[Resolved]  Aviva / Life Insurance — : BREACH OF TRUST

Address:

South Delhi, Delhi

SUB: BREACH OF TRUST POLICY NO. WLG1394985


Dear Sir/ Madam


I am a policy holder of your company since 2006 with the commitment to pay Rs 25,000/- per annum as advised by your company representative at that point of time. He told me that after paying premium for the three years I could get my money refunded along with interest thereon.

I contributed the said amount of money towards the policy for three years. As represented to me by the company agent I contacted the company for refund of my money after expiry of three years, but I was surprised to know that it was a life long policy issued to me and I will have to pay further premium for a long period which is till last date of premium, that is, year 2044.

Meanwhile I have paid fourth premium to the company towards the policy.

I approached the branch office of your company to surrender my policy, I was again surprised to know that I would only get approximately Rs. 58,000/- out of all four premiums I have paid amounting to Rs. 1,00,000/-.

I have following objections and queries:-

1. How a life long policy could be issued to lady at the age of 48 years, which is to be continued till 2044?

2. Company questioned me as to why I choose life long policy, when my intention was to invest my money. I ask you, why your company issued me the policy when I have communicated my intention clearly to the company representative.


3. Company told me that at the time of maturity I would receive market value as applicable to my policy. On one hand company is asserting it to be a life insurance while on other hand I would pay me according to the market. I am confused as to whether it is a life insurance or investment?

4. Company is befooling innocent people through their representatives, by misrepresentation and concealment of actual policy nature from the customers in order to sell their policies.


5. As company is now explaining me my policy to be not an investment, I would have not accepted the policy had your agent explained me the same at the time of issuing the company policy. Company’s agent misguided me just for his own malafide interest.

6. Company scrutiny department did not notice that whether a life long policy till 2044, to a middle aged woman could be issued? Does company think that such a lady would be able to pay premiums for this much long period? Here the intention of company seems to be clear, that is, to fool and fraud me and dishonestly take my hard earned savings.


7. I would ask, that, does company think that I would be able to pay all premiums up to 2044. From where would I earn/ save when I am reaching the age of senior citizen. Even the estimated living age of a person is now till 60-70 years.


I have invested my money for the pious purpose of my daughter’s wedding and it’s my only saving. But now I feel cheated and it’s a complete breach of trust.

I request the company to refund all my deposited money along with the interest and hope that my grievances would be sincerely handled.


Thanking you
Veena Rani Aggarwal