POSTED BY January 25, 2015 9:07 am NO COMMENTSON
I have purchased Birla Sun Life policy in March 2012. This policy has given me so much problems
Birla sun Life Vision Plan
Premium amount :- 42000 /- annually
Premium paying term :- 27 years
Policy term :- Lifetime (2088)
Sum Assured :- 1134000
Purchased :- March 2012
Faced problem 1:
After purchasing this policy from third party Insurance (Agent) I thought to verify benefits of policy. So I visited nearest BSLI branch and ask BSLI adviser to confirm the benefits. It was shocked to know adviser explained me it is government bond policy no higher returns and one more thing out of 30% of premium commission goes to agent. Then he showed me classic life plan (ULIP linked policy) with higher returns. So I agreed with him and change the policy. After few
Then he showed me classic life plan (ULIP linked policy) with higher returns. So I agreed with him and change the policy. After few days I got new policy documents. Few Days on I got agent call saying the new policy is not good and BSLI adviser cheated on you because of his commission. I was totally confused what to do. at some point I got convinced by third party Agent and again changed policy to old one Vision plan.
Problem Faced 2 :-
In month of November I got call from BSLI Head office Hansraj Gupta saying that BSLI has declared bonus amount 187000 /-. on your policy. He explains your policy is agent purchased. Due to which 35% of bonus amount will be get by Agent or in some cases agent can get the whole amount and won’t notified to you about the bonus. To get rid of the problem first you need to deactivate your agent code. This can be done by providing application number of any policy purchased from Direct company in current year(2014). As I didn’t purchased any policy from direct to company and don’t have any application no of any policy. He said you purchased one and share the application No. He said me to purchase from BSLI, Reliance or DHFL (these only company provide direct company policies). with a premium amount of 60000 /- .I disagreed as I have don’t have that much money so he said lower to 42k but still i was not OK with amount. So hansraj I again said you can go with 15000 half yearly. I agreed with it.I choose to have BSLI and same company of previous one. But while purchasing BSLI fresh policy the hansraj said your agent is not willing to convert your policy. So He said to choose among Reliance and DHFL. So I gone with reliance. I provided the details and cheque of 15000 /-. I message him the application No. After few days I got sms’s for reliance policy. He said I will also receive bond stating the bonus amount of bsli vision policy and this fresh reliance policy is solely taken for only bonus claim. After few days I received policy document but no bond. I called him , he said you will receive the bond in few days. As in the system shows it is already dispatched.
After one week I called him He said bond will receive by 8 th of December and the bonus amount will be credited into your amount by 15 December 2014. My focus on totally bonus on 15 December so I didn’t focused on bond. ON 16 December 2014 I called him. He said NEFT has been done. Money will credited by tomorrow EOD. Again after few days I called him up he said I am out of town so cant say about the status. By late December I got called saying that balance sheet has mismatched due to which cheque is on hold. He explained me balance sheet as 35% of bonus amount must be in BSLI by me. Means around 35% of 2.2 lakh (now Bonus amount said by him) i.e 77k must be at bsli. Out of 77 I have paid 15K as policy premium. So I need to pay now 62k to bsli. I again said i dont have sufficient funds to pay. by going 2 to 3 weeks on call discussion he said we have employee discount of 15%. I will give to you (this person is senior manager of bsli). he also said as it takes 7 to 8 days for cheque processing. He assure he will get job done withing 72 hours. After this I said give me some days to arrange money I will get back to you on this. He will call me today or tomorrow.
Please help me out of this. What Shall I do now ?
Shall I give him cheque of 42K for getting bonus ?
Also I am thinking to surrender this policy ..
Please provide me your suggestion.