Exide Life InsurancePolicy surrender amount is very less

M Mar 07, 2017

Policy Surrender Amount is Very Less
Dear Team,

I had an ING life insurance policy renamed as Exide Life Insurance which I have started in 27 Nov 2013. My mode of premium was monthly basis and the Premium Amount was Rs. 2, 201.41/- Monthly.

Till now my policy is in-force (Live), there is no late payment have paid in the past more than 3 years.
Until Now I paid the total Premium approximate amount is Rs. 86000/-.

I planned to cancel my policy due to my child education purposed in the month of Feb’17. While approaching to surrender the policy through mail/Customer Care and Branch Visit, I got the shocking information and I was informed that I will get the amount of Rs. 49000/- only as the surrender value.

My Premium amount towards company is Rs 86, 000 + an Rs 32, 000 bonus against my Policy is accrued until today. The Minimum 3 year’s payment is completed on my Policy, so the policy will be eligible for the Special Surrender Value. I asked the Branch/Customer Care/Email Queries about the Special Surrender Value why don’t you applied me the SSV on my policy and share the details of the calculations. I didn’t get any response from any one and all are refusing to share the details to the customers. I raised the Email queries regarding surrender value after that I got the call from the Customer care and I was informed that 'Special Surrender Value couldn't be share to the Customer.

Finally I will be receiving my surrender amount is approx Rs 49, 000. Now I don’t understand why so many amounts are deducted from my policy.

Why they Do not even refund our paid amount of Rs. 86000/- and I requested to your support else I’ll go to ombudsman to get it resolve.

Please do the needful and it would be helpful for my Child Education.

Yours faith fully
Nagaraj M.
Policy No: [protected]
Mobile Number: [protected]

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