[Resolved]  Birla Sun Life Insurance Company Limited — Non-Payment of Free-look cancellation amount

Address:

Bangalore, Karnataka

Sir/Madam,
I had taken a Birla Sun Life Insurance Vision Plan (Policy No.[protected] on the 20th of May. The insurance adviser was Mr. Sumanth(Mob. No. [protected]) and as per what he had explained to me, the pay term for the plan was 5 years and the annual premium was Rs. 36,000. But, when I received the policy bond, i found that the pay term was mentioned as 18 years. I thought that this may be a mistake somewhere and wrote a mail to the customer care on the 31st of May. I didn't get any reply from their side except the auto reply saying that my concern would be addressed within 15 days!!!. Since I didn't get any written communication, I called up their customer care. A lady explained me that whatever the insurance adviser had explained was wrong and I will have to pay the amount for 18 years. If I go for any cancellation, the cancellation charges would be somewhere around 30%. Hence, I thought of applying for the free-look cancellation and as per the customer care executive explained me, it was 5th of June which was the last day for me to apply for the free look cancellation. So, I went to the Indiranagar branch of Birla Sun Life on the 5th of June and applied for the free-look cancellation. I also got a call on the 6th of June saying that my cancellation request has been approved and the money would be credited back to my account within 15 days. In between, on the 17th of June, I got a reply for the first mail which I had sent on the 31st of May asking me to surrender my policy documents for free-look cancellation within 7 days from the receipt of the mail. Here is a copy of the mail.

[protected][protected][protected][protected][protected][protected]
Dear Mr. Nair,

This is in reference to your email dated May 31, 2013 regarding the captioned policy.

We would like to inform you that based on the details stated by you and our subsequent findings; we propose cancellation of the policy and refund of premiums paid. We may reduce the amount of the refund by expenditures incurred by us in issuing your policy depending on our current administration rules.

To enable us process your policy cancellation request, please submit the below mentioned requirements within 7 days from the date of this communication at any of the nearest branch or at the registered office address.

· Original Policy Bond
· Free look cancellation request duly filled and signed,
· Valid photo identity proof and address proof duly attested by self and branch head
· Pre – printed cancelled cheque or Bank Passbook or Bank statement reflecting the Name and Account number.
· Copy of this communication

We will process your request on receiving the necessary requirements and the refund cheque will be despatched to your mailing address. To locate the nearest branch you may visit our website ‘www birlasunlife com'.

If our response is not as per your expectations, please feel free to write to our Grievance Officer at [protected]@birlasunlife.com. In case we do not receive a reply within 8 weeks from the date of our response, your concern will be considered as resolved.

In case you require any information or assistance, our customer service executives would be glad to help you. Please feel free to get in touch with us at your convenience on the touch points mentioned below.

It is our endeavour to enhance your financial future by providing you the best services at all times.

Warm regards,

Shatarupa Dave
Customer Service Officer
Birla Sun Life Insurance Company Limited

(Toll Free):[protected]
Timing: 9 am- 9 pm (MONDAY TO SATURDAY)


Registered Address : One Indiabulls Centre, Tower-1, 15th floor, Jupiter Mill Compound, 841, S.B. Marg, Elphinstone Road, Mumbai - 400 013.
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On the 24th of June, I contacted their customer care as the money was still not credited to my account. It was then my harrowing experiences started. The customer service executive told me that my request for free-look cancellation was not approved since I had submitted the policy on the 10th of June, which was 5 days after the free-look cancellation period. I tried explaining him that I had submitted the policy on the 5th and I do have an acknowledgement for the same. Then he took down my complaint and gave me a complaint number. He also told that my concern would be addressed in 15 days. In between all these time, I did not even get a single call from the Birla Sun Life either informing that my request has been cancelled or regarding my concern. On the 29th, i again visited their Indiranagar branch as I was not getting any satisfactory reply regarding my complaint from the customer care executives. At the Indiranagar branch, they also told me the same thing that my request has not been approved. But, when I showed them the mail from the grievance cell, they advised me to submit a written complaint along with the printout of the mail which I did the next day. I do have an acknowledgement for the same also.
The height of the situation was such that the Insurance adviser (Mr.Sumanth) was still trying to convince me to go ahead with the policy and also told me that the complete details of the plan was with the advisers only and the customer care executives were not aware of such plans.
Now, it has been more than 1 month since I submitted my documents for the free-look. I haven't got any communication from Birla Sun Life. I am fed up of calling the customer care as they are not able to provide me any update on my case. I had also written to the grievance cell. But, I didnt get any reply. I have also filed a case with the IRDA(IRDA Token No.[protected] . Now, I do not know whom to contact or how to proceed with the matter.
I urge all my fellow citizens to be aware of all such malpractices used by these Insurance companies and not to fall in the traps of lucrative offers given by these fraud companies.
Birla Sun Life, being such a big and esteemed organisation, doesnt follow any professionalism.
1. Their customer care is not at all customer friendly. They just have a template answer for any question.
2. Their advisers just aim to earn the commission by selling policies with wrong commitments.
3. They do not intimate the customer about any progress of the grievance or complaint.
4. Everytime I try to contact the customer care or write to them, I am assigned a complaint number. But, nothing is done to resolve the complaint.
I have been assigned the complaint numbers :[protected]on 03/06/2013),[protected]on 06/06/2013),[protected]on 24/06/2013),[protected]on 24/06/2013),[protected]on 24/06/2013),[protected]on 06/07/2013).

Please let me know how to take this matter forward as this is a clear case of cheating and not providing proper service to the customers by these companies.

Thanking You,
Jithin Nair
Bangalore
[protected]@gmail.com
Mob. No. [protected]