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[Resolved]  Aviva Save Guard Policy — Mis selling by AVIVA representative (ABN AMRO)

We have been cheated by the AVIVA and ABN AMRO representatives by false statements and going by the company’s brand name, we believed them.

The product SAVE GUARD policy of AVIVA had been miss
sold by the ABNAMRO representative to us, we were told that only 3 premiums are to be paid and after that the money can be withdrawn from the policy i.e locking period is 3 years and no surrender charges applicable after that. As the policy had been explained in detail to us by ABN AMRO as AVIVA representative (though a false one), we trusted the same. However, we had not expected that these kind of false statements would be used by a big company like AVIVA.

Now when we have requested the company to discontinue the policy, we have been told that there are heavy surrender charges to be paid. Nobody from the customer service tells clearly what would be the charges

We feel this is a very unethical act by both ABN AMRO & Aviva as they try to lure the customers by showing the sunny side and not telling the full story.

AVIVA cannot forever deny the unethical acts of its representatives by putting the blame on the customers and should take responsibility for the same.

I would request everybody with the similar complaints to please come together on this forum and raise the issues to AVIVA in a group. We can together write to the CEO and other higher authorities so that they are made aware of the way the company is performing unethical acts in India by giving false statements to people and taking away their hard earned money

Please write back in case you have faced similar problem with AVIVA
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Complaint marked as Resolved Aug 14, 2020
Complaint comments  38 Comments     Updated: ShareTweet

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Aviva Life Insurance — Miss selling by AVIVA representative (ABN AMRO)

We have been cheated by the AVIVA and ABN AMRO representatives by false statements and going by the company’s brand name, we believed them.

The product SAVE GUARD policy of AVIVA had been miss
sold by the ABNAMRO representative to us, we were told that only 3 premiums are to be paid and after that the money can be withdrawn from the policy i.e locking period is 3 years and no surrender charges applicable after that. As the policy had been explained in detail to us by ABN AMRO as AVIVA representative (though a false one), we trusted the same. However, we had not expected that these kind of false statements would be used by a big company like AVIVA.

Now when we have requested the company to discontinue the policy, we have been told that there are heavy surrender charges to be paid. Nobody from the customer service tells clearly what would be the charges

We feel this is a very unethical act by both ABN AMRO & Aviva as they try to lure the customers by showing the sunny side and not telling the full story.

AVIVA cannot forever deny the unethical acts of its representatives by putting the blame on the customers and should take responsibility for the same.

I would request everybody with the similar complaints to please come together on this forum and raise the issues to AVIVA in a group. We can together write to the CEO and other higher authorities so that they are made aware of the way the company is performing unethical acts in India by giving false statements to people and taking away their hard earned money. We can file complaint in IRDA and raise the issue as PIL to SC

Please write back in case you have faced similar problem with AVIVA
Its unbelievable that such a big company like Aviva has cheated so many people. We have exactly the same problem, so we should join together to make a big complaint to the big bosses of Aviva.
Yes, This very true i was also informed that only 3 premiums are to be paid and after that the money can be withdrawn from the policy i.e locking period is 3 years and no surrender charges applicable after that. But now i my policy has complete 3 years and now i come to kown that 62% of first year payment will be detected as surrender charges.
Now i am very shocked... I invest my 75K hard earn money in AVIVA ULIP plan and after 3 years i have only 55K in this fund total loss of 20K and after detected of surrender charges i will only got 48K.

After investing 75K i will only got 48K... so i am requesting for every one that plesae plesae dont go for AVIVA option. They are cheaters...cheaters...cheaters...cheaters
Hi All,

The agent who sold me this AVIVA Life Guard Policy did tell me that there wont be any charges if I decide to terminate the policy after the locking period i.e. 3 years. I do accept the fact that I don't knew NOTHING about policies and all. The only question I asked the agent then was "Will I at least get my 72, 000/- (24, 000 *3 years) if I stop this policy after 3 years" and he said "YES". Its only now when the locking period is about to over (12th Jan. 2010) and I happened to search on net for "AVIVA Life Guard Policy" in Google, I found your post. I called up Aviva and the agent provided following information.

If I surrender this policy just after 3 years following are the charges.

Deduction on:
Initial unit = 56%
Accumulation unit = 19%

After 4th year:
Initial unit = 52%
Accumulation unit = 10%

I checked the offer documents now and they have mentioned that there will be "Surrender charges!!". By the was these documents came after I booked the policy.

I think the problem is not ONLY that we did not read the offer document properly, but its the fact that there we NO offer documents or Term & Condition document provided or shown during the booking of this policy. We need to put forward these details to RBI which can actually save other people from AVIVA and its unethical practices.

I don't know where to go from here. The only thing which is true is that "I am going to loose my hard owned money". But the other thing I am going to do is ensure that no AVIVA agent enter in my company!
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Forgot to mention that mine was also through "ABN AMRO"!!
And I'm located in Pune.
Can we all register our complaint at following address:

http://www.irdaindia.org/

Complaints against Life Insurance Companies:
Mr. Sudipta Bhattacharya, Sr Assistant Director
Insurance Regulatory and Development Authority
Parishrama Bhawanam, 5-9-58/B, Basheerbagh, Hyderabad – 500004.
[protected]/66789768 Extension –251
e-mail id: [protected]@irda.gov.in
I am a similar boat.

I have been missold not one but 4-5 policies by ABN and that too of high premiums.
It is really frustrating that i actually did ask the agent if there are any withdrwal charges after 3 years and she said it would be just 3-4%. Obviously i trusted her and didnt read the policy document that followed.

To make things worse it seems that even if i do continue with these policies in the end i would end up loosing more money and it would be sensible to stop it now..

Is ther any way to action on this with IRDA?

thanks
I am also Victim of Aviva and Kotak.I have kind request from you all to pass this message to all of your friend and relatives.Take policy only from LIC and maintain your bank account in goverment bank.
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I am facing the same problem it 28 months since I have taken this policy and I dont know what to do with it.


Can any one suggest what we should do.

If we dont surrender and dont pay the monthly payments what would happen
I have also been cheated by Aviva in the same manner through ABN amro.
Yes, I do agree with everyone you all. I met the same cheaters. now after 4 years i get only 65% of the money i paid in last four years.

This is completely disgudting.

Is anybody trying to accumulate the comments and contact the AVIVA?

Cheers

Brijesh
I am also Victim of Aviva, I am a middle class person and cheated by AVIVA, , but i am not going to leave these peoples, I have contacted the Aviva's Branch head Operation Chanbdigarh, but she doesnt have sence to speak, . she does not know how to speak and what to speak.rather than giving any solutions she was insisting me to move for legal complaints agianst AVIVA, I am having re4cording of conversation between me and her.
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Hi,

The Aviva Insurance company has cheated lot of person like us. Let us join together with all the people who has invested in this company in some sort and let us file a public litigation against this company. Actually this insurance was a trap and I am also one amongst you who is already in this trap. If we get off we loss money, If we continue then also we loss money. let us come together.

Contact me let us join together for a good cause, this is a right time to support government to get our hard earned money back.

We will stand together. contact me at [protected]

Email: [protected]@gmail.com
I have also been cheated by Aviva in the same manner through ABN amro.
After paying premium @25000 p.a for 4 year i.e 1 lac the value of my fund is 89, 000. when i asked for the details charges statement what I found that 22, 000 rs have been deducted as charges of the policy i.e till now 22% of total investement has gone as charges. I am shocked to know about these huge deduction as charges. Please see below.

YEAR TRANSACTION Total
1 Initial_Management_Charge -665
Mortality_Charge -1159
Policy_Administration_Charge -786
Regular_Management_Charge -117
Rider_Charge -1380
- 4107

2 Initial_Management_Charge -2002
Mortality_Charge -1139
Policy_Administration_Charge -831
Regular_Management_Charge -351
Rider_Charge -1386
-5709

3 Initial_Management_Charge -2069
Mortality_Charge -1180
Policy_Administration_Charge -957
Regular_Management_Charge -511
Rider_Charge -1444
-6161

4 Initial_Management_Charge -1590
Mortality_Charge -1180
Policy_Administration_Charge -990
Regular_Management_Charge -845
Rider_Charge -1512
-6117
TOTAL
-22094
My wife was convinced to buy the Saveguard policy by representatives of ABN Amro, which is no the RBS. Pramod Kumar and his supervisor Laiq Ali Khan - speicifically stated that the money would be locked in for 3 years.
They never mentioned anything about the surrender charges - They should have highlighted that the Premium allocation charges would be 30% of the initial premium. They also convinced us that we can stop paying the premium from year 4.

The ULIP itself is a farce because after year 5, one would have contributed premiums that amount to the sum assured value.

In small print. Aviva claims to pay either the sum assured or the value o[censored]nits in the fund, whichever is higher.

The authoritizes should effectively stop this company from collecting mortality charges on the premium after year 5.

legally there is nothing we can do about it. The representatives of Abn amro were smart and cunning enough not to send us any information by e-mail or letter.

We have contributed 2, 04, 000 per year for 3 years (sum assured 15lacs) and the value of the units as of today is 7, 38, 418.00. If we discontinue the policy we are likely to get approx 5, 21, 000.

I think we may just about do that. I do not want Aviva to invest our money in the markets and retain the gains. If we wait longer the surrender charges comes down, but then our contributions would be Rs 10 Lacks - so the end rupee amount would be same. Why block another 4 lacks for 2 years for Avia to make money off it.

Once I get the 5, 21, 000. I would take a term life with LIC - Sum assured amount Rs 25 lacks and the total premium would be 17, 000 x 12 years = 2, 04, 000 (ironically same as one year's premium of Avia). If we opt for a one time payment, LIC would charge for the entire 12 year term - approx 1, 41, 000.

I would go with the annual premium, since they do not refund premium paid towards term life for any reason.

So - keeping aside 2, 04, 000 in a seperate account, I would invest the balance 3, 17, 000 in MF. This money is availabe to me anytime for any use. No lock in period.

Let us launch a campaing against ULIPS - and let us see if we can get enough o[censored]s to file a Class action law suit against Aviva and their resellers.

Balu
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Another victim. Same story, ABN AMRO & AVIVA. Thought that I would invest for three years and would gain something. ABN AMRO agent convinced me that for that.
Now, if I surrender I'll get only 65% of my hard earned money. This is really frustrating. How shameless is AVIVA. They have cheated me and many other. I would suggest everybody not to go for any AVIVA policy.
Can we do something more than writing in such forums?

- Prashant
Another victim. Same story, ABN AMRO & AVIVA. Thought that I would invest for three years and would gain something. ABN AMRO agent convinced me that for that.
Now, if I surrender I'll get only 65% of my hard earned money. This is really frustrating. How shameless is AVIVA. They have cheated me and many other. I would suggest everybody not to go for any AVIVA policy.
Can we do something more than writing in such forums?
Der All,

I am Setu bhatt from Vadodara, Gujarat and I have exactly same issue mentioned by many people above.

I purchased AVIVA Save Gurad policy through ABM AMRO (RBS now) and after 4 year they said there would be 56 % on First Year Premium and 12 % on renewel charges.

These are very heavy charges and not told by representative at the time of offer.

The point is how we could come to gether to raise complaint in one voice.

Best Regards,
Setu
Another victim similar story as all in this thread. Mine was to the extent that Aviva & ABN now RBS bank employees forged my signatures on the policy & bank ECS.I'm an NRI & both Aviva & RBS took advantage of this situation.
It's been two months that I've filled written complaint with Aviva & RBS but with no luck yet. Planning to take them to IRDA. Has anyone approached IRDA against Aviva - RBS/ABN nexus?
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