitled to a refund for the two-year premium as he was only able to benefit from the policy for one year
Company told us that claim is paid , so that they cannot refund the premium for demise person,if we had known that than we had claim for premium refund for that as claim is paid only Rs. 12529/- , We have paid Rs 85429 for 3 years premium (2A 1C) , and if we claimed for premium refund than it would be better as we can claim Rs 38296/- Difference , as 3 years premium for other 2 person ( 1A 1C) is Rs 47133/- only.
Since sundarlal tejpal jain death was unexpected and occurred early in the policy term it would be unfair to require me to pay for two years of coverage when he was only able to benefit from one year
Just take an example If a policyholder buys a 1-year family floater policy (2A 1C) from Star Health and is hospitalized and dies the company will pay the hospital bills and terminate the name of the deceased person So on renewal, the policy will be renewed for only 2 people (1A 1C) In this case the premium for the 2nd and 3rd years should not be paid as the person died Similarly in case someone pays the premium for 3 years but dies in the first year they must be entitled to a refund of the premium for the 2nd and 3rd years on a pro rata basis.
I have attached a copy of sundarlal tejpal jain’s death certificate and a copy of the insurance policy I would be grateful if you could process my request for a refund as soon as possible.
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