I had taken the insurance for my wife so as to avail Income Tax benefits.
I had selected the auto debit option for premium through SBI Kottakkal.
The Company debits find on every fifth day of month but credits it to the insurers account only on the 26th or 27th day of the same month. This means they are holding the funds for more than twenty days without paying interest to none and pockets the money. My payment per month was Rs 3333 per month, but imagine the quantum of funds the company is illegally retaining with them. I contacted the company and agent over e mail, the company evades an answer and the agent says it is the rule of the company.
The service of the company is also quite unsatisfactory. Do not fall prey to this companies insurance policy. Thy cheat, their agents cheat and the investor is put to hardships.
I propose to go to the redressal forum after I have remitted full premium of this policy.