Life Insurance - Correct surrender value not paid

How does Resolver work?

Free forever

Resolver is free. No adverts, no hidden costs. Just raise a case and leave feedback after. Simple! We’ve helped millions of people find a resolution. Get started now and let’s get this sorted.

Know your rights

There’s no jargon in our rights guides. Instead, they’re full of the info you need to get things sorted. We’ll always be on hand with guidance and support to help you get the results you’re looking for.

Get your voice heard

You can be certain that you’re talking to the right person at the right time. We automatically connect you to contacts at thousands of household names, ombudsmen and regulators to find a resolution.

You should know

Life insurance is the most commonly adopted insurance policy in India, owing to its attractive posthumous payouts and tax-saving benefits. Life insurance companies provide umbrella coverage in an event of a policyholder's death or critical illness. The policyholder pays a certain amount of money as 'premium' to the insurer and is promised a return upon the occurrence of the stipulated event. It is essentially a contract between the insurer and the insured.

The Insurance Development Regulatory Authority of India (IRDAI) is the regulator of insurance policies in India. The IRDA primarily protects the rights of policyholders against exploitation at the hands of the insurer. In case you have a complaint against your life insurance provider, you need to follow the stated steps-

  1. Approach the designated Grievance Redressal Officer/ Cell of your Insurance Company. Lodge your complaint in writing with supporting documents. Make sure you take a written acknowledgment of your complaint. The insurance company is expected to resolve your complaint within 15 days.
  2. If you are not able to approach the insurance company directly for any reason, you can file the complaint through Integrated Grievance Management System (IGMS), which provides a gateway to register complaints with insurance companies established under the Insurance Regulatory & Development Authority of India (IRDAI).
  3. In case if it is not resolved within 15 days or if you are unsatisfied with the outcome, then you can approach the Grievance Redressal Cell of the Consumer Affairs Department of IRDAI. IRDAI will contact the insurance company to re-examine your complaint.
  4. Next, you may approach the Insurance Ombudsman if the complaint has been rejected by the insurance company, or the outcome is unsatisfactory, or the insurance company has not responded within 30 days. Insurance Ombudsman can also be approached if the value of the claim including expenses claimed is not above Rs 30 lakhs.

If you are still not satisfied by the decision of the Insurance Ombudsman, you can move the appropriate civil court or high court within 3 years of occurence of the grievance.

We have 1,315 pages of rights advice for you covering 1,922 companies and organisations across 4 public & private sectors. Feel free to browse companies for this specific issue - they're all listed below - but the quickest way to find the best rights for you is by using our unique Rights Finder to access our extensive database of advice.

Start by telling us the name of the company or organisation you have an issue with.

Who do you have an issue with?

Raise it for free via Resolver

Helping you with Correct surrender value not paid

Resolver covers the issue Correct Surrender Value Not Paid for 54 companies and organisations:

a  b  c  d  e  f  g   h  i  j   k  l  m  n   o  p  q   r  s  t   u  v   w  x   y  z