[Resolved] Future Generali — Poor policy management, loss of returns, negligence of response

smuthu

from Mumbai, Maharashtra

Address:

600119

Sir/madam,

I am a policy holder with Future Generali with above said policy. I have opted and taken this policy in 2011 for its ULIP type so that it gives bit additional benefit than traditional insurance. After paying the required minimum premiums for 6 years, I observed that there is no NAV growth at all in this policy though the market conditions were very good. I have 2 other ULIPs from other AMCs and have been tracking others ULIPs too in the market and they are all performing good and given good NAV when compared to this FG policy (compared the gain with a simple cumulative bank deposit too and this FG market based policy was much worser). When escalated the concern to FG people, they kept giving worthless excuses on the market only as if nothing is working in the market and as if others also don’t know the market & other ULIPs. Without even average growth in this policy, but there were ‘n’ number of charges deducted from my policy as maintenance, this charge, that charge. After seeing the whole situation, I realized later that FG team must be poorly managing the policy just to get their own gain in terms of deducting charges but not concerned about others benefit. And they stopped responding to the mails too which is strongly considered as actions of frauds. I decided to stop further premiums this year for seeing it as a worthless policy and low quality service. There are 2 things which are much concerning and consider FG people as cheats and frauds.

1. For whole 6 years with the premiums paid, FG people never bothered to manage the ULIP policy and to keep its performance below average level during even good market conditions. This spoiled the chances that the policy holders getting some benefit when going for ULIP based policies but end up paying too much charges to FG. It is not clearly known how this policy only getting affected by the market condition
2. When I stopped the premium, FG people intentionally removed my policy from the market immediately which is fine. But the past accumulated profit amount of about 10, 000 or more was also disappeared. When asked, they lied saying the policy will not be on ULIP if premium is not paid. Based on my other ULIP policies for which also I stopped the premium for a genuine reason, I am aware that it is not true about automatic removal from ULIP. Before stopping the premium, I dropped mails to their support people asking about any impact. In a rare response from them sending the closure formalities, they didn’t mention anything about losing my previous profit amount and kept quiet on this like frauds do. When asked for a reference about the same in their own policy manual and asked about the disappearance of previous profit amount, there is no response at all.

I request you, companies like this future generali and kind of people working in it should seriously be taught a lesson legally for playing with others hard earned money and ignoring the concerns from policy holders.

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Aug 31, 2017

Complaint marked as Resolved

Future Generali customer support has been notified about the posted complaint.

Verified Support

Jul 26, 2017

Future Generali Customer Care's response Hi Smuthu, we are sorry for the inconvenience caused. This page caters to general insurance queries and your query pertains to life insurance. We will surly notify this to the life insurance team. Request you to kindly share your policy details & contact number.

Jul 28, 2017

Updated by smuthu Hi

Please note my policy number as 00747491 and as you said it is life policy only. When registering the complaint, there was no section to select the category and so placed the complaint as it is.

In the past months, there has been no action or response from future generali to the multiple mails sent to those people. There were only dummy messages as they are looking into by some person named Dipti but never heard anything from those people in the past months. Please find the attached such sample dummy messages. Will it take months to address anyone's concern?

And there was one call last week[protected] which may be after you warned them. I doubt that the woman who spoke really knows anything about future generali policies and even how ulip works. It was clear that she called to simply listen to the complaint again as formality and close the call. After listening to the concerns again, she said she will get back after 3-4 days.It has been more than a week now, no response from that woman.

After no response whatsoever, I also registered the complaint on IRDA site which was attended by person named Pallavi. Instead o[censored]nderstanding all concerns deeply and completely, she pasted the very same market excuse (as given by future generali) for all concerns including the concern of response negligence and removing ULIP benefit without authorization. Knowing that she works in favor of future generali, I escalated further but she herself closed the concern again with the same market excuse. Not sure if she works for payment favor from future generali. Next is to write about future generali to insurance ombudsman POC here and take it to a legal case with all proofs of nowhere accountability shown by future generali people.

As you see, future generali is determined and they are being negligible of the complaints raised registered everywhere including yours. Please note that this itself clearly proves the intention of future generali people and how easily they can get around every complaint board like yours. Giving some dummy messages and formality calls are not acceptable without any closure at all.

Thanks for attending this complaint and hoping your system will teach extreme lesson to future generali as I have been showing to you all the evidence of their unacceptable actions including their negligence of action/responses.