Submitted by: nikhil khanna
Category: insurance policy
Complaint against: religare finvest ltd
Amount loss/claim: rs. 90, 000
Ms ritu shah came to our office and explained my father that religare has tied up with aviva life insurance and that she has a investment plan for us on the basis of the investment made already with aviva. I hold a policy in my name with aviva under the policy number llg 1208560. This is a unit linked life long policy. The annual premium is rs 50, 000/- paid half yearly.
The value of the policy in november 2010 was 2, 88, 000/- (Approx). My father was explained that since the start of the policy the returns have been very low and that we can use the part of the paid policy money to invest in a new fund of aviva called the psu and infra fund.
She explained clearly that we will not be charged for any withdrawal of the money and we should stop paying the premium on the old policy. She said these words to me and my dad in person, with her collegue in presence.
In good faith and trust we decided to go for the part redemption and redeemed rs. 1, 00, 000/- from the old policy and gave her the cheque for the new policy under the policy # nls3052628.
Now i recd the statement from the aviva office and my fund value has been deducted of rs. 79, 645/- as the charge for paid up penalty. On calling them i got to know that the policy has gone into paid up mode and the penalty is applicable.
When confronted with the religare authorities they said they would rectify the same and have it resolved since it is aviva's mistake. After a week of correspondence on phone i called a few people from religare office and got to learn that this mistake is non rectifiabe. Either i have to pay the premium or my charges will not be reversed.
My dad and i feel very cheated and utterly lied to. This is not fair. They took commission from our switching the policy but are not ready to payup or rectify the premuim issue.
The following people are involved in this scam
Ritu shah ([protected]) ritu. [protected]@religare.in
Anuj saha ([protected]) anuj. [protected]@avivaindia.com
Chetan jaiswal (Chetan. [protected]@religare.in)
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