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?
Arbind K Shaw