[Resolved]  Reliance Life Insurance — surrender charge

Address:West Bengal

I have a Reliance Life Insurance policy. I have regularly deposited my premium for the last five years. But instead of depositing policy premium for last 4.5 years my policy fund values showing less than the exact value. Then i have visited Customer help desk, Reliance Life insurance Office, Harish Mukherjee Road, Kolkata. I was informed by our customer service officer that you can discontinue your policy after the submission of Aug 2012 policy premium as the policy you are having will to give you fund value in long-term.
Then i have deposited aug 2012 premium also. I was waiting for better sensex. On 12/09/12 I have received a SMs fromTD-RLICOL "urging you to surrender you Reliance life insurance policy". I thought it may be due to good market condition and for beterment of my fund value. So today i visited your HP Mukherjee Branch, Kolkata and filled up a form for surrender.I was informed by office staff that my present fund value is Rs 47693.03/ and i have deposited Rs. 50000 (in last five years).
They have deducted surrender charges Rs. 1430.79/ though i was informed previously by your office that no deduction will be done after the completion of three years(from date of starting policy).

My present complaints are as follows:
1) false information was provided to me by your office staff on previous visits
2) in spite having good market response i am getting any benefits in my fund value
3) surrender money is actually less than the total premium deposited
4) five years is a ling duration
5) it is better to keep funds in fixed deposit rather in life insurance especially Reliance life insurance.
6) i was told by your office staff that i will get my surrender money after 4-7 working days. it is also a point of inconvenience. It should be deposited my saving account maximum by 48 hrs as provided other Govt insurance providers.

i am hopeless and dissatisfied customer regarding Reliance life insurance.

Sukanta Sen
Kolkata
mob-[protected]
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Aug 13, 2020
Complaint marked as Resolved 
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