Irda — bharti axa policy misrepresentation

Address:

Mumbai City, Maharashtra, 400068

Dear sir/madam,
I am a policy holder on bharti axa life insurance. The policy’s name is ajeevan anand. My policy number is[protected]*.
I purchased this policy in the year 2011 (6 years ago now) and have paid a total premium of approximately rs. 3, 60, 000. (Monthly premium rs. 5000 * 60 months)
As per the policy, from the 6th years onwards i will receive a bonus every year and every 5th year from the 10th year onwards, i am entitled to an amount of rs. 1, 25, 000 (25% of the sum assured which is rs. 6, 39, 855)
Since this is the 6th year, i received a bonus. I was informed the bonus declared this year is 0.6%.
That is around rs. 3839 (Sum assured rs. 6, 39, 855 * 0.6%).
The issue:
1. Misrepresentation by the agent and the illustration: when i purchased this policy, the agent had told me that it would give guaranteed returns of 8 – 12% and the illustration shows a calculation of bonus between 6 – 12%. While i understand that this bonus depends on the company’s performance and that it isn’t guaranteed, the facts were misrepresented by the agents and even by the illustration. The point of an illustration is to show how much money could be earned for the bonus declared, but the amount being declared in the past 2 years of this policy are the same, i. E. 0.6% which fall no where between the illustrated range.
2. Returns calculated: the bonus of 0.6% doesn’t make any sense. I have invested rs. 3, 60, 000 over that past 6 years and i barely get rs. 3839 as bonus after all this time.
I don’t understand how the bonus is even calculated. As per the %’s declared for the year, this policy has declared the lowest. The economy is not even that bad, if there is a downturn, i wonder what will be even declared
3. Rude responses and no grievance redressal : when i reached out to the team, they have been extremely rude and didn’t give me an alternative to change policies or even satisfactory responses to redress my grievance. I have reached out to them several times, all their responses are directed towards considering my policy paid up where in the sum assured reduces and i do not receive bonus or cash amounts and only the amount of lower sum assured if and when i die. They haven’t told me how they will redress my grievance around misrepresentation as well. I have also asked them for the surrender value to which they haven’t responded as yet.
4. New policy and uneducated agents : when i had asked the customer care executive as to why such a bad performance and why were the returns misrepresented, she said the policy was new and the agent wasn't aware. A customer care agent called me regarding this and i was not happy with the response at all. I was told that its not the agents fault who sold me the policy (He quoted 10-12%), as the policy was new and the firm didn't know the historical trends. This is the atrocious response i received.

Their agents have been going around lying and scamming people with these numbers and what i actually get is peanuts.
It would have been better if i had put my money into an fd as it would have doubled by now.
When it came to selling the policy and taking money from me, the agents and company is extremely quick. However, when it comes to customer service, this is absolute crap.
I would rather get my money invested elsewhere such as lic, which by the way has better returns.
Besides a rs. 6, 39, 855 sum assured isn't going to help me or my family much anyway in the case of my death. When the agent sold the policy to me, i told him very specifically that i'm looking for returns and he said that was assured and the life insurance policy was just an add-on.
When being sold the policy, the agent had told me between 10 and 12% returns and i got 0.6% after investing around rs. 360000 over 5 years. This is the lowest bonus of all the plans declared.
I don't understand that, when i trust someone with my money and expect returns, the portfolio managers performance is so bad, that after 6 years of paying rs. 60000 each year (Rs 360000 almost in total), i get a bonus of rs 3839.
I feel like a fool putting in my money here. Even i work in the financial industry and this excuse that the executive has given me is not acceptable. A 0.6% bonus is very bad, i don't think the economy performance is that bad currently. I have invested money in mutual funds, lic, fd, rd and ppf, and trust me, this is the worst option.
You are such a big brand and name, but because of certain executives, this is what your brand means to me : fraud.
Please only get in touch with me if you have a solution, as i have mathematically explained to your executive how useless this plan is at these bonus rates.. Even if i die tomorrow.
She told me the returns i would get "if" the company declared 8% bonus, but is highly unlikely as if the gdp and country rates are growing, your returns are 0.6%, so i'm sure in case of a downturn of economy, will be worse.
Thank you
Rochelle