I have paid nine instalments of UTI’s ULIP scheme. However, the UTI Calcutta office is allotting units and bonus units on only four instalments, saying that it has not received my fifth instalment, which was due in January 1999, from the Patna office. The fifth instalment, paid through D.B. no. 866939, dated January 8, 1999, was wrongly forwarded by the Patna office to the Mumbai branch instead of the Calcutta one as confirmed through their letter no. UT(PAT)/ULIP/OBJ/E6349/99-00 (dated November 12, 1999). My numerous letters to both the Calcutta and Patna offices have yielded no results over the last four years. Please tell me what I should do now.

S.K. Sarkar,
Fatehpur, Jharkhand

 

Company response

On scrutiny, it emerged that we have not received the payment made by demand draft no. 866939 (dated January 8, 1999) for Rs 4,000 towards A-5 instalment. Therefore, we presume that the discrepancies started from instalment no. A-5 as no payment appears to have been received towards that and the subsequent payments could not be accounted for. To be more specific, instalments no. 6, 7, and 8 were lying under error and have been refunded. Instalments A-5 and A-9 have not been received and to regularise the details of payments made, we would request you to furnish copies of acknowledgement receipts.

S. Mukherjee,
Asst manager, UTI Asset Management Company Pvt. Ltd, Calcutta 700001

 

Roundup

Prabir Basu of Consumers Unity and Guidance Forum advises:

There seems to have been some mistake in recording the payment of instalments. To sort out this problem amicably, I would advise the complainant to contact the UTI Asset Management Company Pvt. Ltd, UTI Financial Centre, 4, Fairlie Place, Calcutta 700001, and have a dialogue with the assistant manager (legal) in this regard.