I would like to share my experience with all you how are planning to take a life insurance policy from METLIFE beware. firstly, the agent don’t have proper information about the plans that they are selling this guy came to me with a plan which he didn’t knew about, each time I would put a query he will call his boss and take instructions.... secondly, he took an extra amount for the first premium telling me that these are policy charges but to my amazement when next premium renewal letter was received it was mentioned that I have paid that extra premium along with the first premium that that stands adjusted..
Now, Last month I received an SMS from the comapny informing me that my premium has been changed for 1st may onwards. Amazed, I got in touch with the agent and customer care.. The agent said he ahs been promoted to a sales manager rank and is busy to take any calls will ask somebody to get in touch, and till today past 1 month I am still waiting for that person to contact me.. in the meanwihile I worte a mail to customer care
The reply from Mettlife..
"we would like to inform you that the increase in Modal premium is due to service tax applicable on the premium amount. This is in line with Goverment notification dated 10, May 2008, (Notification No. 18/2008), wherein all existing as well as new unit linked policies will attract Service Tax at the rate of 10.30% (inlusive of education cess)."
I replied back with the query that "why only Metlife has increased the premium..."
Metlife’s Reply
"We acknowledge the fact that there has been no cahnge or amendement in the Service Tax nortification Since 01 May 2009."
What does this comapny thinks of us that we sitting here are fools or something Just want an honest reply from all you, Is it justified to change the premium once you have paid 2 premiums for a life insurance product.