Aviva Life Insurance Company India Limited — Life insurance

Apr 05, 2016

Updated by Faltuke I took a policy in year 2006 ( Nehru place Branch) . Rs 3, 00, 000/- cover for 10 year premium @ Rs 30, 000/- annually. It was some life long unit linked Growth fund.

Explained/Assurances cum Lures: Minimum 10% annual return on capital investment in Growth funds or Rs. 5, 00, 000 approx and Minimum Rs. 3, 00, 000/- bonus (or more) in 10 years ( Minimum Rs 8, 00, 000/- total) ; Insurance cover of fund value or Rs 3, 00, 000 lacs which ever higher; 80cc benefits; no hidden expenses.

Complaint:
1. The company deducted whopping nearly Rs.6000/- value of the units itsel[censored]nder various heads as expenses, which was not told in beginning at all, except 1% annually ( of premium) charges will be debited towards fund management, which was to be meagre Rs 300/=.
2. Price of NAV on dates premium paid for crediting units were purposely taken higher in order to cheat and allot less units.
3. Fund value is Rs 3, 55, 000/- in August 2015 reportedly(just about 4% return).
4.No confirmation of accured bonus after last premium was paid in 2015.

Apr 05, 2016

Updated by Faltuke Note: Significantly it means out of Rs 30, 000/- premiun, approx Rs 5000/- to Rs 6000/=( Instead of Rs 300/- annually) was eaten away by the company every year or say Rs 60000/= in 10 years. So if this is converted into recurring FD @ say 10 % interest, it would yield Rs. 1, 00, 000/ minimum which the company saved/earned already indirectly. This was not at all discussed and thus amounted to cheating.