• IDBI Federal Lifesurance Whole Life Savings Insurance Plan

The policy is IDBI Federal Lifesurance Whole Life Savings Insurance Plan. It is currently in paid up status. I have not withdrawn any money. I have paid the premiums for the first 3 consecutive years, 2015, 2016 & 2017 each about Rs. 50,000.00. So, in total, I have paid 1 Lakh 50 Thousand. Currently the surrender value is showing as Rs. 83,156.34!!! The premium payment term is 12 years.
The policy was injected, luring me to get a bank locker in a IDBI bank branch in Kolkata. It was told that the policy is a security deposit against the locker, saying it will only be a fixed deposit.
But even when I stopped paying the premiums, there was no effect on the locker, which I operated until 2021. Initially it was told that I have to do only a fixed deposit which ended me with this policy. The page in the policy document bearing the benefit was very unclear and Annexure 1 which is referred to in the policy benefit portion is never received. I had no interest in this kind of policy. When I chased them to cancel the policy, they told me left right, and requested to continue 3 years then discontinue.
The erstwhile IDBI Federal customer care repeatedly confirmed to me via email and the policy document also says that, if I continue for 3 years then there will be no penalty. Only the 'benefits' would be reduced. So I understand benefit as the amount beyond my investment!. But in reality, when I am going to withdraw, even after almost seven years of inception, the surrender value is showing about half the money that I invested 7 years ago! The surrender value quotation was only available after 6 years of policy inception.
Before discontinuing the payment, I repeatedly asked the customer care to let me know what is going to be approximate return if I discontinue the premium after 3 years, to which every time their response was vague and confusing. For example on an email sent on 6th February, 2016 I asked for the same, to which there response was not clear, full of confusion. They said about, 'The Guaranteed Surrender Value' and 'Special Surrender Value', described in the policy document but it was also not clear there. The Annexure 1 is never received, to which the formula referred to.
In an email dated 31st July, 2021 it was mentioned by Ageas Federal customer care that, Vested Guaranteed additions - Rs. 48,126 shall be payable as part of "a lump sum amount on survival of the insured person until the end of premium payment term". But the amount never appeared in the surrender quotation. Also the amount of vested reversionary bonuses declared from 6th year onwards has no mention in the surrender quotation.
I went to the ombudsman but the resolution didn't clarify my queries to the point. It just said as per policy document(without any reference) the IDBI's claim is correct. Is it worth to move to consumer court with an advocate? An advocate is asking for 30k fees in total. How much should be the fees? My expectation is 1.5 Lacs + a certain interest.