Misselling of insurance product
Complain ID : CCN035089 59
Insurance Complaint
Complaint Date: December 1, 2021
- State : Maharashtra
- Address: Vill. Rothe, ( Near Kelwe Road Station)
Subject: SBILIFE Policy No. 440 55921 905 - Less Payment on Maturity
Dear Sir,
I purchased the above policy SBILife Smart Performer (44) on 8th May 2013. The sum assured was Rs.20 lacs and the premium was payable in 5 annual instalments of Rs.1 lac each. Last instalment was duly paid by me on 7th May, 2017. Maturity date was 31st August 2021.
2. The policy had two plans
A) Secure Plan B) Secure and Grow Plan
I chose option B i.e., Secure and Grow Plan
3. I was shocked to find that upon maturity I was paid just Rs.4,78,000/-.
4. I have to submit that if it was a Secure and Grow Plan, how can maturity amount be less than even the principal amount of premium. I may add that the policy had guaranteed NAV linked to highest stock index during last seven years. I am certain that either appropriation in my account has not been as per the Plan or it is a clear case of misselling. The relative screen shots showing that I had opted for Secure and Grow Plan are attached.
5. I took up with SBILIFE on 4th October, 2021 who acknowledged under reference number 16197927. They responded on 5th October maintaining that their payment was in order. I took up with Insurance Ombudsman on 9th Nov., 2021. But no response so far.
As I am not satisfied with their response, I request you to look into the complaint.
Dear Sir,
I purchased the above policy SBILife Smart Performer (44) on 8th May 2013. The sum assured was Rs.20 lacs and the premium was payable in 5 annual instalments of Rs.1 lac each. Last instalment was duly paid by me on 7th May, 2017. Maturity date was 31st August 2021.
2. The policy had two plans
A) Secure Plan B) Secure and Grow Plan
I chose option B i.e., Secure and Grow Plan
3. I was shocked to find that upon maturity I was paid just Rs.4,78,000/-.
4. I have to submit that if it was a Secure and Grow Plan, how can maturity amount be less than even the principal amount of premium. I may add that the policy had guaranteed NAV linked to highest stock index during last seven years. I am certain that either appropriation in my account has not been as per the Plan or it is a clear case of misselling. The relative screen shots showing that I had opted for Secure and Grow Plan are attached.
5. I took up with SBILIFE on 4th October, 2021 who acknowledged under reference number 16197927. They responded on 5th October maintaining that their payment was in order. I took up with Insurance Ombudsman on 9th Nov., 2021. But no response so far.
As I am not satisfied with their response, I request you to look into the complaint.
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