Policy guy fooled me

[User_9dfc5424]

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User_9dfc5424
PARTICIPANT
March 12, 2025 at 11:27 am

Hello as the title suggest, The agent fooled me into buying the policy, coming straight to the point, I want to reduce my premium amount

I have TATA AIA Sampoorna raksha supreme plan
I’m into the second year of the plan, started on Nov-23

Is there a way I can change the premium of this plan?
I contacted the customer support and they have asked me to surrender the policy, but then I will only be getting only 20-25% of the value which I have paid till now

Also can I get the whole amount Which till now I have paid as premium back after cancellation
Or I have to go through some other process

Kindly please let me recover my money back, all the help is greatly appreciated 🙏🏻

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[Luckypanda5091]

L

Luckypanda5091
PARTICIPANT
March 12, 2025 at 11:38 am

That sounds like a really frustrating situation. Since you’re already in the second year, reducing the premium might not be easy, but don’t lose hope. Instead of surrendering and losing a big chunk of your money, check if your policy allows modifications like switching to a lower premium or making it a paid-up policy. Also, if you feel you were misled, you might want to escalate the issue with TATA AIA or even report it to IRDAI. A financial advisor could also guide you on the best way to recover your money. Hope you’re able to find a good solution!

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[User_9dfc5424]

U

User_9dfc5424
OP
March 12, 2025 at 6:03 pm

As per the research It doesn’t seems like the policy allows modifications, still will get it checked by an professional
Can you name drop a professional advisor you know of any, that would be great help

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[Desishark6045]

D

Desishark6045
PARTICIPANT
March 12, 2025 at 2:01 pm

I think they are trying to get you to pay. Is this a ULIP?

Stop paying premium, your fund will get pushed to a discontinuation fund. You should get the same amount refunded after lock in period which might be 5 years or so.

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[User_9dfc5424]

U

User_9dfc5424
OP
March 12, 2025 at 6:07 pm

I was told today that mine is a Pure plan so I do not think it’s a ULIP. So I have close to no idea about what you just mentioned on discontinuation fund
Let suppose I stop paying after 5years/ lock in period, How can I get my money out? What would be the requirements and do they even give the money back ? And what happens when I stop paying premium will I be threatened to force surrender the policy ?

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[Desishark6045]

D

Desishark6045
PARTICIPANT
March 13, 2025 at 5:47 am

I suggest you talk to Tata AIG customer care, not your agent. Tell them you are financially broke and cannot pay premiums for the rest of the tenure.

Usually when you stop paying, the fund goes into a discontinuation fund and stays there without any returns for lock in period. After lock in period you can login with your details and redeem it to your bank account.

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[Desishark6045]

D

Desishark6045
PARTICIPANT
March 13, 2025 at 5:51 am

But if its a term insurance policy then doesnt matter if you stop right. Once you pay the money is already gone!?

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[User_9dfc5424]

U

User_9dfc5424
OP
March 13, 2025 at 6:26 am

The question mark at the end is confusing, are you stating that the money is gone ?

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[Desishark6045]

D

Desishark6045
PARTICIPANT
March 13, 2025 at 6:34 am

I mean isnt that how its usually is. I pay for my health insurance or car insurance, and its gone. I get cover for that year. Isnt that all that there is to such insurances.

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[User_2a886dfa]

U

User_2a886dfa
PARTICIPANT
March 12, 2025 at 5:09 pm

Tata Sampoorna Raksha Supreme is a term insurance policy. Why do you want to surrender?

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[User_9dfc5424]

U

User_9dfc5424
OP
March 12, 2025 at 6:10 pm

I actually want to change/ lower the premium amount which they are not agreeing on
And the TATA folks have told me if you are not happy with the premium you can surrender and get a new one, they introduced the surrender thing

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[User_2a886dfa]

U

User_2a886dfa
PARTICIPANT
March 12, 2025 at 6:14 pm

Any term insurance policy can be surrendered within a free lookup period of 30 days. After that, we cannot surrender the policy. If we surrender, we will loose our full premium.

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