No Tags Found!


arbindsha
I have Purchased a Life Insurance policy from a Private reputed Insurance company. in 2012.
Policy term was 7years to pay seven yearly premium. Maturity term 10years.
I have already paid six years premium and Last premium due in two months time.
However I found that they have not fulfilled policy Bonus terms. In policy document an illustration is attached which shows a calculation of 6 to 10percent Bonus every year however till date Bonus declated is only approx 2% yearly.
Now I found this insurance company performance highly frustrating in respect of Bonus as such I requested to them to advise surrender value and I was shocked that they have deducted more that 40% of total premium paid while calculating surrender value and not as per IRDA guidelines, which states 90% minimum to be refunded after five years.
Request your opinion
can I file a legal case against the Insurance company at the Consumer redressal forum else which is the appropriate authority ?
Can the matter be Taken with IRDAI?
best regards
Arbind K Shaw

From India, Calcutta
Babu Alexander
294

First file a complainant to the Insurance Company Consumer redress forum. Keep the ack with you. After 30 days file a complaint before the State Insurance Ombudsman.
From India, Madras
nathrao
3131

Terms and conditions will be printed on the policy document.
Terms regarding surrender would be clearly mentioned.
Anyway with only one more instalment of premium remaining, suggest hold on and take maturity benefits.
Hasty decisions will not benefit you.
Always buy a policy after studying all aspects.
Agents always highlight what helps in selling and may not explain negative factors well enough.

From India, Pune
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.