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Please Help,

(79692)
   Saleem - Kuwait
Saturday, September 7, 2013 12:08 PM 
Reply: >
One of my friend has done life insurance of 20 lacs with state life for 20 years. He has to pay one lac yearly and has already paid four instalments so far. Now he wants to withdraw from this insurance and wants his money back. Which is the way he can terminate his insurance policy with state life and get his paid money back. Please suggest

Admin. Pls let it stay for a while. Thanks
State Life Dubai replied on Sunday, September 8, 2013 03:15 AM 

If he got the insurance in US$ he can contact statelife dubai office or his agent who can help. if he purchased from Pakistan then any area office can help. he may get almost same amount that he paid in 4 years or a little less as cost of coverage is deducted.
Baba g replied on Sunday, September 8, 2013 05:26 AM 

It depends, most probably at 4 yearns of payments their would not be any surrender value, until 10 years of the payments you will get your payments and bonus back
Adnan replied on Sunday, September 8, 2013 05:27 AM 

Dear Saleem, he has to fill in a cancelation form, the policy will be cancelled, it will take a few weeks but he will get his money back. However, the way insurance works is that if he withdraws before 7 years, he will lose a chunk of his money. I am not sure what IRR statelife uses, but he may get half of his money back. It is a rather simple procedure and he has to contact the company.
azhar replied on Sunday, September 8, 2013 06:44 PM 

it depends on his plan and surrender value !
uae replied on Tuesday, September 10, 2013 06:07 AM 

if he get something back from state life he should be thankful to them for the rest of his life.

These people are there to defraud people of their money. A guy from state life (Riffat) in abu dhabi, told me that i will be getting my installment and profit whenever i surrender after first year. I asked him repeatedly about it and he repeatedly lied to me.

When after two years i tried to get my money back and profit, i got only 30% of my money back. this is what state life does to pakistanis.

BTW that guy is not promoted in state life due to his dishonesty to clients.
salim replied on Tuesday, September 10, 2013 10:36 AM 

@ UAE haha promotion!! he should have been fired. they work for hafty commissions not promotions. One guy also looted me the same way he dposited my installments chq to some other client. After some people came to know including me he ran away from the country. State life said bring the evidence if you have. Lol. cheeters. But to be honest for the above issue i am sure penelty issue is mentioned in the policy.
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