Hi All,
Today it was Sunday. Thought of sharing our bad experience with this policy.
I am an Computer Engineer and usually wont invest in Private Insurance. But my dad a retd teacher lives in my native and became a victim of Birla and Anandrathi.
One day my dad gets call from Anandrathi saying has a gift and request you to come and collect. They usually wont go but this time dont know why they went. They went it was call from Anandrathi and a marketing deal for Brila policies.
Some how they managed and they came back. but the guy didnt leave them he followed and came to house. And started buttering to take policy. He said so many things about the policy. My father asked him I am pensioner and cant invest for continuous 3 years. He said its not a problem and showed clauses in policy document that can be surrender after 3 years even though not paid premiums for 3 years. And we will get market value of NAV. So the deal closed my dad gave money and all.
We paid one premium of 50520.00 and we got allocated of units 6289.9190.
For the second year it was not able to pay the premiums. So dad thought he will surrender policy after 3 years. After 3 years he sent a letter to anandrathi to surrender policy. He came to know real drama now. They said we need to contact Birla House Bombay. My dad sent a letter to HQ and came to know they have some calculation and saying value is now minus.
Reply is as below
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We wish to inform you that your policy has lapsed with effect from April 28, 2009 due to non-remittance of renewal premiums.
As the complete reinstatement requirements were not received within two years from the date of lapsation of the policy, the said policy has been terminated.
The fund value of your policy as on April 28, 2009 was Rs.16,552.55. The surrender charges applicable are Rs.600 per cover. (1 Cover = Rs.10,000). The policy was registered for sum assured of Rs.4,00,000/- i.e., 40 Covers
Surrender Charge = 600*40 = Rs.24,000/-
Surrender Value = Fund Value – Surrender Charge
= 16,552.55 – 24,000.00
= - 7,447.45
As the surrender value is negative, no amount is payable to you
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This was never explained in the policy and even not from Anandrathi. They do say after 3 years no surrender charges but even if you surrender at any time which you can do according to the policy you wont get money back. So we decided to launch a awareness among people around us and I request you too.
We are planning to go to Consumer Court dont know how do we do this but working on that.
So requesting you never invest in Private firms like Birla and all. You may not get anything back.
Thank you
