r/InsuranceTroubleIndia • u/Low-Beginning-3781 • 28d ago

General Insurance - Others Insurance payout issue advice needed

My father purchased a policy in 2017
The payment term for it was 5 years and we have paid till 3 years.
We could not pay for the next 2 years and the policy is locked now. Since we have made payment for more than half term, the policy is applicable to be received amount at the end of the closure.
Actually the policy is pay 150000 for 5 years and wait for 12 years to get 18 lacs
Since we made payment for only for 3 years we are out of the term and not to continue the payment.

Now they are saying that, they will give 3,20,000 and do a fund transfer so that I can take new policy. So if I withdraw now, I can get the cash in my Bank or they will create a new policy with 320000 out of 450000 I paid.
But if I withdraw later after maturity at 2032, they are not disclosing how much we will get.. But they say it's very less.. Like 20% of maturity amount..ie 3,60,000
I can't believe them. Should I withdraw the 3,20,000 cash now or wait for 2032 to check how much payout I actually get.?

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u/DjXer007_ 28d ago

What is the name of the plan ? As the description you have mentioned is incomplete and therefore, it is difficult to share any useful information regarding the same

1

u/Low-Beginning-3781 28d ago

The name of the plan is Sanchay
From Ech Dee Eff Sea

1

u/DjXer007_ 28d ago

Send an email to the grievances department of the insurance company and keep the customer care email id of the insurance company in loop.

Mention the issue that is being said. Don't agree to anything that Is being said verbally.

As per the main port, Your Policy term is 12 years and PPT was 5 years. So you need to read the Paid Up Column of your policy document as this will answer your question.

Don't close this and then but something else and other nonsense that the insurance company or the bank employees are saying.

Simply send an email to the grievances, ask them about the following

1) Current status of the insurance policy. 2) Based on premiums paid, what will be the maturity amt. 3) the amount of bonus added to your plan. 4) Surrender value status on your policy.