A claim case in r/o RPLI Policy is rejected as the policy is lapsed at the time of death of the insurant. In the said case the policy was accepted during Apr-09 and the insurant had paid premium up to Aug 10 (He had paid 17 months premia) and died during Jan 11. Premia from Sep 10 to Jan 11 (5 months) became non credit. While verifying the PRB it is found that the monthly premia for Jul 10 and Aug 10 have been irregularly accepted in Dec 10. As per POIF rules part payment of premium should not be accepted.
The POIF Rule is reproduced below.
“ Provided that if any payment purporting to be premium payments are made during the period of six months mentioned above and if they do not cover all the arrears together with interest thereon required to prevent the policy from becoming void such payment shall be held in suspense and shall not be considered as payment by way of premium to cover the risk of the life assured.”
Hence all are hereby requested to follow the above rules strictly to avoid future claim problems.
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