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.
Regards
Johnson Nicholas
Tata AIA