Dec 09, 2016 12:27 AM
36465 Views
Friends,
SBI and SBI Life Insurance is different. Don't think that SBI is nationalized bank, So SBI Life also guaranteed by govt. of India. Only LIC of India is guaranteed by govt. of India.
SBI Life is a private company. Many of the SBI employees are agents for that. All SBI branches itself-are Corporate agents for that. So in all SBI branches, they are selling SBI Life products.
My Aunt took 5 Lakh Policy under ECS mode in SBI life. Every month Rs. 4800 premium is deducting from their account. They paid the premium for 2 years. Suddenly my Aunt died in an accident. As per the policy bond, their family has to get 10 lakh rupees. But SBI didn't pay even one rupee. My uncle fight with the company a long time. He filed a complaint at IRDA also. Finally, the claim was rejected and nearly 50,000 waste for complaint and traveling.
SBI bank which policy bought told that they are not to give service to the policy and advised to go SBI Life office. nearby SBI Life office is 100 km far away from my hometown.
Actual reason shown by the SBI to the court is - My Aunt did not pay the premium for the 3rd month from policy started. So the policy is not in force. Actually up to 2 years, they paid the premium. But for the 3rd month only premium not received to the SBI life from SBI bank.
SBI Life didn't give any intimation to the policyholder regarding the 3rd month premium not received. But SBI bank deducted every month including 3rd month premium also. So that 3rd premium gone to where no one knows.
After fighting with the bank, The bank returned that 3rd-month premium into the customer account. But what is the use for that.
Because policy not paid minimum 3 years no paid up value builds. With this reason, Insurance company even not returned the paid premiums also.
So friends, be aware while taking Insurance policies. Always trust Govt. company LIC only as it is guaranteed by govt. of India.
