* CHRONICLE - PENSIONERS CONVERGE HERE, DISCUSS ISSUES OF THEIR CHOICE * CHRONICLE - WHERE EVEN THE CHAT COLUMN PRODUCES GREAT DISCUSSIONS * CHRONICLE - WHERE THE MUSIC IS RISING IN CRESCENDO !

Friday, February 26, 2016

Not mercy, but a question of legal obligation


24 Feb 16, 10:06 PM

JM Aboobucker: It is a very good suggestion that Mr CHM has made to the LIC about revocation option being given to those pensioners who had exercised the option but finds the premium rate expensive. Hope LIC would accept this sensible suggestion.

24 Feb 16, 10:43 PM

Editor: LIC must agree to the suggestion. Even otherwise a person who opts for increase in SA (without premium rates being made available) does enjoy the option to withdraw from the option exercised on the ground of e.g. unfavourable prem. rates.

When the premium rates are made available, the insured can take a decision whether to continue the Policy for increased SA. The intervening period from date of option exercised and the date on which premium rates are made available could be claimed to be treated as FREE LOOK PERIOD.