Comments
This service tax is effective May 01, 2009. But LIC is not charging that on my policies so far!
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I have similar complaint. I have this term insurance covering 50 lakhs of rupees on my life since april 2005. After so many medical tests I have been approved the premium of 10556/- payabel half yearly till the age of 60 years. Now they have increased the premium by 10.2% which is not mentioned in any policy document. I denied to pay the extra amount on my last instalment in april. They had accepted. Again the same question is there for my now due premium. I am planning to go to consumers court.
Dr. Nilesh shah
[protected]
surat, gujarat
Dr. Nilesh shah
[protected]
surat, gujarat
I have the same complaint.
I have policy taken in 2007, for yearly premium 8040. This year 2009, they have added a service tax component of 10.2% which is unacceptable. How can they charge extra when its not mentioned in policy document? This is clear case of cheating from max new york. I plan to surrender my policy.
Losing 2 year premium is better i think than paying 10.2% over 30 yrs, i can atleast pay the 10.2% as premium to LIC instead of bloody lie called service tax.
On researching further i can't find any statements regarding government imposing service tax this year.
I think max new york enticed customers into paying 2 years premium and then brought this out so people will accept it. If we can't trust the insurance company for the 3rd year, how can we trust it for 30 years?
This must have been stated in clear terms while issuing the policy. They can't add n number of charges year by year. I am also planning to go to consumer court regarding this.
I have policy taken in 2007, for yearly premium 8040. This year 2009, they have added a service tax component of 10.2% which is unacceptable. How can they charge extra when its not mentioned in policy document? This is clear case of cheating from max new york. I plan to surrender my policy.
Losing 2 year premium is better i think than paying 10.2% over 30 yrs, i can atleast pay the 10.2% as premium to LIC instead of bloody lie called service tax.
On researching further i can't find any statements regarding government imposing service tax this year.
I think max new york enticed customers into paying 2 years premium and then brought this out so people will accept it. If we can't trust the insurance company for the 3rd year, how can we trust it for 30 years?
This must have been stated in clear terms while issuing the policy. They can't add n number of charges year by year. I am also planning to go to consumer court regarding this.
ALL INVESTORS
Pl do not pay the service tax as well do not discontinue the service.
Either way they are going to be benifited and we the loser.
As to my policy of similar nature is concerned I have written to irda, insurance council for clarification.
I will post their comment the sooner they reply. Belowmentioned is what i have written to them
sir
1. Through this email I would like to know your stand on the issue where one of my insurer has increased my total premium amount to be paid by adding the service tax to the old fixed premium amount.
2. As per the agreement/contract in force there is no clause which says there can be any increase in premium amount on whatsoever ground and I am eligible for the insured amount on payment of given premium amount on time.
3. As the insurance company have increased the premium amount now I believe the asked amount is higher when I calculate the insured amount vs. premium amount vs. risk profile and hence must not have taken the policy at its start if they would have informed regarding the same from the beginning.
4. I have paid for a good years and discontinuing the policy will only benefit the insurance company as in that case I will be cancelling my policy at a time when my risk profile is higher than previous years.
5. Taking all things into account I believe the insurance company is taking benefit of government rules by forcing us to discontinue a policy at higher risk profile stage and hence would like your attention to this effect.
6. I hope you would reply back immediately with your stand on the case immediately as otherwise they are going to lapse my policy due to non-payment of their asked premium.
7. Thanking you and waiting for your speedy reply
with loves from santosh
Pl do not pay the service tax as well do not discontinue the service.
Either way they are going to be benifited and we the loser.
As to my policy of similar nature is concerned I have written to irda, insurance council for clarification.
I will post their comment the sooner they reply. Belowmentioned is what i have written to them
sir
1. Through this email I would like to know your stand on the issue where one of my insurer has increased my total premium amount to be paid by adding the service tax to the old fixed premium amount.
2. As per the agreement/contract in force there is no clause which says there can be any increase in premium amount on whatsoever ground and I am eligible for the insured amount on payment of given premium amount on time.
3. As the insurance company have increased the premium amount now I believe the asked amount is higher when I calculate the insured amount vs. premium amount vs. risk profile and hence must not have taken the policy at its start if they would have informed regarding the same from the beginning.
4. I have paid for a good years and discontinuing the policy will only benefit the insurance company as in that case I will be cancelling my policy at a time when my risk profile is higher than previous years.
5. Taking all things into account I believe the insurance company is taking benefit of government rules by forcing us to discontinue a policy at higher risk profile stage and hence would like your attention to this effect.
6. I hope you would reply back immediately with your stand on the case immediately as otherwise they are going to lapse my policy due to non-payment of their asked premium.
7. Thanking you and waiting for your speedy reply
with loves from santosh
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