Alpha Islami Life is Cheating Customers

Staff Correspondent: Information has been obtained that the families or nominees of 33 customers of Alpha Islami Life Insurance did not receive the full insurance amount after the customers’ deaths. The total insured amount of these customers was Tk 1 crore 49 lakh. However, the company has paid only Tk 37 lakh 42 thousand 816.

According to the contract, if a customer dies while the insurance policy is in force, the family or the designated person (nominee) is entitled to receive the insurance money. However, the concerned families claim that in the case of Alpha Islami Life, many have received less money than the stipulated amount.

Jesmin Akter of Alalpur village in Kishoreganj took a Tk 1 lakh 20 thousand insurance policy with Alpha Islami Life on 12 January 2021. She died nine months after taking the policy.

According to the family’s claim, although her husband and nominee Abdul Kader was entitled to the full insurance amount, he was paid only Tk 58 thousand.

Abdul Kader said that the company side told him that this amount was what he was entitled to under the rules. However, he later came to know that he had received less money than what was due to him.

Bibi Sakina of Jotpur village in Feni took a Tk 2 lakh 40 thousand insurance policy with Alpha Islami Life on 28 February 2022. She died 21 days after taking the policy.

The family side informed that instead of the full insurance amount, the company paid Tk 1 lakh 40 thousand.

Bibi Sakina’s nominee husband Abdullah Al Mamun said that the company cited the deduction of various types of “charges” as the reason for paying less insurance money. However, he said that no clear explanation was given regarding these charges.

He said that he had been regularly paying the instalments of multiple insurance policies in his own name and those of his family members. But he became disappointed at not receiving the expected service at the time of need.

He claimed that, apart from receiving less insurance money, he had to face various forms of harassment. For this reason, he has closed a total of 10 insurance policies belonging to himself and his family.

Another complaint of the customers is that even after paying the insurance money following death, some policies have been kept in the company’s records as “lapsed” or closed policies.

According to the general rule, when a customer dies and the amount due to the family is paid, the related insurance policy is supposed to be recorded as closed. However, questions have arisen regarding the company’s records in these cases.

According to the customers, such incidents may damage people’s trust in the insurance sector. They have demanded an investigation into the matter and the ensuring of the dues of the affected families.