Harassed Customer Tata AIA Golden Life

POSTED BY prathish nair ON March 8, 2015 12:36 pm NO COMMENTS

I am a policy holder of Tata AIG Golden years policy from July 2002.

It has been over 13 years now and i have not received any receipts for my payments,
or my account balance for the last many years. When i called the customer service
they have not even bothered to update any details .

To my shock i learn that if i surrender my policy i will be fined Rs 85,000 from the
total accrued value of Rs 164000 till date. This they say is a normal to deduct 30% if i surrender.

This to me amounts to a sheer cheating where a the Tata insurance company who does not bother about his customer who pays almost Rs 15000 a year for the last 13 years.

I am keen to know why there will be a heavy fine of Rs 85,000 from Insurance Company to whom a customer has been paying regularly from 2002.

Kindly advice

Thank You,

Prathish Nair
A Harassed Tata Aia Insurance Customer

Dear Sir,

Find the details of your policy as required by.

Policy No. C310465131
Start Date: July 2002
Term of the Policy: 30 years
Premium Rs. 3742/- inclusive of ST payable quaterly
Sum Assured: Basic Coverage 3.0lacs
Rider Sum Assured: Accidental Rs.3.0lacs, Dismemberment Rs.3.0 lacs, Critical Illness Rs. 3.0 lacs and Waiver of Premium for Rs. 3.0 lacs

Premium paid as of date excluding rider and service tax is Rs.3047/- quarterly amounting to Rs. 1,34,068/-
Bonus accumulated on your policy as of July 2013 is Rs. 1,44,369/- ( Bonus letter for the same is sent to your correspondence address)

If further clarifications are required kindly let me your convenient time to meet.

Johnson Nicholas
Tata AIA

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