Hello,

I am writing this post to express my extreme dissapointment with Birla SunLife Insurance staff and their utter lack of respect for their customers. I was told that my policy was lapsed due to one of the clause that I had a knee surgery done on my right leg. I was never communicated that this was the reason but was told different stupid reasons. Till this time, my moner was sitting idle and not giving me any value on my investment. While speaking to the customer care exec, I was told that Birla SunLife had done an internal investigation and the doctor on their panel had cleared the case since it was not a life threatening injury. This came as a bigger surprise because it took their extrement ineffecient staff and equally competent doctor more than 6 months to determine that it was a sports injury and not a life threatening one.

When speaking to the Noida branch execs, I was assured that I will be given the NAV on the date before the policy was lapsed since it was the problem on company's end not mine. Nothing surprising that it has been more than 5 month since my last communication with BSLI execs and NO OUTCOME has come.

I am mentioning the email conversation I have had with their incompetent staff..



---------- Forwarded message ----------
From: Rahul Patwal
Date: Mon, Mar 14, 2011 at 12:22 AM
Subject: Re: Ref: Policy No- 001971198 / Reference number- 020-126-853.
To: BSLI Customerservice , grievances grievances@birlasunlife.com

No surprise that the my issue of getting the NAV on date before the lapstation is still pending. Got a couple of calls but the issue was never resolved after sending my last email. On the last call I was aasured of getting a call back-up from a supervisro which was never done. Now I am forced to take this case to Consumer Forum now cus it seems that your company doesn't have the time or mindset to listen to its customers.

- Rahul
On Mon, Jan 17, 2011 at 9:25 AM, Rahul Patwal <rahulpatwal15@gmail.com> wrote:
Hi Kanchan,

Somewhat a better reply that the previous one I had received. However, if you take out the time to go through my initial email, you will find that there is lot left to be desired. For your reference I am pasting the text of that email...I am clear about the fund allocation, switching charged and all. However, please go through that email and respond w.r.t the concerns raised in first two paragraphs i.e. about policy getting lapsed cus of incompetency on your company's part, NAV on back date and no receipt of my online account and password.

I look forward to hearing from you.

Thanks,
Rahul

Quoted text...

"In reference to your email asking about my satisfactory experience with Birla SunLife. I wish to state that my experience has been nothing less than horrible with your company. My policy has been in lapse state for so many months that my investment was sitting idle during the whole period. Now to get to the root cause as to why the policy was in lapse state, I have written innumerable complaints to your company but to no avail. All these complaints were submitted in your Noida office. The entire history can be traced through those complaint letters.

I have submitted the premium payment till Jan 2011 cus I was told that if a policy is in lapstation and I need to pay the premium of the current month and the coming month in advance which I did and was informed by Ms. Ekta Trehan (Exec at Noida branch) that my next premium is due on February. She also told me that my policy will be activated and I was also given a committment by Mr. Manan Rawal (Exec at Noida branch) that I will be given the NAV on the date when my policy was relapsed if the error was not on my part which for obvious reasons stands true. I also filled up a form for getting my online account id and password and was again given a word that I will receive it in 2-3 business days. Needless to mention that I am yet to receive the details.

IF I LET GO OF THIS EXPERIENCE AND INSTEAD FOCUS ON MY FINANCIAL RETURNS THEN THE STORY IS EQUALLY DISSAPPOINTING

I have invested around Rs 60,000 and as on date my investment stands close to Rs 40,000. This performance has been delivered in approx 2.5 years. I do understand that my policy is primarily an insurance policy with a fixed amount to be invested in equity market. Even after considering everything, can you tell me HOW ON GOD's GREEN EARTH I didn't earn even a small amount of return. Doesn't that say a lot about the effectiveness of your fund managers performance.

I am not even sure if this entire mail will be read taking into account the experience I have had with your company. Like they say never give up so I am trying if my plea goes to deaf ears or someone who can understand."


On Wed, Jan 12, 2011 at 11:49 AM, BSLI Customerservice
wrote:
Dear Mr. Patwal,

We refer to your below mail with regards to the captioned policy. We thank you for expressing your concerns in this matter.

We would like to inform you that from the premium you pay, we deduct a loading fee and from the balance amount we purchase units of the investment fund chosen by you. Apart from the loading fee, charges towards the cost of insurance and administration fees are also deducted by cancellation of units from the fund at the prevailing unit price on a monthly basis.

The fund accrues interest on a daily basis subject to the appreciation of NAV (Net Asset Value). Your fund value then depends on the performance of the investment fund chosen by you. For detailed information on this you may also refer to the General Provision attached with you Policy Contract.

Inorder to improve your find performance, you may opt for Fund Switch. You may switch or allocate your funds from one fund option to another depending upon your risk appetite. For your reference, we have provided you with webpage detailing asset allocation of the investment fund options. (Fund Options with your Plan - Protector, Builder and Enhancer.)

Further, for your reference, please find attached Policy Account Statement detailing units allocated and fund value towards your policy as per the amounts received, since inception.

Trust the above information clarifies the matter to your satisfaction.

Please feel free to get in touch with us for any further assistance regarding your policy(ies).

It is our endeavor to provide a satisfactory resolution to your query.

Regards,
Kanchan Gupta
Customer Service Officer
Birla Sun Life Insurance Company Limited.
(Toll Free): 1-800-270-7000
Timing: 9 am- 9 pm (MONDAY TO SATURDAY)


From: CC_In_Ins (customerservice@birlasunlife.com)
Date: Wednesday, January 12, 2011 11:23 AM
To: MR. RAHUL PATWAL

Mandip,


Did you even read my email before writing such a lengthy email which talks about the policy and not addresses the query I had raised in my email??? I strongly recommend checking my previous email before looking to respond to my concern.


I work in the evening shift so there are less chances that I will answer your call if they are made in the day time. I would appreciate if you can give me a call after 7-8 pm in the weekdays.


Regards,
Rahul


On Mon, Jan 10, 2011 at 7:51 PM, BSLI Customerservice wrote:

Dear Mr. Patwal,

We refer to your communication with regard to the captioned policy.

We wish to familiarize you with the plan charges structure as requested by you.

Fees and Charges

Premium Allocation Charge:-
This charge is deducted from the policy premium when received and before units are allocated. It is guaranteed to never increase. Under this policy:
• Premium Allocation Charge for policy premiums: Nil
• Premium Allocation Charge for top-up premiums: 2%

Surrender Charge:-
This charge is deducted from the Fund Value at the time of surrender. It is charged at the rate of Rs. per 1000 of the Basic Sum Assured and becomes nil after the third policy year. This charge is guaranteed to never increase).

Fund Management Charge:-
Under this policy the Fund Management Charge of 1% per annum of the Investment Fund will be charged by adjustment of Unit Prices. This charge shall not exceed 1.5% per annum.

Policy Administration Charge:-
This charge is expressed at the rate of Rs. per 1000 of the Basic Sum Assured. It may be increased any time after the fourth policy year, subject to a maximum increase of 5% per annum since inception. This charge is deducted from the policy by cancellation of units on each monthly processing date.

Mortality Charge:-
This charge is expressed at the rate of Rs. per 1000 of the Basic Sum Assured. It is charged throughout the policy term and is guaranteed to never increase. This charge is deducted from the policy by cancellation of units on each monthly processing date.
Optional Charges: -

Premium Redirection Charge:-
This policy provides for two free premium redirections every policy year. Each additional request in the same policy year will be charged at the rate of Rs. 100 per request.

Switching Charge:-
This policy provides for two free switches every policy year. Each additional request in the same policy year will be charged at the rate of Rs. 100 per request.

Partial Withdrawal Charge:-
This policy provides for two free partial withdrawals every policy year. Each additional partial withdrawal in the same policy year will be charged at the rate of Rs.100 per request.

AD&D Rider Charge:-
This charge is expressed at the rate of Rs. per 1000 of the rider Sum Assured. It is charged throughout the policy term and is guaranteed to never increase. This charge is deducted from the policy by cancellation of units on each monthly processing date.

Kindly note that Vide Finance Act 2008, a service tax @ 12.36% has been introduced on the various charges related to management of investment levied on the Unit Linked Insurance Policies with effect from May 16, 2008 under section 65(105) (zzzzf) of the Finance Act, 2004 and accordingly the prospective charges levied on your policy shall be subject to service tax.""

These policy charges except (mortality charge and premium allocation charge) are subject to change and a three-month notice will be provided to all policy owners prior to the implementation of the new rates of charges. This will be subject to approval of the IRDA.

Note, the details regarding the charges are mentioned in ‘General Provisions’ page attached to your policy document.

Further note that we tried calling you at your registered no 09891096434, however we were unable to establish contact. Please register your updated number by submitting fresh PSRF (Policy service request form) at nearest branch of Birla Sun Life Insurance Co Ltd/ Head Office or by calling at our call centre in the below mentioned toll free number by verifying your basic details and on receipt of the same needful shall be done.

If our response is not as per your expectations, please feel free to write to our Grievance Officer at Grievances@birlasunlife.com.

Kindly note that in case we do not receive a reply within 8 weeks from the date of our response, your concern will be considered as resolved.

Please feel free to get in touch with us for any further assistance regarding your policy.

It is our endeavor to provide a satisfactory resolution to your query.

Regards,

Mandip Chahal
Customer Service Officer
Birla Sun Life Insurance Company Limited.
(Toll Free): 1-800-270-7000
Timing: 9 am- 9 pm (MONDAY TO SATURDAY)

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