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Misguided/Fraud against Policy no 004032694 (Birla Sunlife) 
Submit Complaint..Dear Sir,
I bought Birla Sun Life Policy (ULIP) on March 14, 2009 by paying Rs. 10,000/- for tax saving purpose. I was informed by the agent that I have to pay Rs.10,000/- for three years. In case, I am not paying the premium further, the money at the end of first year will remain blocked and will be refunded back to me at the end of 3 years.
I could not pay further premiums because of financial problems and I was informed by Birla Sun life over telephone that I will get back the fund value at the end of first year after 3 years lock in period. The fund value at the end of first year i.e. 14 March 2010 was Rs. 8398.63.
After end of 3 years, I got a letter from Birla Sun Life saying my policy has been lapsed and a cheque of Rs. 864.70 has been sent to me. In this way, the company has taken Rs. 7533.93 as surrender charge without informing me or giving me any notification.
Surrender charge like this without informing or giving any notification is clear cheating. I request the readers to stay away from this fraud company.
IN PUBLIC INTEREST.
SINCERELY,
Hiren Raval
