[Resolved]  Birla Sun Life Insurance — Improper deductions

Address:

Jharkhand

Date[protected]
Sub:-Improper deductions in cancelling my Policies of BIRLA SUN LIFE Insurance.
Corporate Opportunity services, Ranchi, Auth. Channel Partner of BIRLA SUN LIFE had arranged a seminar/Workshop during July’11 where they had explained about the BSLI vision Plan Policy. After discussions I had explained the speaker, Mr. Sahu, that as my age is 63 years, hence, I cannot pay for more than 5 years. He agreed for my request & brought some document in tabular form & explained that I have to pay only for 5 years & the guaranteed sum assured will be 15 times of the premium which I will be depositing.
I agreed & paid Rs. 28000 which they have split in to two parts each of Rs. 14000.00. Thus the Guaranteed sum of Rs. 14000 will be 14000x15 = Rs. 210000.Thus for Rs. 28000 it should be Rs.420000.I deposited the cheque for Rs. 28000 on 08/07/2011.
I received Two policies as per details given below:-
Policy No.[protected] Pay Term – 12 years Guarantee Sum Assured – Rs 110870.00
Policy No.[protected] Pay Term – 16 years Guarantee Sum Assured – Rs 157610.00
I was surprised to see the above policies as I had very clearly told that I cannot pay for more than 5 years. They have indicated 12 & 16 years. Also the guaranteed sum is much less than assured in the seminar, hence, I cancelled my policies in free look period. They have deducted Rs.487.69 in both the policies. They had send Two cheques of 23rd Aug’11.
I would like to call it as cheating as they should have kept the period of 5 years & should have mentioned 15 times the guaranteed sum assured as assured by them in the seminar.Instead of this they have deducted Rs. 487.69 apart from keeping the money for more than 1 & ½ months. I believe they should refund my money.
Thanking you
S.N.Dixit