[Resolved] Birla Sun Life Insurance — non refund on surrender of policy
I am holding Birla Sun Life Policy no.[protected] since March 2007. I had to pay 3 instalments of Rs.25,000/- yearly which i have completed and have receipts to that effect. On 23rd October 2009 i submitted the policy surender form along with all the original documents ( HAVE RETAINED RECEIPT OF THE SAME ) and was told that i would receive an amount which would be less than the market value as on that date as i was surrenderi ng the policy before the end of 3 years (market value was around Rs.82,000/- approx and i was to receive Rs.77,000/- approx ) and that the cheque would be sent within 10 working days. After about 15 days all the documents were couriered back to me along with a fresh surrender form and a letter asking me to surrender the original documents. Again on 27th Nov i receieve a letter stating that all the necessary changes to my address have been made. I was aghast as to what was ahppening and i called their toll free customer care on [protected] at 3.26 pm on 27th Nov and spoke to one Ms. NIkita. I told her my grievance and she told me that even if i surender the policy before 3 years the amount would be refunded back to me only after 3 years. I am surprised that a company like Birla Sun life is out to dupe people in this manner. I would like your help in this matter as i am doubtful about the company's integrity and i dont think that the company is ever going to refund my money.
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Aug 14, 2020Complaint marked as Resolved