I have had a ULIP with AVIVA. I had continued it for 46 months and paid a premium of Rs 46000 (Monthly Premium of Rs 1000) . The Policy had a lock-in period of 36 months. I had decided to surrender the Policy because of it’s poor performance & excessive fund management charges (a total of around Rs 100 pm which is almost 10% of my monthly premium).
The charges AVIVA deducting from my account were :
• 5 % per annum of Initial Unit value (Units purchased from my first two year’s premiums * NAV)
• 1 % per annum of total fund value (Total units * NAV)
• Rs 75 per month inflated with 5 % pa as Policy administration charges

While surrendering, I came to know that the surrender charge applicable is nearly Rs 20,000 and my surrender value is nearly Rs 25,000.

These people are telling about some bizarre formula which was no-where written in the Policy Document.
The formula is :-

{1-1/(1.05)^n} x Initial Unit value

Where,
n = 30-no of years the Policy is in Place = 30-4 = 26
Initial Unit value = Value of units purchased from my first two year’s premiums
I have enclosed the Policy Terms and Conditions for your reference. Please refer Page 5, Article 15.2 (Full Surrender), where it is written that ‘ The surrender value is equal to the surrender value of Initial Units, which is equal to the value of all initial units less an Early Redemption Charge determined at the time of surrender, and the value of all Accumulation Units in respect to Regular Premiums’

I have repeatedly requested their Customer Service as well their Saltlake, Kolkata Branch Office for a fair deal but my request fall on deaf ears.

Now, how come a common man would come to know that this surrender charge will be Rs 20,000 after reading the above? I have been told during taking the Policy that I will get a reasonable return on my investment after three years. I have been totally trapped, cheated and misled by AVIVA as well as Bajaj Capital, the broker.

I have received Rs 25959 as Surrender Value. AVIVA has gulped the rest of the amount. What more is that that they have taken back the Policy Terms and Conditions from me while surrendering, without which they denied to process the surrender request. However

I have a policy’ of AVIVA Life Insurance 1 in my name i.e. Ananta Kumar Tripathy having policy no. LSI 1016261 name of the policy plan life saver with profit which was commencement date is 17.12.202 I have being paying half yearly EMI of Rs. 3000/- (Rupees Three Thousand Only) with rider fund as demanded by AVIVA.

I have deposited total premium Rs.50834/- (Rupees. Fifty Thousand Eight Hundred Thirty Four Only) till 17.12.2009 as per statement provided by AVIVA on 12.05.2010 my total fund value has comedown Rs. 38291/- (against my total premium payment of Rs. 50834/-

Kindly look into the matter and advice accordingly

Thanking You

Ananta Kumar Tripathy
Mob. 9810034179
E-mail.- general2379@gmail.com

I have a policy’ of AVIVA Life Insurance 1 in my name i.e. Mrs. Sucheta Tripathy having policy no. LSI 1016268 name of the policy plan life saver with profit which was commencement date is 04.12.202 I have being paying half yearly EMI of Rs. 3000/- (Rupees Three Thousand Only) with rider fund as demanded by AVIVA.

I have deposited total premium Rs.50834/- (Rupees. Fifty Thousand Eight Hundred Thirty Four Only) till 17.12.2009 as per statement provided by AVIVA on 07.06.2010 my total fund value has comedown Rs. 41509/- (Rupees Fourty One Thousand Five Hundred Nine Only) against my total premium payment of Rs. 50834/-

Kindly look into the matter and advice accordingly

Thanking You

Mrs. Sucheta Tripathy
Mob. 9555553705
E-mail.- general2379@gmail.com

Kotak Super Advantage
Posted: 2010-07-30 by Sneh Lata Kumbhat
Wrong Promises/Misselling
Complaint Rating:
Company information:
Kotak Life Insurance
India

Reg:Policy No.02055382, kotak Super Advantage, UIN 107L058V01, Client Id 53925285, Snehlata Kumbhat


Mr.L.N.Saboo of Kotak Life Insurance Delhi made several phones on my Phone no. 02912751103 and made false promises for captioned saving investment Plan (named as Kotak Super Advantage), which is not found in the aforesaid policy. Mr. saboo explained that this plan is for three years in which three annual instalments (Say of Rs.15000.00)are to be deposited as an investment, first year deposit will earn 110% bonus i.e Rs.16500.00, 2nd &3rd year deposit (Rs.15000.00+15000.00)will be invested in equity market and an interest @10% is also payable on total deposit.Further he explained that free life insurance for Rs.150000.00 without any risk coverage charges and free of Premium for age up to 90 years is also given as an additional benefit . After completion of three years the plan is encashable for Total three years deposit (15000*3=45000.00+ 110 % Bonus on first year deposit i.e 16500.00+ 10% interest on total deposits + fund value. If one wants to continue Life Insurance after three years one has to keep a sum of Rs15000.00 on which 10% interest and fund value income will be available till plan is continued and if one demise before 90 years the insurance claim in full will be payable or fund value whichever is higher+ deposit.
I am a single unmarried person and is never interested in Life Insurance Plan hence I told Mr. Saboo that in any way if it is a Insurance Plan I am not interested but he stressed that it is not an Insurance Plan and no premium for Insurance is to be Paid, it is only Saving Deposi investment Plan. All these false promises were endorsed by the local representative Mr. Puneet who came to my house for getting form signed and taking Cheque of Rs.15000.00.He said that it is investment Plan of Kotak Life hence cheque is taken as Premium for Kotak Super Advantage fund. Now no such promises are seen in this policy 5therefore I strongly make an complaint and wish to get my money back . Therefore today I have submitted the captioned original policy for cancellation at local office of Kotak Life Insurance, Minerva Complex Sojati gate jodhpur.

Snehlata Kumbhat
30/07/2010
Email Address
snehlatakumbhat@gmail.com
Comments India Savings & Investments
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