I have invested Rs. 40,000 to Aviva Life Insurance Co, But my return amount is Rs. 3914. I have purchased policy from indusind bank avinashi branch, they told me: Pay single premium then you will be get full amount amount with interest not an issue. But I have paid two premium(Rs.40,000), my return amount is Rs. 3914 (Since not received this amount also). I have sent mails and calls but not getting proper response. Could you please check below mails( my conversions with aviva) Please consider this my complaints.

Thanks & Regards,
Komarasamy

Policy Number – ALS2316121 Product UIN: 122L053V01
With respect to your concern we would like to inform you that your policy was issued on 31.01.2009 with an annual premium of Rs. 20,000, It had been taken for 20 years however only two year premiums were received for the policy.

Your policy had got early lapse surrendered on 01.02.2013 due to non receipt of premium since 31.01.2011 and after completion of 2 years of reinstatement period. Please refer Article 2) Payment of Regular Premium, Grace Period & Reinstatement, and Dealings with the Policy for your reference.

2(b)(ii) (2 says – Greater than 12 months but less than or equal to 36 months from the Commencement Date, then all risk cover under Article 3)a) and the benefits under applicable riders, if any, shall cease immediately and no benefits shall be payable other than the Fund Value as at the date of notification of death of the Insured, at which time the Policy shall automatically terminate. The Policyholder may reinstate the Policy within two years of the due date of the first unpaid installment of Regular Premium subject to Article 2)d). If the Policy is not reinstated within the aforesaid two year period, the Policy shall automatically terminate at the date of the expiry of the reinstatement period and the Surrender Value shall be payable. During the period from the due date of the first unpaid installment of Regular Premium up to the date of reinstatement, the Charges as specified in the Schedule, except the Mortality Charge and Rider Charges, if any, will continue to be deducted.

Please find the attached charge statement for the details of deductions of charges in the policy. Fund value at the time of early lapse surrendered of the policy was Rs. 24,885, surrender charge was deducted as per policy terms and conditions. Please refer policy schedule for the details.

As per T&C- If more than one but up to two Policy Years’ Regular Premium has been paid then surrender charges will be 75%.

24885 * 75% = Rs. 18664, Service tax on penalty as per government guidelines. 12.36%
12.36% of Rs. 18664 = 2307
Surrender value = Fund value – surrender charges – Service tax
24885 – 18664 – 2307 = Rs. 3914.
A cheque of Rs. 3914 was dispatched to your communication address and showing delivered to you.