Alico

[rkjagasia]

What is the name of your state?International

I have subscribed to ALICO Variable Life Insurance Policy in UAE and have been paying regular premiums for last 15 months. After hearing of the fraud at AIG, I am worried of paying any more premiums. AIG may become another Enron!!

When I took the policy, it was based on AAA ratings which assures me the safety that my funds will be safe with them and my family interest are taken care of in case of my death. Now I am worried and want to surrender my policy.As per policy terms if I surrender before 5 years, surrender charge is 100%!!

I am loosing my money coz of misdemanours of AIG/ALICO managment, can I claim 100% my money/premium paid so far!! Please advice!!!

 

[somarco]

If your contract states the surrender charge is 100% for the first 5 years then if you cancel now you will not receive a return of premiums. If you feel you were defrauded by the individual selling the contract, that is another story.

AIG and Enron are two entirely different issues and there is nothing to support your domino theory.

 

[rkjagasia]

Well, their agent never mentioned nor does any document mentioned the issue of surrender charges.

And frankly neither did I go through the policy document on receipt.

If u mention that I cannot recover my premiums, on what grounds are Pension Funds planning to sue AIG for losses incurred by them coz of having invested in AIG shares, whose vaule has now reduced.

Ur opinion!!

 

[somarco]

Things may be different in UAE, but I suspect you were given an NAIC approved illustration that shows the surrender charges. You also should have signed one (or more) disclosure forms indicating you were aware of surrender charges. The policy you received also states the terms of an early surrender.

As for pension funds taking legal action against AIG, that is an entirely different matter. They have securities (stock) in AIG that may have been adversely affected. You do not have AIG stock, you have a variable life policy.

 

[Ahmer]

Hi rkjagasia,

My permium is also due in this week. I am doubtful whether or not to pay to ALICO,

Do you have got some updates?

thanks

Ahmer

 

[Zigner]

This thread is nearly 4 years old! Please start your own thread.

 

[Dandy Don]

File a complaint about this with your state insurance commissioner which you should be able to find their website by doing a GOOGLE search.