adityasameer
New member
- Policy Name
- Sum Assured Income Plus
- Company Name
- Shriram Life Insurance
- Customer Care Number
- 1800-103-616
- Loss Amount
- 131254
- Ratings
I am Aditya Sameer.
This is regarding one of my policies. The policy name is Sum Assured Income plus which was taken 10 years ago.
This policy with the policy number NN031500240629 matured on September 4th, 2025.
But there has been a discrepancy in the final maturity amount right from the beginning.
One month before the maturity date we received an SMS saying that the policy was going to mature and if we want to change the payout method. When we took the policy, my parents opted for yearly payout but if Shriram Life Insurance was giving us opportunity to change the payout method 15 days before the maturity date then we chose the lumpsum amount payout method. So, we went and gave all the photocopies of our policy documents at the local office in our city.
Little did we know that Shriram Life Insurance has devious plans to cheat us with a huge amount.
Initially, the sum assured was 2,50,000/- or 25,000 per year but it was revised on the day we took the policy and we paid 27,600/-
This 27,600/- is mentioned in all of the documents.
As per the plan, we paid 27,600/- every year and removing tax it will come to 26,513/- every year for 10 years.
So, we paid a total of 2,76,000/- over a period of 10 years.
One week before the maturity date of September 4th, we received a call from someone at Shriram Life Insurance and when we spoke to her over the phone, we asked her what the final maturity amount would be. She said 2,85,000/- upon hearing that we were totally in shock. It didn't sound right because it wasn't right at all.
After paying 2,76,000/- over a period of 10 years, they are going to add just 9000/- to the final amount they are going to pay me 2,85,000/- ?? so my suspicion led to checking the policy document once again and then I calculated the final maturity amount based on the payout on maturity/death tables and the amount we paid. It came to 4,16,254/-
There is a table in the policy document that explicity says " Payouts on maturity/death table"
So, my AP or annualized premium without tax comes to 26,513/-
A.P = 26,513/-
policy term = 10 years
26,513 < 40,000
Age at which policy was taken - 33yrs
So, if you check from the payout table in the policy document it comes to 157%
Lumpsum = 26,513*(157/100) *10 yr = 4,16,254/-
This amount 4,16,254/- was mentioned in the policy documents
If it is yearly payout then the calculation is once again simple.
Yearly payout =
26,513*(157/100) = 41,625/-
And if it is monthly payout option then we need to multiply another factor and for that factor they have given a separate table and the factor came out to be 0.09
26,513*(157/100)*0.09 = 3746.28 per month for the next 120 months or 10 years.
To summarize,
We have calculated based on the amount we paid and the payout on maturity tables provided in the policy documents and these are the correct numbers for different payout option.
We sent many emails to customer care, grievance addressal but we didn't receive any response for a whole month from anyone in Shriram life insurance. So we contacted IRDAI to help us.
After waiting two weeks we finally received a letter from Shriram Life Insurance that 39,250/- will be paid yearly but once again they mentioned a WRONG final maturity amount in the yearly option. In the document that we possess it is clearly mentioned that we should be paid 41,625/- every year for 10 years and yet customer care and everyone else keep cribbing about 39,250/- and they are intentionally trying to avoid or pretend like the document we posses and hold that says 41,625/- every year for 10 years does not exist. There is a huge difference in what they are offering and what we are supposed to get according to our policy document. In the yearly option what they are offering is more than 2000/- less than what our document states. 41,625/- is what we are supposed to get. It is clearly mentioned explicitly in the document but everyone in shriram life insurance is acting like uneducated fools intentionally not acknowledging the document we have. It is a valid document that was given to us at the time of taking this policy 10 years ago. We have sent them this document many times but they are refusing to acknowledge this document or the final maturity amount in the yearly payout option. And if it is lumpsum they are only offering 2,85,000/- which is 1,31,254/- less than what we are supposed to get.
Both of my parents are senior citizens, and this is just one of the 6 policies that we have with Shriram Life Insurance.
We never thought we would have go through such harrowing experience with Shriram Life Insurance but here we are fighting every day to get the right amount we are supposed to get according to the policy document we hold.
Shriram Life Insurance is intentionally trying to pay us less amount. They have all the documents, and the document clearly states 41,625/- needs to be paid to us every year for 10 years.
That is why I am approaching you guys for help. Shriram Life Insurance is one fraudulent company that everyone needs to steer clear of. Whether it is their customer care or anyone else, they are all intentionally trying to cheat us with a huge amount. Intially, we opted for lumpsum payout but that was before we understood that they are trying to cheat us and then we told them that we are ok with yearly payout but again they are trying to cheat us 2000/- and that will add up to 20,000/- loss in yearly option. They just refuse to pay the right amount that is mentioned in the policy document and that is
41,625/- needs to be paid to us every year for 10 years.
Please help us.
This is regarding one of my policies. The policy name is Sum Assured Income plus which was taken 10 years ago.
This policy with the policy number NN031500240629 matured on September 4th, 2025.
But there has been a discrepancy in the final maturity amount right from the beginning.
One month before the maturity date we received an SMS saying that the policy was going to mature and if we want to change the payout method. When we took the policy, my parents opted for yearly payout but if Shriram Life Insurance was giving us opportunity to change the payout method 15 days before the maturity date then we chose the lumpsum amount payout method. So, we went and gave all the photocopies of our policy documents at the local office in our city.
Little did we know that Shriram Life Insurance has devious plans to cheat us with a huge amount.
Initially, the sum assured was 2,50,000/- or 25,000 per year but it was revised on the day we took the policy and we paid 27,600/-
This 27,600/- is mentioned in all of the documents.
As per the plan, we paid 27,600/- every year and removing tax it will come to 26,513/- every year for 10 years.
So, we paid a total of 2,76,000/- over a period of 10 years.
One week before the maturity date of September 4th, we received a call from someone at Shriram Life Insurance and when we spoke to her over the phone, we asked her what the final maturity amount would be. She said 2,85,000/- upon hearing that we were totally in shock. It didn't sound right because it wasn't right at all.
After paying 2,76,000/- over a period of 10 years, they are going to add just 9000/- to the final amount they are going to pay me 2,85,000/- ?? so my suspicion led to checking the policy document once again and then I calculated the final maturity amount based on the payout on maturity/death tables and the amount we paid. It came to 4,16,254/-
There is a table in the policy document that explicity says " Payouts on maturity/death table"
So, my AP or annualized premium without tax comes to 26,513/-
A.P = 26,513/-
policy term = 10 years
26,513 < 40,000
Age at which policy was taken - 33yrs
So, if you check from the payout table in the policy document it comes to 157%
Lumpsum = 26,513*(157/100) *10 yr = 4,16,254/-
This amount 4,16,254/- was mentioned in the policy documents
If it is yearly payout then the calculation is once again simple.
Yearly payout =
26,513*(157/100) = 41,625/-
And if it is monthly payout option then we need to multiply another factor and for that factor they have given a separate table and the factor came out to be 0.09
26,513*(157/100)*0.09 = 3746.28 per month for the next 120 months or 10 years.
To summarize,
We have calculated based on the amount we paid and the payout on maturity tables provided in the policy documents and these are the correct numbers for different payout option.
- Final Maturity amount - Lumpsum - 4,16,254/-
- Final Maturity amount - monthly payout - 3746/- per month for the next 120 months or 10 years.
- Final Maturity amount - Yearly payout - 41,625/- every year for 10 years
We sent many emails to customer care, grievance addressal but we didn't receive any response for a whole month from anyone in Shriram life insurance. So we contacted IRDAI to help us.
After waiting two weeks we finally received a letter from Shriram Life Insurance that 39,250/- will be paid yearly but once again they mentioned a WRONG final maturity amount in the yearly option. In the document that we possess it is clearly mentioned that we should be paid 41,625/- every year for 10 years and yet customer care and everyone else keep cribbing about 39,250/- and they are intentionally trying to avoid or pretend like the document we posses and hold that says 41,625/- every year for 10 years does not exist. There is a huge difference in what they are offering and what we are supposed to get according to our policy document. In the yearly option what they are offering is more than 2000/- less than what our document states. 41,625/- is what we are supposed to get. It is clearly mentioned explicitly in the document but everyone in shriram life insurance is acting like uneducated fools intentionally not acknowledging the document we have. It is a valid document that was given to us at the time of taking this policy 10 years ago. We have sent them this document many times but they are refusing to acknowledge this document or the final maturity amount in the yearly payout option. And if it is lumpsum they are only offering 2,85,000/- which is 1,31,254/- less than what we are supposed to get.
Both of my parents are senior citizens, and this is just one of the 6 policies that we have with Shriram Life Insurance.
We never thought we would have go through such harrowing experience with Shriram Life Insurance but here we are fighting every day to get the right amount we are supposed to get according to the policy document we hold.
Shriram Life Insurance is intentionally trying to pay us less amount. They have all the documents, and the document clearly states 41,625/- needs to be paid to us every year for 10 years.
That is why I am approaching you guys for help. Shriram Life Insurance is one fraudulent company that everyone needs to steer clear of. Whether it is their customer care or anyone else, they are all intentionally trying to cheat us with a huge amount. Intially, we opted for lumpsum payout but that was before we understood that they are trying to cheat us and then we told them that we are ok with yearly payout but again they are trying to cheat us 2000/- and that will add up to 20,000/- loss in yearly option. They just refuse to pay the right amount that is mentioned in the policy document and that is
41,625/- needs to be paid to us every year for 10 years.
Please help us.