A client bought a policy in 2012 and now in 2015 he finds he should not have bought it…he wrote to the company..and this is what he got as a reply:

Thank you for being a part of xyz Life Insurance family. This is with reference to your complaint for policy numbers 2637756, 2622857, 2656029.

Being a customer centric organization, we at xyz Life Insurance listen and respond to customer complaints such that all complaints are dealt with fairly to provide our customers a fair and competent resolution.

With reference to the concerns raised by you, we would like to state that we have already communicated our response via Letter dated 27/05/2014 for complaint id sss-140526-00017140.

Please find attached copy of same. As per your request we have re-visited the case; however we would like to inform you that our stand remains the same.

Further, we are unable to take into consideration any promise/guarantee given by the sales representative without a valid acknowledgement.

We request you to consider this as our final decision towards the complaint raised by you.

We would like to inform you that in case you wish to pursue the case further you are requested to refer the process mentioned in Annexure I.

We will consider the said complaint as closed if we do not receive a reply within 8 weeks from the date of receipt of response.

For further queries please feel free to write to us at client@XTZ.com or contact our Client Service Desk on Phones 1800-(Toll Free)|

LESSONS FROM THIS LETTER:

If you do not understand what you are buying in the banking industry, ULIP is the default option.

Take everything in writing from the RM. This forces that guy to be more careful, and in most banks RMs may not have access to the letterhead of the bank.

All companies are customer centric. I assume you understand what it means. I have no clue.

A fair resolution of any problem is from the company point of view not from the customer point of view. This is fairly obvious, is it not?

The life insurance sector is dominated by bank mis selling and everybody in the business knows about it. I guess they are waiting for the AUM to reach Rs. 15 lakh crores. Once this is done they can argue – so many people would not have been fooled.

The government loves the life insurance industry as it is a very big investor in G secs. This keeps interest rates down.

IRDA is perhaps not as bad as RBI, but it is still very manufacturer friendly and not policy holder friendly AT ALL.

If the policy holder thinks he will get justice from the system, he / she should wake up quickly.

As quickly as you can move away from the ulips and endowment plans – by making it fully paid up or surrendering, you are saving money.