Policy amount not paid

Our company has a car policy for which we are eligible after 5 years of service. Two years back pur company got acquired by an MNC. The policy was retained. Last year some pf us became eligible for this car policy (policy amount 4L). Last year while giving increment, we were told that we would get less increment since we are getting car policy. We did raise our concern but then we were told that including car policy in this increment, it amounts to the raise promised. Now we got car policy. There were 2 options, either buy a car and get the total amout once (minus 1/3 tax) and sign 5 years bond. Or get the policy amount in 5 years (80k per year). Most of us chose later. Company paid 80 K last year however is denying to pay any further. The document we received last year does not say that the balance is 3.2 L, it just says 80 k of car policy has been added and “___” is the revised CTC. However when this company was aquited we received a document that categorization of our salary and shows car policy of 4L. Based on this can we take any action since its a great loss for all of us and company is saying we never gave any documents stating we would give 3.2 L.