[Resolved]  Axis Bank — Home Loan (PHR[protected] Policy Number - [protected] (Date of Commencement of Risk 01-Oct-2019)

Hello Sir/Madam,

This is Chackravarthi.

I had taken a Home Loan for a flat purchased in Chennai (Katupakkam) from Axis Bank (Mumbai) in September 2019.
The Loan Account Number is PHR[protected].

I gave a closure request for the outstanding loan amount of Rs.33, 20, 811 on 10-Jan-2022. The loan got closed on 15-Jan-2022.

I paid an amount of Rs, 53166 (Rs.45056+Rs.8110 GST) for the Policy [protected].

Even though I surrendered the Policy within 2.5 years of my 15 year old loan tenure I got the surrender amount of only RS.16028.

I have the 2 questions

1) Why is the Life Insurance Amount very hefty?
2) Why is the surrender amount very less even though I closed the loan within 2.5 years?

I am really not satisfied with the surrender amount and one more problem is that they have credited the amount to my Home Loan Account which is already closed, I dont understand the rationale behind this?!

Very poor Customer Service for a very high premium amount.

I had to go the Axis Bank Home Loan Centre in Kodambakkam (Chennai)
for at least 5 times and still my issue is not sorted. I dont know hpw long it takes to credit a surrender amount to my correct bank account.

Thanks
Chackravarthi