In September 2008 I took an ULIP policy from the MetLife India Insurance Co Ltd. and gave standing instructions for Electronic Clearance System (ECS). Only for the first month MetLife debited money from my SB account. However, for the October, November, and December they did not activate my ECS standing instructions.

In January 2009, I reminded them about not activating my ECS request and paid the amount Rs. 4500/- that was due for three months. And the MetLife assured me that my ECS will be activated without fail in the coming months.

But from the very next month February 2009 they did not follow my ECS standing instructions. Since then (February 2009), I have been reminding them through my investment consultant (Sahayraj, Right Horizons) about the pending ECS activation. They did not respond.

In July 2009, I escalated this issue to the higher-ups of MetLife. Then I got a response from the MetLife executives – asking me to pay the due amount since January 2009 to June 2009 as Rs.7500, else my policy will get lapsed and I will not get the money whatever I had invested.

I opted for the ULIP Systematic Investment Plan (SIP), because I couldn’t pay the lump sum amount. My question is, when there is a fault with the insurance company, why should I pay the hefty amount as due now?

After one month long email communication with MetLife, recently, I received an email from MetLife admitting their mistake (covering-up their mistake as-technical reason) of not activating the ECS.

Already, once I paid lump sum amount in January 2009 for their failure in activating my ECS. Immediately after taking lump sum money, they again failed to follow my standing instructions for ECS.

Now, I don’t want to continue my policy with incompetent MetLife India Insurance Co Ltd. I want my money invested with them.

Otherwise, if they want me to continue the policy, let the MetLife India Insurance Co Ltd pay the due amount Rs. 7500 (because of their inability to follow the standing instruction).

My policy details are as below:

Policy holder name: M.B. Vishwanatha
Policy No.: 00667342

Thanks,
Vishwanath
09663022977