Can i return a 20 yr money back policy now, the cheque was deposited on 11 Feb 08 but Bond received not yet?

Question

I want to know about the cooling off period in 20 year money back policy. The agent sold me this policy but I had asked for a ULIP

Answer 1

You can call the company and request a refund.

Answer 2

Usually the cooling off period is 15 days - i.e. the policy can be returned within the said period after some deductions.  But the problem is the policy holder receives the bond sometime between 1month to six months. Contact your branch right now. In this case your agent may have to answer some questions regarding the mis selling of the policy.

Answer 3

Attention is drawn here to the Insurance ppl like Agents and Development officers.

This is a case of "miss-selling" of Insurance products. Before this guy goes to the I.R.D.A. with a complaint, solve his problem.

He could have returned the policy within 15 days ( now this rule has been stipulated by IRDA )... but the cunning Insurance Cos. do not care to reach the Policy Bonds within  a fortnight ... now he is not willing  and want to return the Policy ....?

Answer/s is/are awaited.

Answer 4

you should also take care when you sign documents. you should contant the lic office & inform them that you have not received policy & you want to close the policy.