my friend has invested Rs.50,000/- in SBI life insuracne( pure pension scheme)last year.
for this year he received a letter from SBI for paying the second instalment of Rs.50,000/-
now he is unable to pay the second instalment of Rs.50,000/-
his question is whether he unable to pay the second instalment shall he lost the first year’s amount of Rs.50,000/-


  1. You should be aware of 3 years lock in period. In any case insurance is used as an instrument to cover death and equivalent life risks.
    It is recommened to pay atleast 3 years premium.
    But you can talk to the insurance agent to ask for some special offer if available to give you some time to pay the next premium.
    If he doesn’t pay he has lost the first 50,000. That is the only reason insurance is the safest place to consider for covering risk. Ask yourself a question and tell your friend to do the same the question is: Is your friend covered from risk of death in the first year? If yes then don’t you think if something happens to him he will get the sum assured?


  2. As it is a pure pension scheme it will not lapse.But I am not sure how much money your friend will receive after five year. Because the nav must have come down, further there are so many charges eating the number of units every month and every year. Any way get a clarification in writing from the Public information officer of the company under the right to information Act.

  3. In these types of plans there r 3 years locking period which is compulsory to pay but there r some facilities given to the customers like u can reduce original premium after payment of 1st 10000
    Plz ask direct through any branch of the SBI Life Insurance.I advice u to continue ur premium .If u cant pay ur original prem. then reduce it becoz these policies can give a good return.

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