I want to share my recent experience with life online term insurance policy by AVIVA. The company will lure you by a lowest possible installment advertisement and then once you pay the initial amount which 7500 rs approx.(for 75 lakh insurance amount) they will show their real colors. First they will convince you that things will go smoothly and your installment will vary by a small amount.
But your eye opener will be a mail in which they will ask you to pay 50% more than what was the original installment on the basis of hidden calculations which were not shared with you earlier, right after the medical test conducted by them (for their own purpose).
Now if you want to cancel the policy for obvious reasons (paying 50% more than what it should be) than they will deduct 2236 rs in the name of medical test which was conducted for their purpose. And one more thing is that this cancellation condition was told to me at the same moment when I pressed submit button for payment..so no choice...I have recorded CD with me for the PROOF.
There is no clarity beforehand that how much will be the final installment amount and since you have already made full payment hence there is no possibility/chance for you to get your full money back. This is like some betting game if your medical is 100% fit than you are fine but if not than be ready to pay a raised installment amount which they only will decide (e.g. 50% more) else lose a good amount of money which you have given to them solely on basis of trust.
Plus to the bonus of this you will go through additional mental torture till you get your money back and endless follow-ups to get it back (1 month gone still waiting..). I was cheated by that this insurance company (aviva).
I request you to please do not invest a single Rupee of your hard earned money in such company (AVIVA).
Hope my mistake will be a lesson/eye-opener for all the readers and once again I request you to please please do not fall for such fraudulent offers.
Thanks for reading,
Naren