S B I Life policy
Sir,
We had an unbelievable experience with S B I life . 7 years back , my wife joint on a SBI life pension plan. There was a minimum of 3, yearly installments and 5 year locking period for the date of maturity. As you rightly said there is no communication from them and we submitted the policy with all required forms to their local office (Muvattupuzha) for full refund. Then after a week or so, there was a letter saying that, date of maturity and date of vesting is the same, so they are not able to pay us full. And they instructed us that, they will pay us 1/3 cash, 1/3ed we have to invest in the place they say and the rest 1/3 they will invest in their pension fund and they will pension.
Then we started the letter writing exercise, to their different officers sitting in the different rooms in the same building drawing 6 figure salary + fatty French benefits . They make mistakes of dates in "year" difference knowingly ( if not they are not reading letters they sign) and telling us that we should have submitted one day earlier to the ,date of maturity. In their terms and conditions, they say, we can get the refund any day after one year, by paying surrender charge , up to 10 years. Finally they suggested us to go the Insurance Ombudsman at Ernakulam.
Unfortunately, the seat was vacant for about 2 years, then another few months to call for the hearing. Then the Award came to pay us the full and final settlement.
Few weeks after ,we submitted all the documents along with the Award, they paid us the FUND VALUE at the time we submitted originally. That is with out even SB interest. They are one of the largest Financial Institutions in India under the Govt. Of India. They do not serve the people and cheat us with traps like this to earn their fatty financial benefits
At this age of 70, we have no intention to fight further, but trying to educate the public as much as we can. Hope the public will understand this tricks and will reject all new ideas from these type of Organizations. It is pity, our Law Makers have no time to look into these organized cheating. LET US ALL HOPE FPOR A BETTER INDIA
P G D Nair
We had an unbelievable experience with S B I life . 7 years back , my wife joint on a SBI life pension plan. There was a minimum of 3, yearly installments and 5 year locking period for the date of maturity. As you rightly said there is no communication from them and we submitted the policy with all required forms to their local office (Muvattupuzha) for full refund. Then after a week or so, there was a letter saying that, date of maturity and date of vesting is the same, so they are not able to pay us full. And they instructed us that, they will pay us 1/3 cash, 1/3ed we have to invest in the place they say and the rest 1/3 they will invest in their pension fund and they will pension.
Then we started the letter writing exercise, to their different officers sitting in the different rooms in the same building drawing 6 figure salary + fatty French benefits . They make mistakes of dates in "year" difference knowingly ( if not they are not reading letters they sign) and telling us that we should have submitted one day earlier to the ,date of maturity. In their terms and conditions, they say, we can get the refund any day after one year, by paying surrender charge , up to 10 years. Finally they suggested us to go the Insurance Ombudsman at Ernakulam.
Unfortunately, the seat was vacant for about 2 years, then another few months to call for the hearing. Then the Award came to pay us the full and final settlement.
Few weeks after ,we submitted all the documents along with the Award, they paid us the FUND VALUE at the time we submitted originally. That is with out even SB interest. They are one of the largest Financial Institutions in India under the Govt. Of India. They do not serve the people and cheat us with traps like this to earn their fatty financial benefits
At this age of 70, we have no intention to fight further, but trying to educate the public as much as we can. Hope the public will understand this tricks and will reject all new ideas from these type of Organizations. It is pity, our Law Makers have no time to look into these organized cheating. LET US ALL HOPE FPOR A BETTER INDIA
P G D Nair
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I fully agree with Shri Karur Radhakrishnan that ther is no upper age limit for accidents to happen. I request the honourable Prime Minister to remove the upper age limit of 70 years and allow any one above it also to get accident insurance.
May 18
It is sad that even Govt.Of India have imposed restriction on Senior Citizens who are over 70 years for the entering in to GOI accident insurance scheme. When I enquired one P.S.Band as well as private Bank about the PMJJY scheme for accident insurance benefit, they said that Elders who are 70 and above years are not entitled to join in this scheme. It is strange to see that only Elders are more sussecptible for road accidents and many cases have been file in the police stations. In such a situation, it is now know how Elders at 70 and over years are elimination. GOI should revise this criteria.
May 17
Life insurances are not useful to elders as they are not going to utilise this about, but only his successors will enjoy. The investment in banks for locking period of 3/6/10 year are meaningless in respect of elders as there is surity that they will live so long and reap the maturity benefit(for small peanut interest) and the cost of living would certainly erode the saving benefits.
May 17
This is the price you pay for not knowing about the pension schemes operated by the Government of India. There is no need for one to go for pension schemes of LIC or SBI or any other private bank, which charge hefty service charges every year. PPF and NPS are excellent pensions schemes with hardly any service charge and are comparable with schemes being offered by the Banks or Insurers.
May 17
Dear Shri Nair Sir, Thanks for sharing your experience. I agree with your view that most of these insurance companies with foreign corroboration are doing same thing in one form or other. They have no ethics and follow rules only in letter and not in spirit. The Indian brand name with which they are associated does not make any difference. As a matter of public service, I think you can send a letter to IRDA stating your experience and requesting them to investigate in to the matter so that IRDA can take note of the happening and bring in sufficient safeguards in their guidelines to be issued to insurers. I know it is an unnecessary job for you. However in the interest of service to humanity, you can make a report to IRDA.
Mar 23
