Complaint Details

Status	:	Closed
Complaint No	:	0116314/2019
Category	:	Insurance
Date	:	12-10-2019
Subject Line	:	Agent Malpractice- Non disclosure of policy details completely
Complainant	:	George Kokaddan
Address	:	3/12, Shanker Bhavan,Mohil Village, Pereirawadi, Sakinaka, Andheri East
Complainee	:	Aviva Life Insurance
Address	:	Aviva Tower, Sector Road, Opp Golf Course, DLF-Phase V, Sector-43,

Complaint Details
---------- Forwarded message ---------
From: Sharon - Talent Selexion _info@talentselexion.com_
Date: Sun, Apr 28, 2019 at 8:37 PM
Subject: My policy APG2015702 / 00387419
To: _cro@avivaindia.com_




Complaint Redressal Officer (CRO)

Aviva Life Insurance Company India ltd

Aviva Tower, Sector Road, Opp Golf Course, DLF-Phase V, Sector-43,

Gurgaon -122003



Dear Sir,



This is further to my complaint dated 25th Feb 2019, regarding the above mentioned policy and your subsequent reply by Customer Services vide your letter dated 8th March, 2019 (Redressal of complaint no: 012-693-855).



To begin with, my complaint has always been that the agent who sold me this policy, HAD NOT MENTIONED that it was a Pension Policy and had told me that I would need to pay for the premium (Rs. 12,500/- quarterly ) for 5 (five) years and I would receive an amount after maturity of the policy.

The policy was filled out in the agent’s handwriting and I was only asked to sign wherever required by the agent, again not mentioning that it was a Pension policy.



When I received the Policy, I only looked at the first page, which is a letter from your Company giving me the premium amount that I had to pay quarterly. And on that specific page, there is no mention of any policy details. I informed my wife to keep it safely as I was busy. I did not get a chance to look at the policy again, until later when I came to know about the policy. Yes, I do agree that it was my mistake then as I did not look at the other pages. BUT THE REASON I ALSO DID NOT LOOK AT THE OTHER PAGES WAS THAT I FELT THE AGENT HAD ALREADY TOLD ME THAT I HAD TO PAY FOR THE FIVE YEARS AND I WOULD RECEIVE A MATURITY AMOUNT.



I would like to draw your attention to the following points :

1. The agent had not mentioned that it was a Pension Plan and the proposal form was just filled out for me by the agent and I only signed the form where I was told.

2. Contrary to what the customer service agent said that after signing the policy, I would have received a call giving details of the policy, I DID NOT RECEIVE ANY CALL MENTIONING IT WAS A PENSION LINKED POLICY. I DID NOT RECEIVE ANY CALL AT ALL.

3. Also I would like to mention that when I questioned the agent once the policy matured and I came to know that it was a pension plan, the agent said that during their training they were informed to sell the policy, mentioning to the client - only the first part ie. that the client would need to pay the premium and on MATURITY of the policy, the policyholder would have a maturity amount, which is exactly what the agent told me but did not mention the second part which is that I am only allowed to withdraw certain percentage of the corpus.



My policy matured in 2013 and the corpus of approximately Rs 3,50,000/- (Rupees three lacs fifty thousand only) has been with you since then. Surely a request from me to close the policy and return only the amount that has been paid as premium to your Company be returned to me, ie Rs 2,50,000/- (Rupees Two lacs fifty thousand only) is justified considering the agent’s malpractice.



Just to reconfirm again, I would like to close the policy and only my amount paid to you as premium be returned back to me (rupees two lakhs fifty thousand only) after more than 10 years from the inception of the policy.



Best regards,



George Kokkadam

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