The concern is that for my Max New York lapsed policy no.855878435 insurance company are violating IRDA guidelines – Regulations for Treatment to discontinued Linked Insurance products. I had forwarded the IRDA circular for their ready reference via Ticket No 14209434. As per IRDA circular page no. 4, Point no. 6 & 7 states that as per the rules my policy is discontinued as per sub regulation (ii) of regulation 4 and the insurer may deduct discontinuance charges on the date of discontinuance on such policies only. But Insurance company replied that “IRDA Clause mentioned by me is only for the insurance policies that are “Unit Linked Insurance Products”. My policy under the policy number 855878435 is a traditional policy”. But please note that as per Page 38 of 60 of IRDA regulations (Refer IRDA website ref no. IRDA/Reg./13/71/2013) regarding discontinuance of a traditional or Non Linked insurance policy which clearly states that (refer Sl no. 14) that for discontinuance of policy the rules and regulation specified for Linked Insurance policy i.e. ULIP policy will be applied for Non Linked policy or traditional policy. Hence, the rules are applicable for traditional policies also. But company is not replying to this complain till date.

Hence, I am asking them to refund the 1st premium amount after deduction of discontinuance charges as per above mentioned IRDA rules. Also, if a policy is discontinued then the policy amount shall be kept aside as discontinued policy fund hence cash value cannot become zero as has been said to me in all your response. It is so sad to know that I have to remind you of IRDA regulations when it is your duty to follow the regulations.

Email Id: nkbarmy@gmail