Location/place: Mumbai
Name of company/service: Birla Sunlife Insurance
You may be aware that nowadays lot of calls are made by various insurance companies canvassing for sale of insurance policies.In March 2012 I was approached by Mr. Rathod(claiming that he is Sr. customer relations Manager)of Birla Sunlife Insurance and he explained the new plan launched by Birla Sunlife called Birla vision plan.
The features explained were attractive and I decided to go for it. The brief feature of the policy was that if you pay a premium of Rs.50,000 for 5 years
(minimum term)you will get a life cover
and also at the end of 5 years the premium paid for 5 years(Rs.2,50,000)will grow to Rs.4,20,000.
I received the above mentioned policy in the first week of May 2012 and also a ‘Bond Paper’ in Birla Sunlife letterhead in support of the policy through my Mail.As it was in Birla Sunlife letterhead I accepted the same as an authentic document as the same was explained to me on phone.
Later in November 2012 I got a call from Birla Sunlife company stating that the policy features are different and not as explained and sent to me. This policy was a normal endowment policy for which you pay a premium of rs.50,000 for 18 years totalling to Rs.9,00,000 and you will get Rs,10,89,000 at the end of 18 years.
I was taken aback and I immediately rushed to Birla Sunlife office in Mumbai(Andheri west) to confirm the details and they also confirmed that tgis policy is a normal endowment policy and they have no idea of the Bond paper sent to me.
I am enclosing the Bond Paper sent to me for your perusal
Birla Sunlife claims that a welcome call was made to me on 10 May 2012 wherin they explained to me the features of the policy. My question is had they told me in detail the features of the policy I would have immediately cancelled the policy within the 15 days free look period as they claim.
I have written to the company’s Grievance officer at least 3 times but I am yet to get a satisfactory reply.They
are insisting that there was no intimation from my side to cancel the policy within the free look period and hence the request to cancel the policy now is not valid.
The details of the Agent,his number and the company has been given to Birla Sunlife and instead of proceeding to take action against the agent(who I am sure is appointed by them) they are putting the blame saying that the policy was not cancelled within the free look period.
I am a retired person and you will appreciate the value of Rs.50,000 and hence I would request you to take up this matter with them and suggest remedial action.I must state that the next premium for the policy falls due in April 2013.
i have also told them I am not insisting in getting refund of the amount but would appreciate that this money be diverted to any other fund like ‘Mutual fund’ for which I am willing to continue my yearly contribution.
If there is anything else you require in support of the above,I would be willing to provide you the same.
Looking forward to hearing from you.
My E mail id is [email protected]
Rgds,
S.Krishnan
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