Birla Sun Life Insurance / Non payment of fund value for discontinued policy
This is with reference to my policy no [protected] (Dream child -Fund coverage ) purchased from Birla Sun Life Insurance on 28 June 2010 with annual premium of 1, 44, 000/- (One Lakh forty four thousand Rupees). But due to some unavoidable situation I could not continue the policy after first premium.
On being called up your customer care service sometimes after 1 years of policy purchased when I couldn't continue the policy, I was told that I will not get any money if i surrender before 5 years and the amount paid will be a constant amount after 5 years minus some charges. This constant amount I was told would be premium paid- Annual maintenance charges( for that one year) which was 1.44 Lakh INR- 43, 675 INR( @3639.65 INR pm) and some other charges equals to around 85, 000/- INR, but i will have to wait for the period of 5 years. This is in synch with the policy document which talks about the Surrender value as constant one minus the maintenance charges.
But when I visited the Gujranwala Town branch of BSIL, they didn't have any information and has led to a lot of anxiety on my part, as I need this money for my personal contingency on very urgent basis.
I have been mailing them but got no response. When I called customer care again then they told you didn't continue or 3 years, you will no amount whereas it's clearly mentioned in the policy that I will get some fixed constant fund value. They were not able to explain how the entire fund value allocated in first year around 85, 000/- has gone at all.
I would request you to look into my issue and resolve at the earliest and take appropriate action against Birla Sun Life Insurance.