Name in insurance policy
Sajid
(Querist) 29 August 2015
This query is : Resolved
Sir,
I have taken a Life Insurance Policy in Reliance Life Insurance Co. I have submitted Election ID: Name: Riyas S/o. Abdul Samadh. Only one document has submitted as a proof.
Reliance Life Insurance has issued my Policy Document as Name: G. Riyas S/o. Abdul Samadh. I have taken this policy in the year 2010, I have made many oral request to get the change. But, they have not done.
Now, When I like to surrender the policy. Branch of Reliance asked me to submit the Bank Account. The Bank Account Opened as Name: Riyas, I have given the Election ID as a proof to open the Bank Account. Reliance Vellore Branch is not accepting this, they asked me to get the Bank Account in the name as : G. Riyas, how can I get this name, Sir.
Reliance Branch Office has done a mistake in Policy Document. They added G. in front of my name. Now, they want me to follow this mistake in my bank account.
Please give me solution Sir. As I need the money urgently, to do my daughters marriage which is in short time. Thanks to every one who give me solutions.
Guest
(Expert) 29 August 2015
Discuss And Convince Your Banker For Correction.
Kumar Doab
(Expert) 29 August 2015
You erred by making verbal communications.
You may now narrate all representations in writing under proper acknowledgment.
Election ID is not proof of DOB. If it was admitted then company might have levied some charges.
Company must have mentioned the proof admitted in policy document.
It is already there in its archives/records.M/s Reliance will have to state in writing what ID proof it collected and even supply a certified copy.
You don't have to change the name in Bank a/c.
You may have to escalate to Service Manager
,MD,Chairman and if required to IRDA or pull them to DCDRF.
A legal notice may resolve the matter.
Rajendra K Goyal
(Expert) 29 August 2015
Send registered notice for rectification of the error. If no result, file consumer complaint.
Lodge complaint to IRDA.
Sometime service providers take the benefit of the fact that the consumer would not approach legal forum.
Sudhir Kumar, Advocate
(Expert) 30 August 2015
fully agreed with Mr Kumar Doab.
But you have not indicated as to what name was written on the proposal.
Sajid
(Querist) 30 August 2015
Sir, Reliance Life Insurance gives us Policy Document along with a copy of Proposal Application, there also I have written Riyas only in the Name Column. But, I have signed it as G. Riyas Ahmed. I have provided only one proof Election ID, in the ID also name is Riyas.
I received policy document as G. Riyas.
STORY:
One fined morning we got a telephone call from Reliance Life Insurance that our mobile no got Rs.1 lac prize, immediately you come to Vellore and collect your prize. When we reached that place is a Hotel there they have organised the Programme. They have not given the money, but General Insurance Policy of Reliance Co., and they persuaded us to get the Reliance Life Insurance Policy. Now, we have paid Rs.30,000 as premium for 5 years. Now we want to surrender. They said that you will get a money of Rs.23,450/- only, after a time of 5 years, they utilised our hot earned money, we get a loss. They are giving me commotions, now, I like to go for PRESS & Legal. please suggest
Kumar Doab
(Expert) 30 August 2015
1. The name in proposal form can not be other than the name as in ID proof/KYC doc the copy of which shall be collected/maintained in record by Insurance Company, after verifying with original.
2. NO addition/deletion/alternation in name is permissible until or unless the proposer produces another duly approved KYC document /gazette etc.
3. The signature does not matter. So even if you sign as Z.Riyas it does not matter.
Your contention should be limited to name as in copy of ID/KYC proof and proposal form.
You were allured by a SMS and you can sue and claim for the amount of Rs1Lac, depending upon the contents of the message verbatim. Private insurance companies have been known to adopt such tactics and IRDA has maintained copies of penalties awarded by it on its website.
This is apparently clear case of mis-selling and if you have the mettle/evidence/resolve to prove then you can get your money back without interest from company initially and agitate later for compensation, and/or with interest depending upon how you handle the matter and/or thru DCDRF................
Apparently you have signed for a Single Premium ULIP and surrender shall be governed by rules applicable as on DOC (date of Commencement of the policy)................
You may pursue these rules at IRDA website.
If you are unable to handle on your own you may avail the services of an able counsel specializing in consumer cases.
Before you proceed further it shall be appropriate to show all records to an able counsel specializing in consumer cases.
The counsel that has examined each document/record/input can advise you the best.
You may proceed further only after understanding all option and merits.
