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REGARDING SURRENDER CHARGES OF aviva life insurance policy

This is a discussion on REGARDING SURRENDER CHARGES OF aviva life insurance policy within the Insurance forums, part of the Business & Finance category; respected sir, i have a life insurance policy with aviva. it is in the 5th year. i want to surrender ...

  1. #1
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    Default REGARDING SURRENDER CHARGES OF aviva life insurance policy

    respected sir,
    i have a life insurance policy with aviva. it is in the 5th year. i want to surrender it now. i have been told that there will be around 30% surrender charges. but according to guidelines issued by IRDA , in 5th year of policy, surrender charges cannot be more than 2.5%. i have talked to the concerned manager of regional aviva office. he said that these guidelines were issued in 2010 and your policy has been issued before that. what can i do? is it right on the part of insurer to deduct around 30% surrender charges in spite of being against guidelines of IRDA

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    Dear Sir, We would like to help address your issue. Please write in to us with your policy details on customerservices@avivaindia.com with your policy details and we will investigate your concern and revert. We would revert to you within 7-10 days of receiving your policy details.
    Regards,
    Customer Services team
    Aviva India





    Quote Originally Posted by JPSMULTANI View Post
    respected sir,
    i have a life insurance policy with aviva. it is in the 5th year. i want to surrender it now. i have been told that there will be around 30% surrender charges. but according to guidelines issued by IRDA , in 5th year of policy, surrender charges cannot be more than 2.5%. i have talked to the concerned manager of regional aviva office. he said that these guidelines were issued in 2010 and your policy has been issued before that. what can i do? is it right on the part of insurer to deduct around 30% surrender charges in spite of being against guidelines of IRDA

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    Quote Originally Posted by JPSMULTANI View Post
    respected sir,
    i have a life insurance policy with aviva. it is in the 5th year. i want to surrender it now. i have been told that there will be around 30% surrender charges. but according to guidelines issued by IRDA , in 5th year of policy, surrender charges cannot be more than 2.5%. i have talked to the concerned manager of regional aviva office. he said that these guidelines were issued in 2010 and your policy has been issued before that. what can i do? is it right on the part of insurer to deduct around 30% surrender charges in spite of being against guidelines of IRDA
    Hi Mr. JP Multani,
    what happened finally to your policy ? How much was the charge deducted for surrender of your policy. Kindly notify, it would immensely help others like me.

    best Regards,
    Arijit Saha

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