Nathrao
Insolvency N Gst Professional

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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

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.
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.

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