PLI office Shahibaug Ahmedabad. - I am not satisfied with the interpretation of the rules/int calculation

Dear Sir,

I have taken PLI policy no GJ 7B way back on 05.12.84. I have been paying premium regualrly on this policy.

Subsequently I had availed loan of Rs 26400/- against my PLI policy . The rate of interest is 10% p.a simple and compounding half yearly. As per the loan pass book issued to me (Ln a/c no GU 79593) I am required to pay first half yearly interest Rs 1320/- before 21.10.04 and IInd half yly interest Rs 1320/- before 21.04.2005. I have paid amout towards interest repayment till date as under on this loan account.

Date Rs (Amt)


07.02.2005 1320.00
06.07.2005 1320.00
15.10.2005 1320.00
30.06.2006 1320.00
08.06.2007 2640.00
30.06.2008 1320.00
25.03.2009 2640.00
17.06.2010 2640.00
04.07.2011 2640.00


Now as I intend to pay off the loan I enquire about the payment to be made. I am told to pay Rs 31172 (including unpaid interest of Rs 4772/-) . On inquiry I found that interest calculation is wrong. Since left with no choice I frequently emailed to the deptt for wrong calculation of interest but they show regidity citing lines of rule which they interpret in isolation which if read with other lines the interpretation derived is different. However they are adamant and not heeding to my requests/pleas and insist me to pay the amount before end of this month.
I also tried to convince them that for one default I should not be punished on two counts. i.e calculating interest on interest , (compounding of interest) on one hand and also not factoring the interest repayment made by me while calculating the interest.

I request you to take up my matter appropriately so as to give me justice.


Harish Banker
(9601076663)