I had an experience, feel worth sharing, recently. Have placed a request for partial withdrawal. Request was accepted and I was told that it would take 7 working days for transfer of the requested amount to my account (NEFT transfer). And same day the said amount is debited from my policy fund.
I called the customer care, after two days and had long discussion with the CC executive. She could not give satisfactory answer for the long time needed for crediting the debited amount, as the policy holder's money (debited amount) is neither in the policy fund nor it is transferred to the beneficiary.
I have raised a complaint to the IRDA also, and am yet to receive a reply.
Kameswara Rao Yendamuri