[Resolved]  Aviva Life Insurance Co. — Unnecessary deduction of Policy amount

Reference No: Policy No. 1177192 & 1177381 - Unit linked LLG – Aviva Life Insurance Company



Subject: Unnecessary deduction of policy amount



Dear Sir,



I have taken Unit Linked Policy of Aviva Life Insurance Company. I have the following mentioned policies with me from the year of June 2005:



No.
Policy No
Form
Name of holder
Premium Amount

1.
1177192
LLG
Anjana B. Shah
90, 000.00

2.
1177381
LLG
Bharatkumar H. Shah
1, 00, 000.00




From the issue of policy I have paid three installments of premium up till now. My fund value as on Dt: June 2008



No.
Date
Units
NAV
Amount

1.
23/06/2008
8, 324.39
31.45
2, 61785.00

2.
27/06/2008
8, 372.25
31.19
2, 61122.00




During the current year due to some problem I was unable to pay the premium and hence I skipped the same for both the mentioned policies. After two months of my premium due date, I found that the Aviva company has unnecessary reduced my fund value almost 70% of what I had earlier. They have shown the remaining fund value in paid up value.

My policy statement now displays the following things:



No.
Date
Units
NAV
Amount

1.
23/09/2008
3, 627.24
31.58
1, 14, 541.00

2.
27/09/2008
3, 067.53
31.58
96, 866.00




You can see from above that the company has reduced my fund amount almost about 70% and the respective units about 5000 units. Moreover the NAV amount has been increased which is an unjustifiable thing. I don't know the reason behind this harsh step of the company as while investing in the policy I was informed by the company's insurance agent that I am free to pay the premium whenever I want irrespective of the lock in period. Further more the same things are even mentioned in the terms and conditions of company's broacher and also there's no clarification of any charges in the policy document too.



I have been investing regularly in the policy from last 3 years still the company has taken this harsh step. Further more I also have with me policies of Birla Sunlife, ING Vysa, Max Newyork life where also I havnt paid the premium still those companies have not taken such type of step or charged me such heavy amount just as done by Aviva.



I want you to explain me that at which place the company's policy documents mentions that within two months the fund value will be reduced for almost 70% just because of not paying the premium amount. The company is just making me fool by taking this step.



I want you to take any step for the walk taken by the company. If you are not able to solve out my problem than I will definitely go further and apply to consumer court.





Thanking you….



Bharat H. Shah.