Money9: Has your life insurance policy lapsed? so know what you should do

Shikha of Sonipat bought a life insurance policy under pressure from a friend. Paid an annual premium of Rs 1 lakh for three years.

Shikha of Sonipat bought a life insurance policy under pressure from a friend.

Sonipat’s Shikha came under the pressure of a friend. life insurance Bought the policy. Paid an annual premium of Rs 1 lakh for three years. When Shikha came to know that this policy was of no use to her, she stopped paying the premium. Now this policy has lapsed. The insurance company is pressurizing Shikha to renew the policy. Whereas, investment advisors are advising to surrender the policy.

Difficulty in getting money equal to premium

If Shikha surrenders this policy, then she is not getting the money back equal to one year’s premium. Shikha is well educated. Then why and how she got stuck, she is cursing herself a lot. In fact, if the policy purchased for investment purpose lapses in the initial years, then in the event of surrender, only a part of the amount deposited as premium is available in the hands of the insured. In this case, the insurance company will recover the entire term cost from your total deposit amount.

A major part of this is the payment made to the agent. After getting the paid-up value, you are left with no other option but to repent. Download Money9’s application to watch the full show if your insurance policy has lapsed, when to renew and when not. This app can be downloaded through this link- https://onelink.to/gjbxhu,

Let us tell you that you can earn cash from your life insurance policy. This facility is provided on the premium of the policy. This earning is given in the form of bonus.

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Money9’s OTT app is now available on Google Play and iOS. Everything related to your money happens here in seven languages. This is a unique experiment of its kind. Here are the things related to stock market, mutual funds, property, tax, economic policies etc., which affect your pocket on your budget. So what is the delay, download Money9’s app and increase your financial understanding because Money9 says that understanding is easy.