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senthil (SE)     04 September 2012

Insurance company cheat

Hi All,
I took metlife policy on 2007. and i continued paying EMI for next 3 years(2007-2010).
In this policy we can stop paying EMI after 3 years and also we can do partial withdraw except one year's preemium, so that the policy will be active for the rest of the period.

So i withdrawn partially on 2010 and kept sufficient amount for the policy to be active.
But today i got SMS in my mobile that my policy has been foreclosed and cheque has benn sent for my address. So i made a call to metlife cutomer care.
But they people given reason like,
"It is foreclosed automatically because of some automatic process we have after 5 years, that will check the fund amount after deducting surrender charges, if it comes below the sufficient amount, it will close" like that.

But here the think is,

1 . I didn't initiate process for surrender
2. I can see that , on march 2012 they did full withdrawn for my policy with out any intimation.
3. Today only i got notification(SMS) for the termination of the policy.

It is totally cheating>>

Please advice me..
 



 

         



Learning

 1 Replies


(Guest)

Dear Senthil,

No insurance company can close customer policy without intimating the policy holder and

if it did they have to give sufficiant reason. Which is not there in your case.

Let me clear one thing " to continue/inforce the policy one should keep 1.1 times of the first premium at all time".

Is this the reason of your policy closer & if not then you have all the right to sue the company.


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