I am facing a problem with one of my insurance policies. I have paid two premiums worth 40000 and the policy is lapsed as I did not submit the 3rd premium as I came to know that for 40000 they were giving me a surrender value of 9000.
When I bought this policy I was never told about the free look up period and frankly speaking I never knew there is something like free lookup period, and was promised 50% return by the Aviva Agent who approached me for this policy also he mentioned that after paying three premium I can withdraw from this policy anytime and will get the premium amount plus the return on the same amount.
I could not see the policy documents as I was abroad for almost 6 months. What I am trying now is either I at least get my premium amount back or get an option to choose for a different policy with smaller term as when I bought this policy I was told that I can withdraw after 3 years but when I called the call center now they are saying its 30 years.
Will appreciate your help in this regard.I am attaching few mails, I have also sent a written mail to IRDA but they say they cant help me on this.