Abusive clause in insurance
I had subscribe an insurance plan, that I surrender due to monetary needs, when I was going to quit it I asked a consultant of the bank if they will charge me, and he said 1% only, I have an email where I tell him that he told was only 1 %, but the issue is that when the bank deposit the return amount was almost nothing, and when I asked why they told that the plan has a clause for these cases where it says : b) If the term of the Poli cy is 6 years and above :
The Policy will acquire Guaranteed Surrender Value on completion of the third Policy anniversary Date , provided all premium dues during the first 36 months are paid and the Policy is in force for Basic Sum Assured The Guaranteed Surrender Value wil be equal to 65% of the premium paid for the Basic Sum Assured less the first year premium Paid.
Cash Value of any existing vested bonuses will be Paid along with the Surrender Value
I was not aware of this, none told me neither the consultant I had request a copy of the documents I signed but they had not send them to me yet they only said the policy with this clause that I never saw. I had told that their consultant then misguide me as he never told even he confirm that was only 1 % but they keep saying no. My question is what should I do in this case, can this clause be consider abusive? Please advice. Thanks so much in advance
Asked 11 years ago in Civil Law