[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
Hi All
I am also in the same boat. I was mis sold this polcy by ABN Amro bank in 2005. promising 30% return.
I am paying a premium of Rs 36000 annually . I tried to get out after three years but the surrender value was less than 50%.
I have paid 180000 till date and the Aviva returns is astonishing 0.01% in 5 years. It is positive, What a great ROI.
I am eagrly waiting to withdraw after 5 years.
Stay away from Aviva to save your hard earned money.
I am also in the same boat. I was mis sold this polcy by ABN Amro bank in 2005. promising 30% return.
I am paying a premium of Rs 36000 annually . I tried to get out after three years but the surrender value was less than 50%.
I have paid 180000 till date and the Aviva returns is astonishing 0.01% in 5 years. It is positive, What a great ROI.
I am eagrly waiting to withdraw after 5 years.
Stay away from Aviva to save your hard earned money.
I am fully agreeing with all these complaints. But why the people are having fancy with these foreign brands? See the advantages of investing in LIC:
1. The money invested in LIC by the large population will be invested back to the development of local infrastructure.
2. LIC will be financing the infrastructure projects with very nominal interest rates.
3. It will indirectly benefit to the people of INDIA generations to come.
4.These ULIP's are very complicated to understand to the common people. To understand these charges structure one needs a degree in economics. For example, the AVIVA will claim the unit growth of 8% in secure fund, the actual yield will be meagre 3.5% to 4.5%. This is not justifiable to the risk/reward of investor.
5. You imagine that the capital infused to this AVIVA is about 1000 crore and the company is managing about 6000 crore. ROI on the capital infused should be atleast 20% so from where this return will come. It should be from the poor investors.
6. And the fund managers in AVIVA also not so great. They are not competitive to some of the private players like HDFC, KOTAK, ICICI, etc., These are the hardcore finance companies. They know in and out of Indian economy.
So my sincere advice is avoid this AVIVA.
Thanks
Harish
1. The money invested in LIC by the large population will be invested back to the development of local infrastructure.
2. LIC will be financing the infrastructure projects with very nominal interest rates.
3. It will indirectly benefit to the people of INDIA generations to come.
4.These ULIP's are very complicated to understand to the common people. To understand these charges structure one needs a degree in economics. For example, the AVIVA will claim the unit growth of 8% in secure fund, the actual yield will be meagre 3.5% to 4.5%. This is not justifiable to the risk/reward of investor.
5. You imagine that the capital infused to this AVIVA is about 1000 crore and the company is managing about 6000 crore. ROI on the capital infused should be atleast 20% so from where this return will come. It should be from the poor investors.
6. And the fund managers in AVIVA also not so great. They are not competitive to some of the private players like HDFC, KOTAK, ICICI, etc., These are the hardcore finance companies. They know in and out of Indian economy.
So my sincere advice is avoid this AVIVA.
Thanks
Harish
To
AVIVA Insurance
Sir/Madam
I have an insurance policy of AVIVA (Policy No. WTG 1448203, Product Name-: Life Long-Unit Linked Templated. Commencement date 31/01/2007.
The policy features was translated by Centurian Bank Ltd, becoz Aviva Life Insurance had tie up as Bancassurance partners. The agent had cheated me, they do not declare the policy terms. They said that lock in period is of 3 years and after 3 years u need not to deposit the premiums. After 3 years according to your choice u will withdraw the amount which u had invested (according to ur market value or NAV). After paying 3 premiums I come to know from customer care service that my Fund Value is Rs. 58000/- but if I surrender the policy I will get only Rs.28000, which is not understandable. It means less than 50 % what I had invested. I am not able to continue this policy.
Moreover in your policy cover it is written that we have 15 days from the date of receipt to consider the Insurance plan, but in my case I have recd the policy cover after 6 months becoz Aviva don’t know the Patiala is in Punjab or in Haryana.
You are requested to pls release the amount which is mentioned as fund Value i.e Rs. 58000/-
Pls reply
Regards
Muneshwara Gupta
[protected]
AVIVA Insurance
Sir/Madam
I have an insurance policy of AVIVA (Policy No. WTG 1448203, Product Name-: Life Long-Unit Linked Templated. Commencement date 31/01/2007.
The policy features was translated by Centurian Bank Ltd, becoz Aviva Life Insurance had tie up as Bancassurance partners. The agent had cheated me, they do not declare the policy terms. They said that lock in period is of 3 years and after 3 years u need not to deposit the premiums. After 3 years according to your choice u will withdraw the amount which u had invested (according to ur market value or NAV). After paying 3 premiums I come to know from customer care service that my Fund Value is Rs. 58000/- but if I surrender the policy I will get only Rs.28000, which is not understandable. It means less than 50 % what I had invested. I am not able to continue this policy.
Moreover in your policy cover it is written that we have 15 days from the date of receipt to consider the Insurance plan, but in my case I have recd the policy cover after 6 months becoz Aviva don’t know the Patiala is in Punjab or in Haryana.
You are requested to pls release the amount which is mentioned as fund Value i.e Rs. 58000/-
Pls reply
Regards
Muneshwara Gupta
[protected]
ADVISORY : PLEASE GET IN TOUCH AT [protected]@yahoo.com FOR IMMEDIATE REMEDY AND LEGAL ACTION AGAINST AVIVA FOR MIS-SELLING, WITHHOLDING CRUCIAL INFORMATION, INDUCING POTENTIAL CUSTOMERS, CHEATING, MISREPRESENTATION.
DEAR ALL, WE HAVE ALL FACED SOME COMMON ISSUES AND HAVE BEEN WRONGED BY AVIVA BUT THERE IS NOTHING WE ARE DOING IN TERMS OF INITIATING LEGAL ACTION AGAINST THIS INSURANCE COMPANY. TRUST ME, IF WE COME TOGETHER ON A COMMON PLATFORM WE CAN MOVE THINGS AND GET RESOLUTION LEGALLY FOR OUR VALID GRIEVANCES AND TO PREVENT AVIVA FROM DOING THE SAME WRONG TO POTENTIAL CUSTOMERS IN THE FUTURE. AND LET US VOICE OUR GRIEVANCES LOUDLY, FAR AND WIDE TO PREVENT THIS INSURANCE COMPANY FROM TAKING CUSTOMERS FOR A RIDE. AVIVA HAS A LOT TO ANSWER.
WITH THE ABOVE OBJECTIVE IN MIND I CALL UPON ALL OF YOU TO GET IN TOUCH WITH ME AT THE FOLLOWING EMAIL ID AT THE EARLIEST SO THAT I CAN INITIATE WHAT CAN BE DONE AGAINST AVIVA AND NOT LET THIS INSURANCE COMPANY GO SCOT FREE. WE HAVE ALL LOST OUR HARD EARNED MONEY TO AVIVA. LET US DO SOMETHING MY FRIENDS AND I WILL DO THE NEEDFUL ON BEHALF OF ALL O[censored]S.
SINCERELY
DHIRENDRA SINGH
[protected]@yahoo.com
[protected]
DEAR ALL, WE HAVE ALL FACED SOME COMMON ISSUES AND HAVE BEEN WRONGED BY AVIVA BUT THERE IS NOTHING WE ARE DOING IN TERMS OF INITIATING LEGAL ACTION AGAINST THIS INSURANCE COMPANY. TRUST ME, IF WE COME TOGETHER ON A COMMON PLATFORM WE CAN MOVE THINGS AND GET RESOLUTION LEGALLY FOR OUR VALID GRIEVANCES AND TO PREVENT AVIVA FROM DOING THE SAME WRONG TO POTENTIAL CUSTOMERS IN THE FUTURE. AND LET US VOICE OUR GRIEVANCES LOUDLY, FAR AND WIDE TO PREVENT THIS INSURANCE COMPANY FROM TAKING CUSTOMERS FOR A RIDE. AVIVA HAS A LOT TO ANSWER.
WITH THE ABOVE OBJECTIVE IN MIND I CALL UPON ALL OF YOU TO GET IN TOUCH WITH ME AT THE FOLLOWING EMAIL ID AT THE EARLIEST SO THAT I CAN INITIATE WHAT CAN BE DONE AGAINST AVIVA AND NOT LET THIS INSURANCE COMPANY GO SCOT FREE. WE HAVE ALL LOST OUR HARD EARNED MONEY TO AVIVA. LET US DO SOMETHING MY FRIENDS AND I WILL DO THE NEEDFUL ON BEHALF OF ALL O[censored]S.
SINCERELY
DHIRENDRA SINGH
[protected]@yahoo.com
[protected]
ADVISORY : PLEASE GET IN TOUCH AT [protected]@yahoo.com FOR IMMEDIATE REMEDY AND LEGAL ACTION AGAINST AVIVA FOR MIS-SELLING, WITHHOLDING CRUCIAL INFORMATION, INDUCING POTENTIAL CUSTOMERS, CHEATING, MISREPRESENTATION.
DEAR ALL, WE HAVE ALL FACED SOME COMMON ISSUES AND HAVE BEEN WRONGED BY AVIVA BUT THERE IS NOTHING WE ARE DOING IN TERMS OF INITIATING LEGAL ACTION AGAINST THIS INSURANCE COMPANY. TRUST ME, IF WE COME TOGETHER ON A COMMON PLATFORM WE CAN MOVE THINGS AND GET RESOLUTION LEGALLY FOR OUR VALID GRIEVANCES AND TO PREVENT AVIVA FROM DOING THE SAME WRONG TO POTENTIAL CUSTOMERS IN THE FUTURE. AND LET US VOICE OUR GRIEVANCES LOUDLY, FAR AND WIDE TO PREVENT THIS INSURANCE COMPANY FROM TAKING CUSTOMERS FOR A RIDE. AVIVA HAS A LOT TO ANSWER.
WITH THE ABOVE OBJECTIVE IN MIND I CALL UPON ALL OF YOU TO GET IN TOUCH WITH ME AT THE FOLLOWING EMAIL ID AT THE EARLIEST SO THAT I CAN INITIATE WHAT CAN BE DONE AGAINST AVIVA AND NOT LET THIS INSURANCE COMPANY GO SCOT FREE. WE HAVE ALL LOST OUR HARD EARNED MONEY TO AVIVA. LET US DO SOMETHING MY FRIENDS AND I WILL DO THE NEEDFUL ON BEHALF OF ALL O[censored]S.
SINCERELY
DHIRENDRA SINGH
[protected]@yahoo.com
[protected]
DEAR ALL, WE HAVE ALL FACED SOME COMMON ISSUES AND HAVE BEEN WRONGED BY AVIVA BUT THERE IS NOTHING WE ARE DOING IN TERMS OF INITIATING LEGAL ACTION AGAINST THIS INSURANCE COMPANY. TRUST ME, IF WE COME TOGETHER ON A COMMON PLATFORM WE CAN MOVE THINGS AND GET RESOLUTION LEGALLY FOR OUR VALID GRIEVANCES AND TO PREVENT AVIVA FROM DOING THE SAME WRONG TO POTENTIAL CUSTOMERS IN THE FUTURE. AND LET US VOICE OUR GRIEVANCES LOUDLY, FAR AND WIDE TO PREVENT THIS INSURANCE COMPANY FROM TAKING CUSTOMERS FOR A RIDE. AVIVA HAS A LOT TO ANSWER.
WITH THE ABOVE OBJECTIVE IN MIND I CALL UPON ALL OF YOU TO GET IN TOUCH WITH ME AT THE FOLLOWING EMAIL ID AT THE EARLIEST SO THAT I CAN INITIATE WHAT CAN BE DONE AGAINST AVIVA AND NOT LET THIS INSURANCE COMPANY GO SCOT FREE. WE HAVE ALL LOST OUR HARD EARNED MONEY TO AVIVA. LET US DO SOMETHING MY FRIENDS AND I WILL DO THE NEEDFUL ON BEHALF OF ALL O[censored]S.
SINCERELY
DHIRENDRA SINGH
[protected]@yahoo.com
[protected]
I am a policy holder since March 2007. Now I want to surrender the policy and so that I went to Chinchwad (in Pune, Pimpri) office. First of all there is only 10% staff. They are also lazy. Nobody want to answer our questions. They ring up toll free number and told us to ask our questions on the phone.
If the staff could not give answers to customers, then what is the meaning of that offices.
If the staff could not give answers to customers, then what is the meaning of that offices.
Aviva next harshat metha international fraud insurance company the world that never came across or heard about the fraud committed by them.
my name is david iam working in small concern in chennai getting salary of 12, 000/-pm i joined the policy called LIFE LONG UNIT LINKED 15, 000/- per year for 3 years and i have paid for 3 years when i went to surrender my policy after maturity they decuted a huge amount of 40, 000/- and they offered only 5000/- i can get i was shohed to here this and i demanded them the BALANCE SHEET for three years they refused to give and abused me in filithy language and pushed me outside the office.
i dont know what to do.So please i sincerly advice all not to take any insurance in AVIVA if all the friends join with me to file a suit aganist AVIVA you can approach me by mail.
david
my name is david iam working in small concern in chennai getting salary of 12, 000/-pm i joined the policy called LIFE LONG UNIT LINKED 15, 000/- per year for 3 years and i have paid for 3 years when i went to surrender my policy after maturity they decuted a huge amount of 40, 000/- and they offered only 5000/- i can get i was shohed to here this and i demanded them the BALANCE SHEET for three years they refused to give and abused me in filithy language and pushed me outside the office.
i dont know what to do.So please i sincerly advice all not to take any insurance in AVIVA if all the friends join with me to file a suit aganist AVIVA you can approach me by mail.
david
hello,
All those policy is nothing but to cheat people, hope all those people who eat up all the money will vomitted out some day,
regards
customer
All those policy is nothing but to cheat people, hope all those people who eat up all the money will vomitted out some day,
regards
customer
I am suffering from Aviva Cheaters Life Long policy wherein i pay a sum of 25000/- annually since 2006 and now i find that if i want to surrender the policy as i need money, but the surrender charges are nearly half of the fund value. I am helpless.
Who should i turn to in this corrupt country ? A big fraud is being inflicted on people and they are being robbed of their hard earned money.
TODAY I CAME ACROSS A BROCHURE FROM ONE AVIVA EXECUTIVE WHEREIN IT IS WRITTEN THAT THERE IS NO SURRENDER CHARGE AFTER 5 YEARS AS PER THE GUIDELINES OF IRDA.
Why it is not applying to those who made the policy in 2006.
PL. FILE A COMMON WRIT PETITION AGAINST AVIVA FOR CHEATING AND DE-FRAUDING THE PUBLIC.
Who should i turn to in this corrupt country ? A big fraud is being inflicted on people and they are being robbed of their hard earned money.
TODAY I CAME ACROSS A BROCHURE FROM ONE AVIVA EXECUTIVE WHEREIN IT IS WRITTEN THAT THERE IS NO SURRENDER CHARGE AFTER 5 YEARS AS PER THE GUIDELINES OF IRDA.
Why it is not applying to those who made the policy in 2006.
PL. FILE A COMMON WRIT PETITION AGAINST AVIVA FOR CHEATING AND DE-FRAUDING THE PUBLIC.
One Aviva Executive called on me today and advised me about holding on to my policy. He seemed to have done his homework as regards to my policy, its value, its date of origin etc. During discussions he told me that if i am not satisfied with Aviva, i could surrender and the surrender charges could never be more than 2 or 3%. I was quite happy to know this but still asked him if i could make a note of it in my diary and started writing down what he said. As i started writing it in my diary, he told me that he is confirming on mobile what he said. Then he started turning pale while talking to his office on mobile and told me that the surrender charges are very high but he himself does not believe it. He left in a hurry and told me that may be the surrender charges are nil for policies done from 2010 onwards. He left a brochure of Aviva which clearly says there are "no surrender charges after 5 years of policy." Now what to do, someone pl. help US ALL AVIVA SUFFERERS.
Rakesh Raina
Rakesh Raina
This is cent percent true. At the time of selling the Agent just in his selfish greed promised that the policy can be surrendered and best return harvested . But I am cheated with just one year premium where as the pamphlet says it is one and a half year premium.
My advise to my friends is never even look at the Aviva display sign as they are the best cheaters in India. Ebenezer
My advise to my friends is never even look at the Aviva display sign as they are the best cheaters in India. Ebenezer
i also agree with ur statement. eventhough their employs are not informing about these charges to customer while purchasing.
Yes AVIVA a big cheater. Beware investors. Dont step in to AVIVA as I have a bad experience with AVIVA Life Long policy.
I stopped paying the premium after 5 years of continuous ( 5 yrs * 15, 750). I just wanted to continue the policy after these 5 yrs.
Later, I found I have been deducted huge amount of nearly (Rs. 40000 in the form o[censored]nits). I enquired the customer care; they told it is as per the policy which was untold in the initial stage of taking up the policy. To avoid deduction they told to pay premium for 30 long years. They have a fraud formula which is undercover will come out once stopping paying the premium or closing the premium.
I am frustrated to see my favourite cricker Sachin Tendulkar endorses for AVIVA. the big cheater.
I stopped paying the premium after 5 years of continuous ( 5 yrs * 15, 750). I just wanted to continue the policy after these 5 yrs.
Later, I found I have been deducted huge amount of nearly (Rs. 40000 in the form o[censored]nits). I enquired the customer care; they told it is as per the policy which was untold in the initial stage of taking up the policy. To avoid deduction they told to pay premium for 30 long years. They have a fraud formula which is undercover will come out once stopping paying the premium or closing the premium.
I am frustrated to see my favourite cricker Sachin Tendulkar endorses for AVIVA. the big cheater.
I totally agree with the above comments even i got cheated by Aviva life long policy(ulip) their agent indulge into miss-selling & then they say that we gave you time to reconsider the policy.now when i advise them to either give me a different plan or cancel my policy they refuse to do so. Surrender value for my policy is just 7500 ..after investing 50, 000 this is RIDICULOUS... i am planning to file a case against AVIVA any one interested an mail me at [protected]@yahoo.com.
i agree 1000%. all these companies are fraud. . white collar robbers. most disguisting people.
never ever allow there agents to enter ur premises. and if they enter...give them nice slap on there cunning faces so they will think 10 times before robbing people.
All the officers working in such companies (including their family) will have to pay very badly in there lives. But that time no use of feeling sorry for their deeds. they will get the worst illness including paralysis, cancers, and all other degenerative diseases. Dear officers, be aware of peoples negative wishes (sraap). they are very powerfull. U will get know soon.
never ever allow there agents to enter ur premises. and if they enter...give them nice slap on there cunning faces so they will think 10 times before robbing people.
All the officers working in such companies (including their family) will have to pay very badly in there lives. But that time no use of feeling sorry for their deeds. they will get the worst illness including paralysis, cancers, and all other degenerative diseases. Dear officers, be aware of peoples negative wishes (sraap). they are very powerfull. U will get know soon.
Hi All,
I am another victim of AVIVA and I was cheated by the Centurion Bank of Punjab (Now HDFC). I trusted my bank and opened a policy for Rs. 200, 000/- per year and they took almost Rs 50, 000 in first year as management fees etc.
It is still charging me Rs 25, 000 to 30, 000 per year as managment charges. All these charges were hidden when I signed up for the policy and only received the paperwork after 15 days were over.
The policy says that it will take 10 - 15 years just to get my money back. So are there any ways to reduce these management charges?
I am another victim of AVIVA and I was cheated by the Centurion Bank of Punjab (Now HDFC). I trusted my bank and opened a policy for Rs. 200, 000/- per year and they took almost Rs 50, 000 in first year as management fees etc.
It is still charging me Rs 25, 000 to 30, 000 per year as managment charges. All these charges were hidden when I signed up for the policy and only received the paperwork after 15 days were over.
The policy says that it will take 10 - 15 years just to get my money back. So are there any ways to reduce these management charges?
As my point of Veiw Aviva Is Very Big Cheater, I dont know by cheating Innocent people how long they can Sustain in marker, Purchased Aviva long life, That Time Agent told me you have pay only only for 3 yrs, But now Agent telling you have to pay 20 Yrs, I Completed 5 yrs with 20K premium Every Year, Because they are not investing our full money into the market so Today me Fund value after paying 100, 000 is 78K Only And Surrender value i think only 50K,
So i want to Know now 18 Dec 2010 Completed 5 Yrs when i should Surrender so that Loss will be Minimum,
Please Suggest anybody
So i want to Know now 18 Dec 2010 Completed 5 Yrs when i should Surrender so that Loss will be Minimum,
Please Suggest anybody
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+91 12 4270 9046
Aviva Tower, Sector Road, DLF Phase V, Sector 43, Gurgaon, Haryana, India - 122003
I am fully agree that Aviva staff is cheating the people.
I deposit the money in March 2006 and then after on I am regulary paying premium. Now Aviva office send me letter that your payment for the first year of 2006 never recd.
I show all the paper, bank statement and then verified bank statement.
Calling them every day, spending money on phone and e.mail.
Every officer told me that everything is ok but after this they are showing that you hv to deposit money again.
I hv all the receipt of money . But Aviva is saying they do not value the receipt of money. They will work as per their books.
What to do ??????????????????????//
Aviva is not only making money but also giving tension to their customer.
I am the big victom.
But I will learn them a big lesson, how to deal with customer. I will put my complaint on all the deptt of Govt, Insurance regualotary and Cumsumer court.