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Tuesday, Oct 26, 2021
Outlook.com

Insurance

Insurance
Insurance
outlookindia.com
-0001-11-30T00:00:00+05:53
In December 2000, my brother-in-law bought an LIC Jeevan Shree policy. He was due to pay his second premium by June 2002 (with interest). But he expired on 3 April 2002. Will my sister get the policy benefits? If not, will she get the first premium payment of Rs 26,000?
The premium for your brother-in-law’s policy was payable in December 2001. LIC offers a grace period of 30 days, during which "risks to life" are covered. After this, the premium can be paid with interest within six months to keep the policy in force, but risks to life are not covered. After six months, the policy lapses if the premium is not paid. Your brother-in-law’s risk to life was only covered till somewhere in January 2002 (30 days from the premium due date). On the date of death, 3 April 2002, the cover wasn’t available. Therefore, your sister can’t file a claim. Since the policy was just a year old, even the surrender value is not due. Therefore, your sister will not get any refund.
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