refund of money

Hello Sir,

I have been cheated by the financier by attaching a mandatory insurance policy (HDFC) and later they surrendering it without my consent. Now , when I have been raising a concrn to address it , the insurance company has thrown the baton onto the financier company that they reaised a request to surrender. Here I will want to know if I am eligible to raise a request with the Insurance Ombudsman , as the policy surrender request was not raised by me, but the Financier (Bajaj Finserv) . Kindy help me get a refund of the remaining amount, as they surrendered 40% of the first year surrender amount and I lost 60 % of the premium plus the coverage rendered to me for 156 months.

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In order to surrender a policy, the policy holder’s signature is mandatory. Thus, if your policy has been surrendered without your knowledge, such a surrender cannot be accepted as valid by the policy providers. The policy may have been surrendered through any fraudulent means, in which cause there are various legal remedies available at your disposal. Hence, the first target must be to identify how the policy was surrendered without your consent. Further you may approach the policy providers and inform them about such surrender against your wishes, and then proceed ahead based on the advice rendered to you.

Answered on October 8, 2016.
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