I bought a Term plan of Rs25lakhs + ADBR of same amount from Reliance Life last year ( my medical report gone missing for 3 months and after lot of follow up policy was issued after 3 months.
It also may mean that they do not want to sell term plan) and they have issued me a policy schedule where Rs23075/ annual premium for basic benefit and Rs2500/ premium for ADBR is given. There is no mention of service tax amount on the policy bond but it says Rs25575/ is payable on 8th August every year.
I have received a demand for enhanced amount of annual premium for Rs28158/ which is about Rs2583/ more. As per them service tax is effective from 1st June 09 for non-unit linked insurance plans and installment premium shall include service tax.
They have told me that company paid the service tax last year and now I have to pay this year onwards. I believe this is fraudulent sell practice where company sells you a policy with less cost and hikes up next year onward. Customer care of this company is awful and their computers are boss. Please never touch this company as you never know what they will tell you tomorrow.