[Resolved]  Exide Life Insurance — Policy Surrender Value is very less

Address:	Chennai, Tamil Nadu, 044
Website:	www.exidelife.in

Hi, I am a policy holder with Exide Life Insurance Company since year 2013 and it's "Secured Income Insurance Plan". My Montyly Premium is around Rs. 2201 which is paid in more than 3 Years premium amount (Monthly Basis). This is my 3.5 years I am paying my premium. When I inquired about the procedure to surrender my policy, they said that it's only 50% of my Premium Paid Amount i.e. around Rs. 49, 000. In simple words, I'll be losing 45% of my Premiums Paid. I don't know on what basis, Exide Life Insurance can take 45% of my money into their pocket. The customer care executives also repeat the same answer what they see on their system(s). As per law, after Locking Period, I should be getting at least my Premium Paid Amount (if not bonus) but they are excluding the accrued bonus Rs. 32500 and also assuring only 50% of my paid amount. If I had paid my Income Tax I'd have at least saved Rs.90, 000 in my taxable income. So, I have consulted my lawyer and working on to file the RTI petition and also to reach out to RBI to get justification on this issue.
Thanks
Nagaraj
Policy No: 02806017