Aviva Life Insurance Company India — Huge Surrender penalty charged

Address:

New Delhi, Delhi

I also want to share an unpleasant experience with Aviva Life Insurance. A person known to me purchased Aviva Life Safer Plus Policy (which was a ULIP) in the year 2007 which was sourced through ABN Amro Bank. Initially, he was assured very high return rates and he was also told that he needs to pay premium for minimum 3 years and thereafter, he could choose to withdraw the policy and would get handsome returns on the premium paid. The premium was RS. 5Lacs per annum . However, when he stopped paying premiums, the policy was terminated and a surrender penalty of more than Rs. 2 Lacs was charged on the premium paid. So, instead of earning any benefit, more than Rs. 2 Lacs were lost from the premium paid. Though the fund value and NAV were much more at that time and there was no mention of any penalty at the time of purchase of policy. Aviva Life Insurance cheats people like this by not disclosing terms and conditions to the innocent customers who get duped by their banks acting on behalf of Aviva. Despite follow ups, letters and even legal notice sent to Aviva, there has been no action on their behalf. There should be some action taken against Aviva and even ABN Amro for sourcing such policies and misleading innocent customers.