My annuity policy No: 11486154 assures payment of annuity every 22nd of the Month. but it never comes in time. Suddenly the payment is also stopped without any intimation. on checking I am asked to submit existence certificate.
In Feb ’09, the policy commenced and I submitted Existence certificate in Feb-April’10. but again this company stopped payment in dec’10 and asked for existence certificate. That means they have no policy regarding submission of existence. do not follow any IRDA guidelines and act as per their whim and fancy.
A complaint sent to them normally responded with an auto message and then someone informs that he will require 7 working Days to investigate.
After 7 days u get another message that he may take another 5 days. it is worse than a CBI investigation for not doing their work in time.
They pass time like this and one fine day u get a message that pension is deposited as if they have done a great thing in the world. Complaints to IRDA has not helped me. They are silent observers simply passing the mails and playing a ball game.
Thus my impression about this company is that it is fraudulent company making money at the cost of Customers. they collect money very efficiently to have their own fun when the policy expires.
I managed to surrender all policy with them except having caught unawares about the policy above. Never deal with this company. nobody can beat or compete with well established LIC in the Insurance sector.