Basu Sir, I invested in a policy ICICI Pru Savings Suraksha-RP back in 2015. The annual premium amount was Rs.100000. After paying the first premium the agents came with some \”better\” policy and told me to discontinue with the previous one and go for a fresh investment in the better policy, which I did after getting assured that I will get back my invested money after waiting for three years. I continued the other policy since then but did not continue with the first policy from the second year. Now after waiting for 3 years, when I went to them to ask my money back, they said that since the policy is foreclosed I will not get back any money. I understand that I have been fooled by the agents, but I am clueless now about how to get my money back. Is there any IRDAI rules that can help me? Please help.
The sad part is that you can’t get back the money. However, if you try to do it, then you have to reactivate the same by paying all the dues with interest for 3 years, then can get back LESS of what you pay+paid. Hence, it is better to forget and consider as a BIG lesson for you.
The Insurance company’s answer is as per IRDA rules ONLY. It is your agent who lied with you and fooled you.