Complaint Details

Status	:	Closed
Complaint No	:	0007593/2013
Category	:	Insurance
Date	:	27-11-2013
Subject Line	:	Birla Sun Life Insurance - Not abiding by Commitments and Cheating Customers SINCE 2008 - POLICY NO 002129496
Complainant	:	Kariene Mavjekar
Address	:	Goregaon East
Complainee	:	Birla Sun life Insuance
Address	:

Complaint Details
We have initiated 2 policies in 2008, one we were paying 1 Lakh Every year and other (Policy No: 002129496) 50000 every year. In Policy 1 we paid a total of INR 325000 for 3 years and there was no return on Investment at all. The advisor Mr Dcruz informed us there will be good growth every year and the polciy is flexible and does not depend on the market. however when we questioned the return on investment we were told this money is depends on NAV and keeps changing constantly. So we planned to surrender the policy in 2012 and invest elsewhere, but the amount we were getting back was only INR 338000 which was not even 4% growth, the benefit of INR 13000 only. Since there was no return on investments we withdrew the policy and took back our money. In 2nd Policy Policy No: 002129496 - Classic Premier, we wanted to withdraw the policy in 2012 itself after paying a total of 162000, but they were returning us back INR 165000 and charging us surrender charges of INR 3000. We approached the Malad Branch, Mumbai with our policy documents, and when inquired how we can get rid of the surrender charges, they said you need to wait a minimum of 5 years to avoid any charges plus you will get good returns after 5 years completion as all policies have min lock in 5 yrs.After lot of convincing we decided not to surrender it in 2012 and wait for 5 yrs completion, Although we had intentions to surrender that and reinvest in GOVT schemes we waited for 5 years completion. This policy competes 5 years in Oct 2013 and now in Nov 2013 when asked what is the fund value we are again being slapped with SURRENDER CHARGES OF INR 3000. the fund value shows INR 179617 on the online statement and over this amount we are being charged INR 3000 for surrendering as the call centre informs us there will be no surrender charges till 6 yrs. HOW CAN THE TERMS KEEP CHANGING ? This was ridiculous to hear and after disputing with them they say we will loddged a complaint for you and you will get a call withing 15 days. Is this how you treat your customers and what commitments are given are not at all meant. WE HAVE NOT EVEN GOT A GOOD RETURN AND OVER THAT PAYING SURRENDER CHARGES ? REQUEST YOU ALL TO AVOID MAKING POLICIES WITH BIRLA SUNLIFE AS OUR MONEY IS PRECIOUS YOU CAN NOT LEAVE IT IN HANDS OF SUCH CHEATS WHO CANNOT STAND TO THIER COMMITMENTS. I WILL DEFINATELY EXPECT SOME SOLUTION TO THIS PROBLEM AND WANT ALL CUSTOMERS TO BE MORE CONSCIOUS AND AWARE BEFORE INVESTING THIER MONEY.

Replies