Insurancepolicy-Birla Sunlife Insurance Co
Maximum Withdrawl amount-not allowed

Sir

I am a policy holder of BSLI..With reference to my policy no.000747172, on 24-09-09 I had applied for a partial withdrawal for maximum amount permissible in my said policy. I had applied for the max.amount on the basis of portfolio details provided to me by the main office at Ahmedabad.

As per the partfolio details provided by them as on 24-09-09, the Fund value was Rs.78112/10, Surrender chrgs. Rs 2500/-, Surrender Value Rs 75612/10 and Withdrawable amount Available Rs 50612/10. As I was in need of Rs 50000/- to fulfill my commitments elsewhere I had applied for max. amount which means I should get Rs 50612/10... To my surprise the co. had finalised a cheque of Rs 25700/- only which was later despatched to me..With lots of correspondence via e-mail they admitted that it was their system error which showed max.withdrawable amount as Rs 50612/10..while as per policy clause only Rs 25700/- was the max amount then... I argue that wheather its system error or something else ultimately the sufferer is me who had to wait for 15 days and that too for an amount which did not serve the very purpose. I could not fulfill my commitment to the others moreover I had passed through mental agony..My reputation is being challenged..Even as on date on inquiry at their call centre or at main office Ahmedabad, they say still I can withdraw Rs 25000/- because system shows that... but actually its not..Having got annoyed and the need of funds I have today surrendered the said policy..But a lesson remains to be taught to BSLI for using such misleading system... many of the customers might be getting mislead by the details ..Moreover not a single employee is having perfect product knowledge..They just cant answer the querry to entire satisfaction..As in my case nobody was aware of this system error except the headoffice...

Kidly do the needful at the earliest..

Thanks

Suhel

Company: Insurancepolicy-Birla Sunlife Insurance Co
Country: India

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