I have purchased from Aviva Life Insurance Company the said policy No TSA 1199470 on 19-12 and today I have shocked to receive a Cheque of only Rs 5074/- (Axis Bank No 950161 Dt 13-12) towards after Maturity settlement of above said policy. from Insurance company.
On going through it, it has observed that they have settled my said policy as “Surrendered Process” instead of “Payment on Maturity”. While I submitted all the related documents only after receiving their letter dt 17-09 clearly asking the necessary documents, to start maturity process. Even after this letter, I was constantly getting SMS/Phone calls from their various offices to submit all the documents in order to get maturity payments timely. As the Maturity date was 19-12, and I paid all the ten premiums installments timely. When on 6th December’ I visited their office at INDORE to submit all the documents, one of their office boy on reception counter given me a form to sign on it. And I signed in good faith without under standing the form was actually to surrender the policy and not was for maturity payment process. I was confident enough as I have paid all the ten premium installments timely and. I was assuming the maturity process takes some 8-10 days time and I will get a post dated Cheque of Rs 17, 000/= Guaranteed Addition Approximate Rs 8000/= Total of Value Not Less Then Rs 25000/-
It is indeed really harassing that even after payments of all the ten premium installments timely, and just a fortnight before the Maturity date dated 19-12. The Insurance Company adopted Surrender process instead of Payment on maturity, to settle the very small policy.
I therefore request your honor to please look into the matter and ask the Insurance company to rectify the mistake of their office and arrange recover me my balance sum Approximate Rs 20, 000/- at your earliest on receipt of this letter and oblige. I also agree to sign any other documents, if necessary. I do hope you will treat the matter as URGENT.
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