Misguided by TATA AIA Agent by taking a policy named TATA AIA Life Maha Guarantee.

POSTED BY Arup Kr. Dey ON April 5, 2013 12:16 pm COMMENTS (7)

Dear Sir, I am misguided by a TATA AIA life agent by taking the policy named TATA AIA Life Maha Guarantee. Premium Rs. 29,059 yearly, Sum assured Rs.3,16,000, Policy term 15 years.This policy is not suitable for Investment purpose , only suitable for death benefit.death benefit in this policy is huge- twice of SA + Guaranteed addition.But the the maturity value is too low,after making calculations I see it will be – near about Rs.5,61,000 after giving premium (15*30000)=rs.4,50,000.I am not really interested in Death benefit.

But the positive point is that I have paid only 1 premium.I am not interested to continue this policy.Now what should be my next step, can anybody suggest me please ?

What is the meaning of reduced paid-up??

7 replies on this article “Misguided by TATA AIA Agent by taking a policy named TATA AIA Life Maha Guarantee.”

  1. Dear Arup, the plain answer is No again.

    thanks

    Ashal

  2. Arup Dey says:

    OK,Thanks
    Is there any chance to get my money back by make a complaint in IRDA?

  3. Dear Arup, a simple answer is NO, you ‘ll not receive any money back. Please treat this first year’s prem. loss as lesson for yourself & moveon in life. no need to stick with a wrong choice for the fear of loss. Damage has been done to you already & if you opt to continue, the loss ‘ll only increase. Now you have time to recover your loss from investing the future prem. elsewhere. Please purchase adequate term cover for your self.

    Thanks

    Ashal

  4. Arup Dey says:

    Thank you for showing interest sir. I know about Free look period.It was over because the policy date is 16-6-2012.actually when I received the policy documents I was not at home, my family members not able to understand the critical calculations of the policy, but when I see the dociments it was 28-7-2012.
    My basic question is If I not pay the remaining premiums then what thay will do with my paid premium?

    1. Ramesh says:

      Whatever you do from now on will NOT pull back the already lost amount. So do not put more money into it, as Ashal has mentioned.

  5. Dear Arup, when did you purchased this policy?

    thanks

    Ashal

  6. Ramesh says:

    When did you receive the policy? The date.
    This is important because within 15 days of Receiving the policy, it can returned under Free-Look period.
    So check that out.
    Receiving date is always later than the Start date.

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