Cancellation Charges for Insurance

[Me_scorpion7]

Sir,
I bought an insurance in dec 23 of ICICI prudential life insurance RP and in a way the agent cheated me by showing the benefits which don’t exist and again he made me buy another insurance in Mar 24 claiming the two insurance would get attached and will give you immense benefit which don’t exist in their paper.
Due to some reasons I could not focus that time on documents but now when I see I feel cheated . I paid nearly 1 lakh premium annually. Can anybody suggest me how to get my money back or what are the cancellation charges for the same. I don’t want to continue and want my money back in my first year itself even at some loss

 

[arjungoyal12]

The surrender value might be written on the terms & conditions of policy

 

[Me_scorpion7]

Documents are lengthy and hard to understand

The surrender value might be written on the terms & conditions of policy

In general what is the ratio?

 

[arjungoyal12]

Actually, the general one might not present a clear truth. So, I think you need to check your individual policy.

 

[Prabin]

Sir,
I bought an insurance in dec 23 of ICICI prudential life insurance RP and in a way the agent cheated me by showing the benefits which don’t exist and again he made me buy another insurance in Mar 24 claiming the two insurance would get attached and will give you immense benefit which don’t exist in their paper.
Due to some reasons I could not focus that time on documents but now when I see I feel cheated . I paid nearly 1 lakh premium annually. Can anybody suggest me how to get my money back or what are the cancellation charges for the same. I don’t want to continue and want my money back in my first year itself even at

Sir,
I bought an insurance in dec 23 of ICICI prudential life insurance RP and in a way the agent cheated me by showing the benefits which don’t exist and again he made me buy another insurance in Mar 24 claiming the two insurance would get attached and will give you immense benefit which don’t exist in their paper.
Due to some reasons I could not focus that time on documents but now when I see I feel cheated . I paid nearly 1 lakh premium annually. Can anybody suggest me how to get my money back or what are the cancellation charges for the same. I don’t want to continue and want my money back in my first year itself even at some loss

Sir,
I bought an insurance in dec 23 of ICICI prudential life insurance RP and in a way the agent cheated me by showing the benefits which don’t exist and again he made me buy another insurance in Mar 24 claiming the two insurance would get attached and will give you immense benefit which don’t exist in their paper.
Due to some reasons I could not focus that time on documents but now when I see I feel cheated . I paid nearly 1 lakh premium annually. Can anybody suggest me how to get my money back or what are the cancellation charges for the same. I don’t want to continue and want my money back in my first year itself even at some loss

As you mentioned RP which indicates a term plan if I am not wrong. If it's a term plan then to be honest it won't be cancelled and you can't get back your money as free look period is already over
. If you can share names of both policies then I will try my best to help you out.

 

[LifeInsuranceExpert]

Hi,
I’ll need the following details to help you out with this.
Name of the product, Your age, Policy term and premium payment term.
If it is a term plan, usually there is no surrender benefit applicable.
However, the size of premium you have mentioned leads me to think that this could be a savings policy in which case you may be able to surrender later.
Surrender values are 0 in the first year though.

 

[zacobite]

Sir,
I bought an insurance in dec 23 of ICICI prudential life insurance RP and in a way the agent cheated me by showing the benefits which don’t exist and again he made me buy another insurance in Mar 24 claiming the two insurance would get attached and will give you immense benefit which don’t exist in their paper.
Due to some reasons I could not focus that time on documents but now when I see I feel cheated . I paid nearly 1 lakh premium annually. Can anybody suggest me how to get my money back or what are the cancellation charges for the same. I don’t want to continue and want my money back in my first year itself even at some loss

You will lose lots of money.. Unless you can prove with evidence that you were cheated.Pick up case with Insurance co if u have proof... traditional insurance products will give u 4-6% XIRR.. So assume it is your debt investment.. You anyways need insurance.. Ofcourse next time.. read carefully