[Resolved]  Exide Life Insurance — Premature closure

Address:	Hyderabad, Andhra Pradesh, 500004
Website:	INDIAN CONSUMER COMPLAINTS FORUM

I have taken two policies - one in the name of my son, policy no.02954149 dtd.[protected], annual premium of rs.49997.62, premium payment term 7 years, through ing vysya bank manager, bowenpally branch, secunderabad 500011 (Now it is kotak bank)

And the other one in the name of my daughter, policy no.02997571 dtd.[protected], annual premium rs.29999.19, premium payment term 10 years, through ing vysya bank manager, bowenpally branch, secunderabad 500011 (Now it is kotak bank).
(The policy received after 3 months).

While taking policies, we were told that, in case if you cannot continue till completion of the policy term, you can premature close the policy after completion of 5 years and then, they shall pay you the amount with applicable bonus.

After receiving the policies, we just checked the name and address (The policy consists 24 pages).

Due to personal reasons, we approached, the insurance company to close prematurely (1st one paid three premiums and the second one paid two premiums) but they says, it cannot be closed. It is written in the policy, in case you are not satisfied, you can return the policy within 15 days.

In general, no person goes through the policy documents, which are legally written and unable to understand. Only what the agent says, people.

I am repeatedly requesting the exide life to return, at least the premiums paid by me.

Like lot of people suffering. The agents are not properly informing the policy rules.

I requested, even if i paid 5 years (Lock in period), can i get the amount, they say no.

Kindly help.