I have taken Money Back Policy on 28/02/2010 through one of my distant relative, who is a LIC agent. Sum assured was 2 Lacs with a half yearly premium of Rs. 16304. On next premium due date i.e. in March 2011 I transferred the premium amount in my agents account as he told me that my policy is in grace period and he will take care of everything and will get premium paid. Later on the next premium, again I gave him a cheque for premium in Aug 2011. now after enrolling my policy on LIC's website, I found out that he (LIC agent) never paid a premium for my policy and my policy is showing status " LAPSED WITHOUT SURRENDER VALUE". It will complete two years on 28 Feb 2012 i.e. one and half year without premium

Please suggest me, whether this policy can be revived and what action I can take against that agent.

Similar Threads: