Hi
My name is Narain Bhatia – a Canadian Citizen holding OCI (Overseas
Citizen of India status)
presently in Mumbai, Tel: 961 918 9004/ 022 26283175. Age 61 years.
Address: 605 Thackers Apt Juhu Lane, Andheri (W), Mumbai 400058
Overseas Address: 409-2333 Truscott Drive, Mississauga, Ontario Canada L5J 4B7
I invested INR 500,000/- per year through my NRE A/C with ICICI Bank,
with AVIVA Insurance Company of India through Indusind Bank,
Lokhadwala Branch, Mumbai in Sept 2012. The investment contained life
insurance component besides investment in P/E funds.
During my conversation with the Aviva Customer Care, I realized that
the Mortality costs were way higher than initially advised to me.
I therefore submitted my request for cancellation of the policy within
“Free Look Period of 15 days” from the date of receipt of the policy.
That was on November 25, 2011.
I was told by Aviva Customer care that it will take maximum of 10 days
for cancellation and refund of entire investment amount INR 500,000/-.
This was also confirmed repeatedly by the Aviva Financial Advisor –
Mr. Roshan Mishra and Indusind relationship Manager Mr. Harshvardhan
Chauhan.
My repeated follow up resulted in cancellation of my Policy on
December 29, 2011 however, the payment- INR 447 678 was received by me
on January 13, 2012 vide Aviva chq # 620036 dated Jan 12, 2012.
Above payment was without any letter confirming the source of funds
(from my NRE A/C) and I was therefore unable to deposit these funds
into my NRE account.
My follow up again for the NRE certification took another 10 days and
I finally received that letter on January 23, 2012.
I wrote the letter to Aviva claiming the compensation INR 52,322 +
Interest for 49 days at current NRE deposit rated on account of delay
in receipt of payment beyond reasonable time (59 days – as on Jan 23,
2012 as against normal period of 10 days). The compensation is based
on following factors:
1) Loss of opportunity to use my funds resulting in huge financial
loss due to equity prices (for example had I had funds for investment
in SBI equity, my gain could have been about INR 300/- per share)
2) Mental Harassment caused by this delay and constant follow up
3) Loss of Interest
To my dismay I was told by my Bank (ICICI) that drawee bank (Axis
Bank) has been holding the funds as the chq # mentioned in the
certification is incorrect. This rectification took another 7 days and
finally I got correction on the original letter on Jan 30, 2012. The
chq is under clearing until the time of writing this email.
It appears from the foregoing that the company has committed repeated
errors at the cost of the investor and at the same time penalized him
besides harassment.
Through your medium, I hereby request you to take up my issue with the
Aviva so that my compensation claim could be settled without any
further delay and torture to me.
I enclose herewith relevant documents:
1) Request for cancellation of Insurance Policy (acknowledged by Aviva
dated Nov 25, 2011)
2) Void Chq indicating the source of funds
3) Covering letter alongwith cancellation
4) Copy of Chq for INR 447, 678 dated Jan 12, 2012
5) Copy of letter from Aviva certifying the source of funds dated Jan
20, 2012 with correction on chq # made on January 30, 2012
6) A copy of my letter to Aviva claiming compensation.
Kind Regards
Narain D Bhatia
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