[Resolved]  Aviva Life Long Insurance Policy — Stay away from AVIVA Life Insurance...they gulp investor's money

I have had a ULIP with AVIVA. I had continued it for 46 months and paid a premium of Rs 45000 (Monthly Premium of Rs 1000) . The Policy had a lock-in period of 36 months. Now I have decided to surrender the Policy because of it’s poor performance & excessive fund management charges (a total of around Rs 100 pm which is almost 10% of my monthly premium).
The charges AVIVA deducting from my account were :
• 5 % per annum of Initial Unit value (Units purchased from my first two year’s premiums * NAV)
• 1 % per annum of total fund value (Total units * NAV)
• Rs 75 per month inflated with 5 % pa as Policy administration charges

While surrendering, I came to know that the surrender charge applicable is nearly Rs 20,000 and my surrender value is nearly Rs 25,000.

These people are telling about some bizarre formula which was no-where written in the Policy Document.
The formula is :-

{1-1/(1.05)^n} x Initial Unit value

Where,
n = 30-no of years the Policy is in Place = 30-4 = 26
Initial Unit value = Value o[censored]nits purchased from my first two year’s premiums
I have enclosed the Policy Terms and Conditions for your reference. Please refer Page 5, Article 15.2 (Full Surrender), where it is written that ‘ The surrender value is equal to the surrender value of Initial Units, which is equal to the value of all initial units less an Early Redemption Charge determined at the time of surrender, and the value of all Accumulation Units in respect to Regular Premiums’

I have repeatedly requested their Customer Service as well their Saltlake, Kolkata Branch Office for a fair deal but my request fall on deaf ears.

Now, how come a common man would come to know that this surrender charge will be Rs 20,000 after reading the above? I have been told during taking the Policy that I will get a reasonable return on my investment after three years. I have been totally trapped, cheated and misled by AVIVA as well as Bajaj Capital, the broker.

What more, they are not paying my surrender amount even though I have placed my surrender request on 29-Jan-10.

Please see if you can do something to get back my hard earned money. Also, please do not allow these sort o[censored]nfaithful Insurance Companies like AVIVA to operate. Otherwise, several people will fall prey to their misdeeds.