For my SBI Life Policy premium payment of Rs. 4211/- was due in Sep 2019 which got delayed by one month.
When I approached SBILife Branch office at Saleemnagar, Malakpet, Hyderabad, one of the office executives informed me that I have to pay interest & penal charges of Rs. 9000/- (Rs. Nine thousand) for one month delay.
Ideally Interest rate applicable for delay payment is 12% per annum and late payment charges are around Rs.500 per month. So it should be around Rs.900 approx, but cannot be as huge as Rs.9000/-
After going through the computer system several times, the executive confirmed that the late payment charges are not correct and this needs correction at SBIlife website server level for which he said he would be raising a incident ticket with their IT department.
Since that day I have been doing several followup to make corrections to get the correct premium payable amount, but there is not response for the last 8 months.
I have approached SBILife Asst Vice-President over phone 040- 23421363 but there is no corrective action taken till date. The AVP has been giving several commitments but not action taken.
While SBILife team agrees that this amount is not correct and it is very huge, not acceptable. They are not reversing the incorrect amount or making any correction in their website so that I can make the payment and clear the premium dues.
I even tried to make the payment over the counter in SBI Life office but they are asking me to payment the total amount including incorrect interest and penal charges which is not acceptable.
It is very clear that there is huge deficiency of service and lack of proper control on systems in SBI Life.
I request you to please investigate what the real issue and direct SBI Life to make the required correction to the premium dues amount for my policy in their website so that I secure my life for my child’s education. I have run from pillar to post to make SBI life realized its mistake and make the corrections. I have spent lot of time and energy for this exercise, and lot of mental stress and agony due to the ignorance from SBI Life and later correction of the technical error only after I have highlighted the error. I request you sir to give me sufficient amount of compensation for hardship I have taken.
Thanks and Regards
Hyderabad, Telangana 500006