[Resolved]  Aviva Life Insurance Co. — MISINFORMED AND MIS SOLD POLICY TERMINATIONS

Address:

Pune, Maharashtra

As has been well known to all over India that Unit linked policies were and are being sold by agents for selfish motives by agents and insurer for heafty commissions and long term secured cash flow to cos.

I had three similar policies LLG1067761/LLG1068358/LLG1067752 conceived in 2004 each for around 5 lakhs SA.Though these SA are not for insureneces but to start some relation with AVIVA in long term for tax management and investment motives. As I was receiving regular investment performaces for fund units, which were giving above market performances never looked in details of policy valuations.
Last year I found dramatic statement fromAviva disclosing that they are charging and debiting charges even more than 100 % of premium being collected.This was alarming and shocking for the insurence policies , which are not meant for insurence.Aviva is debiting charges on the same account twice or thrice in a month and accumilating above 100 % of premium paid and still insist that the are compliance with IRDA norms???? Single premium top up premiums paid vanish from there statements and still they say the staement is correct.????? Upon expressing displeasure and asking explaination Aviva repeatedly advise benefits of long term investments in insurences , market linked + and - etc.I have told them repeatedly to them that the insurence with these policies is not required and returned all policies for closing with requested documents , still they on repling with standard formats and not bothered to give specific reasons for not returning my money , though I have no choice to close with loss and protest.

Now they are asking six months bank statement to ensure money goes to correct account ??? Why should I disclose my transaction details to such co , which is not concerned with it ? Which IRDA regulation requires six months bank statements to payback money ? Cancelled cheque provided has name , bank name and iFSC codes , etc . Is it not enough ? Are Insurenece cos are only secured payments and not MFs , banks , equities , land etc require six months statements to pay back ?

Money is not safe with such cos and a big scam will emerge later with such insurence cos. ..

Please take up matter to investigate working of such cos before consumers and nation loose lot of money...[protected]@yahoo.com