I had purchased LIC's ULIPs on 23 March 2007. At that time I was told that I would have to pay at least 3 premiums, after which I can sell the investment whenever I want. But now I am being told that my account has been closed since 23 March 2011.
- Dalbeer
Yours is an older ULIP policy, in which it was compulsory to pay the premium for the first 3 years. If you have paid the premium for 3 years, then the ULIP cannot lapse and the account cannot be foreclosed. You should approach IRDA and register a complaint with them. They will investigate further and get back to you at the soonest. Just be sure that you've paid the first 3 premiums.
This article was originally published on September 24, 2012.
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