I had a PNB MetLife ULIP Met Growth policy since 2008 which matured on 15 Dec 23. I paid premium for first three years. Now, to get the money and know my actual return, I visited company office. It was told to me that I am eligible for only value which is total of units * NAV. However, got advice that I am also suppose to get 115% return (saving bank account interest) on 1st year premium in addition to units * NAV which company is not agreeing. Sir, please advise.
Ans: You should receive the value of your units multiplied by the NAV at maturity, or the guaranteed minimum return of 115% of your first-year premium. If PNB MetLife is not honoring this, refer to the policy terms and ULIP guidelines. If they still deny your entitlement, consider filing a formal complaint with IRDAI for resolution. It's essential to assert your rights as a policyholder to ensure you receive the correct returns on your investment.