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Oh, yeah, MetLife will ROB you!!

“Thank you for buying your Life Insurance policy with one of the most innovative companies in the industry.  There is a feeling of security that comes from knowing that the company you trust is looking after the financial well being of you and your family.  That’s what MetLife is all about.”

This is the welcome note in the policy document I received from MetLife. However, I’ve a totally contradicting experience with MetLife.

I’ve invested Rs.5,00,00/- (Fifty thousand only) in MetLife policy (Met Smart Premier – Plan) in the year 2007, which was recommenced by one of my close family friend. Last day I got a letter form MetLife along with a bank cheque for Rs.1,57,33/-  (Fifteen thousand seven hundred and thirty three only). I am really frustrated and disappointed to see the letter, particularly the ‘Surrender Charges’.

Please read below the letter received from MetLife for your reference:

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Sub: Automatic Termination of your policy number xxxxxxx

Dear Mr. Manmohan (Name changed to protect privacy)

We would like to inform you that your policy number xxxxxxx was lapsed effective 30/06/08 and reinstatement period as per terms and conditions of your policy had expired.

Hence your policy has been terminated. Please note that there would be no further benefits available under the policy.  The details of the termination as on 29/11/2011 are appended below with calculations as per policy terms:

Particulars	Amount in INR
Fund Value in your policy	48823.49
Less Applicable Charges
Surrender Charges	33090
Outstanding Policy Loan if any	NA
Interest on Policy Loan if any	NA
Net Termination Amount	15733.49

Please find enclosed the cheque for an amount Rs.15733.49 drawn on payment account-Axis Bank; Cheque number 936449, dated 16/12/2011 towards the full and final settlement of your above policy.

You can reach our customer service help line number 1-800-425-6969 of email us at indiaservice@metlife.co.in for any queries.

If you wish to get insurance cover, you can also dial 8 on main menu to reach our dedicated help line number.  Our customer service executives would be happy to help and assist you.

Yours sincerely,

MetLife India Insurance Co. Ltd
This is a computer generated letter/statement and does not require a signature.

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“MetLife – Peace of mind, Guaranteed”…  not sure whose mind!!!

If you need any further information on this policy, drop an email to:  metlife.will.rob.you@gmail.com or put your comments in the comment section.