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USo as embarrassing as it sounds, my mother ended up signing up for an SBI Life Smart Platina Plus Policy in my name, to the tune of a 3L per annum premium payment, with a lock-in period of 2 years. This happened after some of the investments she had made in my name matured, and bank staff descended on like a pack of vultures and convinced her to sign up for this under the impression that it would be a one-time payment of 3L – not 3L a year for ten years.
I’ve not lived in India for the last 8 years and don’t have any plans to return in the foreseeable future. I can’t afford to keep making those payments, and after I reached out to the the bank they told me the policy can only be surrendered after a two year period, and I think I will lose a good chunk of that money after doing so.
The first payment is due this July, and I’m wondering if it’s possible at all to just not pay – if I can figure out to stop the first payment from going through my bank account. What happens I just let it lapse? Can there be any legal consequences?
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FIf the policy is in free lookup period (15 days from date of issue), you can cancel it and get your entire money back.
If this is the second year renewal then cancel the payment. Make sure the balance in your account is way less than the premium amount just to be double safe.
You can let the policy lapse and write off the 3L premium already paid (if this is the second year renewal).
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