Complaint Details

Status	:	Closed
Complaint No	:	0003611/2013
Category	:	Insurance
Date	:	10-03-2013
Subject Line	:	I AM CHEATED BY AVIVA LIFE INSURANCE
Complainant	:	LAKSHMAN YADAV
Address	:	SODPUR, KOLKATA
Complainee	:	AVIVA LIFE INSURANCE
Address	:

Complaint Details
I had purchased LIFE BOND 5 policy from AVIVA on JAN 2010 from Saltlake branch, Kolkata. When I was solicited to buy this policy, it was projected as an investment plan with an option that I may stop paying premium after 1 year. I was told that in case I decide to stop paying premium after 1 year of investment would continue to grow as per funds performance however I shall loose the insurance coverage benefit and it will continue for 3 years and after that I will get the fund value. Now when I tried to exercise this option of opting out I am told that there is huge penalty and I stand to lose heavily. There was no indication of such heavy penalty in the policy document. All kinds of clauses and hidden charges are being quoted now, making me to believe that I have been duped by this premier insurance company while selling this policy to me.

My only reason to buy this policy was for the purpose of investment with the option of only 1 year premium. For the perusal following are the details: Policy no LBD2856043 from AVIVA, Policy purchased in 2010, Premium Rs. 6,250 per quarter, Paid 4 premiums amounting to Rs 25000. As per AVIVA records the NAV has increased from approx Rs 29 to approx Rs 34 in the last 3 years. As per AVIVA I stopped paying premium which was supposed to pay for 3 years. so it is considered as surrendering of the policy and I am entitled to pay only Rs 6,240. Instead of any appreciation of my investment I am loosing heavily.
WHAT SHOULD I DO NOW? AND I DON'T WANT TO ACCEPT RS. 6240 AFTER 3 YEARS WHERE I HAVE INVESTED RS.25000.

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