Kindly find the conversation between the Birla Sun Life insurance and me. I will highlighting the issue in details to you.

Ref No–Policy Number 004884413 / Reference Numbers 034-919-629

Name Ins Amt Annual Premium
Sunil Kumar Rs 3158150 Rs 150000

I have taken the policy from agent Ms Geeta Nakra in 2011 when I was in Karnataka and as she explained me the policy details as I will get bonus amount each year that will be minimum Rs 45 and that can be calculated as

BONUS==SUM ASSURED * BONUS DECLARED / 1000
BONUS==3158000 * 45 ( minimum assured ) / 10000
BONUS==142110 each year minimum

BONUS for five years comes to 142110 *5=710550

In five year I will pay 750000 and bonus amount will be 710550 that comes up to 1460550 but as per policy if I break the GSB terms that is 22 years than 20% of bonus amount will be deducted that is 710550 / 5==142110 still the value receive to me will be 750000 + 568840=1318440

I would like to explain you the issue when policy was taken I was told I will get this amount each year explained and calculated to me, in documents a statement is mention Special Surrender Value I asked agent about that she explained me that special surrender value is this amt that she explained me with the calculations.

I have paid 02 premiums and my brother asked me for the policy for tax saving I told him regarding the same, he said I will take one for himself, I called up the agent of Birla sun life to take the policy and I asked him to explain if something new added in this new one he explained me than I told him I had already a policy with me and he said all facts about that, I told him I was given wrong assurance and he said complain to Company Birla Sun Life, I did so also but no use they are not cooperating.

When I explained the whole scenario to company they said nothing can be done we investigated your issue and revert back in same way same thing again and again, I felt that if they investigated the issue so they contracted the agent also but not they did nothing as they didn’t had any reply on questioning did they contact the agent or not. Company and agent both did fraud, miss selled the policy to me and making the statements like this so agent and company both can mis interpret it in both conditions, but it was fraud and wrong befooling the customers.

I tried cooperate and given all options from my end but company didn’t want to cooperate that clearly shows that they are doing wrong, not cooperatin I told them to any option its up to you if your agent did wrong you can rectify it by doing corrective action or provide some positive remedy for both of us they not loss for company and for me also

1 Change of plan in another one in case i got my money in next 5 years.
2 Change of duration as it belongs to band 4 change it with 1st band that is 5-10 years will try to pay all premiums or continue for next at least 03 years.
3 Change of plan in any wealth plans of Birlasunlife.
4 Principal Amount give to me.

I am attaching the complaints also on the other side I want to tell you that I was working with Kingfisher Airlines Ltd and didn’t got my 18 months salary not PF and facing very difficult financial situation but still tried to pay the policy premiums by selling my valuables etc but company is not doing anything for their customer. Approached to Insurance Ombusmen but due to no head justice there from last 10 months everything is pending.

I hope you will understand my situation and help me out . Kindly find the attachments as well and sending the latest conversation also.

Thanks
Sunil Kumar

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Dear Mr. Kumar,

This is in reference to your concern registered with us regarding your captioned policies.

We would like to inform you that your policy was issued as per the application and illustration received by us. In case, you wish to opt for any amendments you can do so under the Free Look option, that is within 15 days from the date of receipt of the policy document.

We noticed that no concern was raised within the Free Look period post receipt of the policy document.

We would like to inform you that your both the policies are in Premium paying status.

We take this opportunity to familiarize you with the Surrender clause associated with your policy plan:

Policy number 004467702: Bachat Endownment Plan

The policy can be surrendered after 3 full year installment premiums have been paid. The Guaranteed Surrender Benefit equals sum of MBPs (Monthly Base Premium’s) multiplied by surrender factor as shown below:

Policy Year

3

4

5

6

7

8

9

10+
Surrender Factor

30%

40%

50%

60%

70%

80%

90%

100%

Total Surrender benefit payable is:

– Guaranteed Surrender Benefit; plus
– Sum of all Bachat Additions earmed, if surrendered after 10th policy anniversary; plus
– Loyalty Addition, if surrendered after 15th policy anniversary,

Policy number 004884413: Vision Plan

Allowed if three conditions are met as on the date of surrender:
· Premiums have been paid for at least 3 full policy years.
· Policy has been in force for at least 3 full policy years.
· The life insured is attained age 18 or more
· The Surrender Value is the higher of the “Guaranteed” Surrender Value or the “Special” Surrender Value.

Mr. Kumar, as per IRDA guidelines rebating is not allowed and the same is not entertained by Birla Sun Life Insurance and is viewed as an unethical practice.Hence the advisor related feedback provided by you has been shared with the concerned team. May we also request you to kindly revisit the features and benefits associated with your policy; for detailed information related to your plan, please refer the General Provisions in the policy document.