| NCH Docket No | 4209395 | Dated | 2023-01-23 | Sector | Life Insurance: Endowment |
|---|---|---|---|---|---|
| Problem Reported | Consumer had surrendered his life insurance policy in the last week of December 2022, and got one acknowledgement for the submission. After that, there was no update, and hence he had sent repeated emails to the company, but had not received any response. At the time of surrendering the policy, they had assured him that it would be done in the next two weeks, but even after a month, there was no update. Consumer asked NCH for help, as he was completely distressed. | ||||
| Escalation by NCH | As the company is a convergence partner of the National Consumer Helpline; the grievance was responded on the NCH portal stating ‘ We have reviewed your request and would like to inform you that we have initiated payment of INR. 118720.07/- towards the surrender value payable as per the terms and conditions of the product and same would be credited to your registered bank account within 7 working days. Acceptance of the payment relieves the company from all future liabilities in the captioned policy” | ||||
| Consumer Remark in INGRAM | Excellent! It was resolved. The company settled the amount. Thank you very much for your support. Because you followed it up with the company, they were quick in resolving this. | ||||
