[Resolved] Aviva Life Insurance Company — BIG CHEATER | |
As I mentioned in my earlier comments also, AVIVA IS A BIG CHEAT n FRAUD COMPANY.I have analysed the unit statment recieved from them. I have taken Aviva life long policy from Jan 2006 with 10k regular premium.I come to know charges AVIVA deducting from my account are : 5 % per annum of Inital Unit value(Units purcharsed from my first two premiums * NAV) 1 % per annum of total fund value (Total units * NAV) Rs 64 per month infalated with 5 % pa as Policy administration charges Mortality & Accidental rider charges After paying three premium I come to know that If I surrender policy now.I will get only Rs 8542 on basis of following calculation. % of surrender charge is 73.21% ( derived from the formula 1-1/(1.05)^n, n = 27 ). which is applicable on first 2 years of initial units. Value of Initial units as on date = Rs.17, 094/-. Hence surrender charge = 17, 094 X 73.21% = Rs. 12, 514.50/- Therefore surrender value would be [ (17, 094 - 12, 514) + 3, 962( value of accumulation units ) ] = Rs. 8, 542/- as on 09.02.2009 which would vary basis the daily fluctuation in NAV. Here Inital units are the units purchashed from first two premium & Accumulation units are the units purchashed from 3rd premium onwards. The big calculation CHEAT aviva do is that it deduct all above mentioned charges by selling accumulated units(not intial units) so that it can charge 5 % per annum on inital units & in case person decides to surrender policy Aviva can deduct maximum charges based on intial unit value. My suggestion would be to surrender this policy as early as possible because surrender charges will be applicable only on intial unit values.In any case, policy holder will not be getting any value out of inital units as Aviva will be charging 5 % per annum on it & practiacally after 20 years would have paid up entire amount as managment charge & would be continue paying intial managment charges from accumulated units. I think all Aviva Life long Policy holder should file a case against AVIVA for cheat calculation to gallop hard earned money of innocent people. Anyone want to look in to unit statment that I got from AVIVA can mail me on [protected]@gmail.com. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 76 Comments | |
Comments
what is the solution I have paid 3 premium shall I surrender the policy or withdraw the money after 10 years without paying next premiums
Reply
I Certainly agree that Aviva r big cheaters...
When I took the policy, they never told me that I have 15 days to cancel the policy if I dont like in the 1st Place...When I got policy document, after few days I realised that they have backdated my policy date by 15 days so that I wont cancel it..
They are real cheaters...
I personal advise, I lost 24, 000...advise not to take up Aviva Insurance... They are REAL CHEATERS!!!
When I took the policy, they never told me that I have 15 days to cancel the policy if I dont like in the 1st Place...When I got policy document, after few days I realised that they have backdated my policy date by 15 days so that I wont cancel it..
They are real cheaters...
I personal advise, I lost 24, 000...advise not to take up Aviva Insurance... They are REAL CHEATERS!!!
Big Cheater, I agreed completely
I have faced the same problem, There agent told me that i have to deposit only three premiums but after some time i came to know that i have to deposit it for 30 years. When i stopped paying premium, They deducted Approx 70% from the fund value.
Definitely we all should take an initiative to file a complaint on this company as this company is big fraud. Also, I would like to take this issue unto the media and let all people know this.
I advice all of you to circulate this link to as many people as possible.
I advice all of you to circulate this link to as many people as possible.
I never seen such a big fraud in my life.. they are big cheaters and the advisor too, i think the company trained their advisor to cheat innocent people. i have taken a policy in 2006 save gaurd plan annual premium Rs 1, 14, 000, in the policy it is clearly mentioned that i need to pay min 2 premium nd after 3rd year i can withdraw my money. When i asked for it they are deducting 68% surrender charge and giving me approx 80K out of 2.32 Lac..
at the time of applying the advisor clearly mentioned me tht i can withdraw my money after 3rd yr to get my full amount back but not before tht.
Please suggest how to get my money back from this Company.
at the time of applying the advisor clearly mentioned me tht i can withdraw my money after 3rd yr to get my full amount back but not before tht.
Please suggest how to get my money back from this Company.
I am facing same problem. Aviva agent told me that i have to deposit only two premiums, after that it depends on u to continue the policy or stop paying premiums.i deposited three premiums(2500/-per year). In fourth year i stopped paying premiums then they deducted approx. 70% from the fund value as surrender charge. Anybody can suggest that how can i get this money back.As per new IRDA rule in fifth year surrender charge will be zero. I have purchased the Aviva life long policy on 14th Feb 2006.
Could i get the advantage of new IRDA rule.
Could i get the advantage of new IRDA rule.
dear all
all of you r complaining against aviva, but pls let me know did u buy the policy directly from aviva or through some agent. The agent did not gove u full information. The policy document mentions everything and u could have rtd within 15 days of time period.
Pls call me on [protected] or mail me at [protected]@rediffmail.com
all of you r complaining against aviva, but pls let me know did u buy the policy directly from aviva or through some agent. The agent did not gove u full information. The policy document mentions everything and u could have rtd within 15 days of time period.
Pls call me on [protected] or mail me at [protected]@rediffmail.com
Have people with this issue considered putting the policy on "paid up with zero sum assured" status?
It does not appear like the current guidelines issued by IRDA cover existing policy holders but these issues related to surrender charges (an exorbitant exit fee especially for policies like Aviva Life Long policy) should be further reviewed. There are close to 250 lac ULIP investors and lots of people are victims of fine print. The regulator needs to simplify investing for retail investors and save them from insurance companies and agents who make everything sound simple, when they need the sale.
It does not appear like the current guidelines issued by IRDA cover existing policy holders but these issues related to surrender charges (an exorbitant exit fee especially for policies like Aviva Life Long policy) should be further reviewed. There are close to 250 lac ULIP investors and lots of people are victims of fine print. The regulator needs to simplify investing for retail investors and save them from insurance companies and agents who make everything sound simple, when they need the sale.
I fully agree. The agent never tells you that there will be so much surrender charges. I still remember that I asked for a 10 year term but agent told me that go for 15 or 20 years as you can close policy after 10 years and there will not be any loss. Now, I am finding that this was totally wrong.
All the private insurance companies cheat people and they should be banned. I have learnt the hard way that LIC is the best option
All the private insurance companies cheat people and they should be banned. I have learnt the hard way that LIC is the best option
I am 100% agreed that Aviva Life Insurance is a cheater and all creadit goes to Sales manager's & agent's because they are the main resposible person for the same.
I completely agree that AVIVA is a big cheat of a company. I was paying a premium of 20K each year for a period of 3 years and now that I go to surrender it, they give some crap about Surrender charges and all and all they give me back is 26, 000, which is a loss of 34, 000 to me.
My sincere advice to all persons who come across this forum is to stay as far away from AVIVA as possible.
My sincere advice to all persons who come across this forum is to stay as far away from AVIVA as possible.
Hi,
Has anyone knows what will be impact of new IRDA guidelines on existing Policy Holders?
I have LofeLong policy taken in june 2006, so can I surrender the policy after 5 years i.e. in 2011 without any surrender charges according to new IRDA rules?
I saw in news "The regulator said insurers could withdraw all existing policies that did not meet the requirement by December 31, 2009" is this mean we can withdraw our polices without any surrender charges?
Thanks,
Chaya
Has anyone knows what will be impact of new IRDA guidelines on existing Policy Holders?
I have LofeLong policy taken in june 2006, so can I surrender the policy after 5 years i.e. in 2011 without any surrender charges according to new IRDA rules?
I saw in news "The regulator said insurers could withdraw all existing policies that did not meet the requirement by December 31, 2009" is this mean we can withdraw our polices without any surrender charges?
Thanks,
Chaya
I am fully agreed, Aviva is not a better insurance option, they are not providing full information when you wish to purchase a policy, there documents/ policy surrender formula all are not clear. This is my personal experience and I advice to everyone when you plane to purchased Aviva policy you will think more then 10 times.
My Aviva Policy No. is FLG1199072
My Aviva Policy No. is FLG1199072
yes i m facing the same problem. The big calculation CHEAT aviva do is that it deduct all above mentioned charges by selling accumulated units(not intial units) so that it can charge 5 % per annum on inital units & in case person decides to surrender policy Aviva can deduct maximum charges based on intial unit value.
(My personal advice to al l- please donot trust on "AVIVA ADVISOR'S")
My policy No, is FLG1199072
(My personal advice to al l- please donot trust on "AVIVA ADVISOR'S")
My policy No, is FLG1199072
Someone please calculate how much i will be getting back if i surrender the policy today..
I am on Save Gaurd ULIP, started on Dec 2006, and and annual premium of Rs 60, 000. So far paid Rs 1, 80, 000 and the aviva website says it is now 1, 82, 000.
extra details of amount paid
Dec 2006 - Rs 60, 000 (at time of joining)
Dec 2007 - Rs 60, 000
Dec 2008 - Rs 60, 000
Dec 2009 - NOT PAID YET
After checking the aviva site, i saw that the surrender charges are zero if you have paid 8 years premium.. at 3rd year it is 50%, but after 5 years it is 10%, i dont mind lossing 10% but definitely not 50%. The decision need to be taken quickly as i need to submit records for tax deduction...
I am on Save Gaurd ULIP, started on Dec 2006, and and annual premium of Rs 60, 000. So far paid Rs 1, 80, 000 and the aviva website says it is now 1, 82, 000.
extra details of amount paid
Dec 2006 - Rs 60, 000 (at time of joining)
Dec 2007 - Rs 60, 000
Dec 2008 - Rs 60, 000
Dec 2009 - NOT PAID YET
After checking the aviva site, i saw that the surrender charges are zero if you have paid 8 years premium.. at 3rd year it is 50%, but after 5 years it is 10%, i dont mind lossing 10% but definitely not 50%. The decision need to be taken quickly as i need to submit records for tax deduction...
Customer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
a company is at responding and resolving complaints by granting from 1 to 5 stars for each
complaint and then ultimately combining them all for an overall score.
Read more
Read more
80%
Complaints
351
Pending
0
Resolved
278
+91 12 4270 9046
Aviva Tower, Sector Road, DLF Phase V, Sector 43, Gurgaon, Haryana, India - 122003