I have a complaint against Shriram Life Insurance Company.
I had taken a life Insurance policy from Shriram Life Insurance Company in June 2010. My policy details are as under:
Policy no. LN131000073706
Shriram Future Wealth -II plan
Sum assured: INR 250,000
Policy Start date 26 June 2010
However, I was not completely satisfied the policy terms and conditions and applied for cancellation of the policy within the cooling off period of 15 days as stipulated in the plan details and the application for cancellation along with policy documents were handed over at Ajmer branch of Shriram Life Insurance on 14 July 2010.
After numerous calls and visits to the branch office, I was informed that the New Delhi divisional office has spoken to me and I have confirmed them not to cancel the policy. I informed the branch office that I have not spoken to anybody in New Delhi divisional office and I wanted the policy cancelled. After couple of days, I was informed that I did not submit the policy within the period of 15 days. I again informed the branch office that the customer service officer confirmed that the policy is withih the “cooling off ” period at the time of accepting my application for cancellation and other policy documents.
As it can be seen that my policy start date is 26 June 2010 and I had submitted the policy to Branch office on 14 July 2010. As per the policy conditions, If the policyholder is not satisfied with the ‘Terms and conditions’ of the policy, the policy can be returned to the Company within 15 days from the date of receipt of the policy.
It is evident that after starting the policy, it would take atleast 4-5 days for it to be mailed to me and to be received by me. Hence, I had submitted the policy within the cooling off period.
Due to frequent changes in customer service officer in the office, I had to explain the whole situation again and again every time and a new reason for non-refund of policy premium was given to me each time. I never received any official or formal communication from Shriram Life Insurance company for rejecting the policy cancellation application. Further, I never received back the original policy and other documents submitted along with cancellation application.
Subsequently, I was out of India due to employment reasons and could not pursue the matter further. However, I have received notices from the Insurance company for payment of renewal premium and subsequently, notice for lapse of the policy.
I again visited Ajmer branch of Shriram life Insurance in last week of December 2011 and I was assured that I will receive the cheque for refund within 14 days. It ha been more than 3 weeks since the expiry of 14 days and I have not received any refund from the company.