Here is a First Premium Receipt, Foreclosure Letter and relevant cheque of a SBI Life Policyholder. According to him, he paid a single premium of Rs.1 Lakh and the SBI Life Agent remitted it as yearly premium, without his consent. Whatever it may be, he paid Rs.1,00,000.00 on 8.3.2006 and SBI Life foreclosed the policy and refunded him Rs.10,865.80 on 7.9.2009.
Courtesy: x+ Rtn.V. Meenakshi Sundaram,
Life Insurance Corporation of India &
The Oriental Insurance Co Ltd,