* Mandatory Fields
*Name of Complainant Mr. RAVINDER AGARWAL
Communication Details
*Door No./ Bldg/Name/ Floor C.41, TRINITY TOWERS
Street / Area DLF PHASE-V
*City/Town/Panchayath/Village GURGAON
Taluk/Tehzil GURGAON
District GURGAON
*State HARYANA
*Pin Code 122002
E- Mail [email protected]
Telephone No
*Mobile No 9811776017………………………………………
Fax No
*Insurance Type (Please mentioned Insurance Type LIFE INSURANCE-
“ FLEXI CASH FLOW TERM 20 PAY 10”
*Life
* Non Life
*Insurance Company Name BIRLA SUN LIFE INSURANCE COMPANY LTD
*Date of Birth of Policy Holder 30TH JUNE, 1960
*Policy No: 000782686
Cover Note:
Other Reference No:
Policy serving Brach Code/Address GURGAON BRANCH
*Details of the Complaint: Termination of my 5 yrs old life Insurance Policy by BIRLA SUN LIFEINSURANCE COMPANY WITHOUT ANY INFORMATION AND ON THEIR FAULT.
The details are as under:
1) I bought this policy" FLEXI CASH FLOW 2006" ON 28TH OCT: Sum assured Rs.45lacs, annual premium Rs.4, 23, 540/-THROUGH CITI BANK.
2) Paid regular premium (upto 29th october) amounting to Rs.13, 05, 914.99..THE COMPANY PROMIISED 10% RETURN BUT DUE TO THEIR MIS MANAGEMENT, The policy was running into huge cash losses.
3) Inspite of that, I Continued the policy (as life Insurance coverage was Rs 45, 00, 000/-) and had no intention to disturb the policy in any manner.
4) As per the policy terms on completion of 5 years (i.e oct) a partial withdrawal of Rs.9, 00, 000/- was allowed but I was not sure how much I would get as I did not pay any premium after October.
5) To know whether I am entitled to withdraw or not, I sent a mail to customer care ..BUT NO REPLY WAS GIVEN
6) I went to Birla sun life Gurgaon branch and they informed me that i am entitled for Rs.6, 40, 000/- (no calculation was shared with me) without hampering the policy in any manner whatsoever and thereafter I submitted the papers asked by them. I HADNO INTENTION TO WITHDRAW NY AMOUNT IF THEY WOULD HAVE NOT ASSURED ME THAT THIS WITHDRAWAL WILL NOT AFFECT MY POLICY. The amount was also calculated by them not me.
7) I received Rs.6, 39, 200/- on 9th November by way of transfer to my savings Account with ICICI BANK.
(8) On third January, i just logged in to Birla sun life web site to check status on my policies and was SHOCKED, as my policy was not reflecting there and immediately wrote an email to them with docket no: 273227.
9) on 11th January i received a reply in response to my query that "post withdrawal of survival benefit your policy has terminated from december, 28th".
10) It was a shocking news to me as I could not understand that how can somebody terminate a Life Insurance policy without any information or intimation irrespective of NAV and other valuations.
11) In the circumstances, I feel that a customer do not have control over the valuation of the policy and also it is practically impossible to keep track on its value on daily basis. No information from anybody not even their so called relationship manager or Branch (Gurgaon) provided any such informations.
12. I wrote several mails and reminders to customer care starting from 11th january, 12th january and again on 3rd feburary (attached)
There after i have been continuously following up with the gurgaon branch and also with customer care but no reply is given to me except that gurgaon branch informed me that COMPANY HAS ACCEPTED THEIR MISTAKE DUE TO TECHNICAL FAULT AND WILL REVIVE YOUR POLICY SOON.
13. Today (13th feburary)…I received a mail stating that my policy is terminated and nothing can be done by them is as under (mail attached)
” We refer to the below attached query.
We would like to inform you that as per the product feature, Survival Benefit is paid at the end of every 5th policy year and the remainder on Maturity. An amount equal to the minimum of the Guaranteed Fund Value or Sum Assured will be reduced from the Guaranteed Fund Value and made available for the purpose of Partial Withdrawal/s.
Further, as per the Closure of Policy clause mentioned in the policy provisions, the policy would terminate if the fund value falls below one Annual policy premium net of the Surrender charges hence, we regret to inform you that post withdrawal of the survival benefit your policy has terminated from December 28 and the same cannot be reinstated.
Your policy is an important long-term financial planning tool; receive timely alerts and information regarding your policy by ensuring that your latest contact details are updated with us at all times. Kindly visit our website or the nearest branch for assistance in registration of your updated contact information.
MY ISSUES:
1) HOW CAN A COMAPANY TAKE UNILATERAL ACTION WITHOUT ANY INFORMATION OF ANY NATURE.
2) WHY MY EMAIL'S ARE NOT REPLIED
3) WHY did The Gurgaon branch informed me that the partial withdrawal will not affect my policy in any manner... otherwise i would have not withdrawn any amount and would have continued the policy.
4) Do you think it is practically possible for a customer to track on NAV on daily basis???
5) As per the closure clause” After first three years, if the policy fund value falls to one annual Policy Premium net of surrender charges, we will terminate the policy and pay surrender value to you” I am raising this issue to you because, if this termination was not by mistake then why have they not paid the surrender value to me even after two months of termination of my life insurance policy.
Kindly intervene and get help me fight for justice as these private companies are enjoying good profit at the cost common man and take advantage of certain clauses which are framed to fool customer: the management of funds is purely in their hands and fund value is also in their hands…..how can a common man save him self from their cheating
They arehiding their mistake asit was them who advised me to withdraw and thereafter in less then one months time they terminated without any intimation to me.
*Have you Approached Insurance Company Regarding This Grievance (If Yes Provide Ref No) Yes……. several times in the past starting from 3rd January… vide docket no 273227…sent several reminders to them thereafter on on 11th, 12th January and on 3rd feburary.
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