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SBI Life INsurance Company

Fraud by agent and company.

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Complaint against Agent of SBI Life Insurance who cheated me. I have taken two policies of SBI Life Insurance of Rs. 30000/- yearly (14025900209 - dtd. 06.12.2010) & (14041342601- dtd. 20.07.2011). I have paid 2 premiums in one policy and one in another. But till date my 2nd policy bond paper didn’t come yet. And company totally denying for this. Suddenly a call came from SBI Life Insurance after 2 yrs for policy that we have not give any amount as per commitment by agent. (that’s why I writing to you). I took my 2nd policy within a year because agent promised me that SBI Life give you Rs. 30000/- as a bonus within a year. He didn't tell all the truth about the policy. And company totally denying for this. My Rs. 90000/- stuck in company and company totally denying that you have to read first terms and condition. Company gives you 15 days free look period. But I apologize for that but Company is totally denying. Company has mentioned the name of that agent in my 1st policy. But he left the company. Yesterday (08.10.2012) I received duplicate copy of my 2nd policy with a letter. Here also mention the name of agent and he also left the Company. Free look condition is not available due to duplicate copy, this is written in the letter. I am very poor guy and do not know about the terms and conditions. This is happened with me in first time. My question is that most of the benefits and promise in verbally and why do not tell in verbally about terms and conditions? Why not agent tells about surrender charges which deduct from premium? This is the company policy to trap client and do not verify till 2 yrs. Please give me some way for money that How to receive my money from Company without complete locking period.

fraud and cheating

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SIR/MADAM LAST YEAR IN THE MONTH OF OCTOBER I GOT THE CALL FROM AGENT POSSESSING HIMSELF MR ARAYAN MITTAL FROM SBI LIFE INSURANCE. HE EXPLAINED ONE POLICY. HE TOLD ME THAT U HAVE TO DEPOSITE 30,000/- (THIRTY THOUSAND RUPEES) FOR FIVE YEARS AND AFTER FIVE YEAR U WILL GET 2,45000/-(TWO LAKH FORTY FIVE THOUSAND RUPEES). BUT WHEN I GOT THE POLICY LETTER ALL THE TERM WAS DIFFERENT. I COMPLAINED IN SBI LIFE INSURANCE ABOUT IT. AFTER FEW DAYS I GOT THE CALL FROM UNIWEALTH INSURANCE BROKERS PVT. LTD MR MISHRA(DARIYAGANJ)HE TOLD ME THAT UR MONEY HAD GONE AND U CAN'T DO ANYTHING. I TOLD HIM THAT UR AGENT GIVEN ME FALSE INFORMATION ABOUT POLICY THEN HE REPLIED ITS OUR DUTY TO GIVE POLICY BY GIVING ANY TYPE OF FALSE INFORMATION.I HAD GIVEN HIM 30,000/-CHEQUE. MY POLICY NO IS--35012978403 PRODUCT NAME- SBI SUBH NIVESH WHOLE LIFE PLAN. NOW I DON'T WANT TO CONTINUE MY POLICY. I WANT MY MONEY BACK. SIR PLEASE DO THE NEEDFUL.

Mis Selling of Insurance Product by SBI Life Insurance Company

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Hi Policy Holder Name Sangeeta Upadhyaya Permanent Address C/o R. N Upadhyaya Behind Floor Mill Kabutroon Ka Chowk Bhajan Chowki Jodhpur-352001 Rajasthan-342001 Mo: 09611744221 Landline 0291-2437979 Policy Number 56006731110 Company Name SBI Life Insurance, Jaipur , Rajasthan Subject : Mis Selling of the product by SBI Life Insurance Company I am registering the complaint on behalf of my grandfather Shri Ram Narayan Upadhyaya (Aged 85 Year) as he is not tech savvy. In the month of December 2011, a SBI Bank representative named Ravi Sharma whose mobile number is 09636675208 gave a call to my grandfather Ram Narayan Upadhayaya on our landline number 0291-2437979. He came with the lucrative plan of offering Fixed Deposit with high return and additional free insurance up to 1 Lakh for senior citizen people. The terms and condition explained by him on telephone were as follow 1) Fixed Deposit Plan of Rs 50000 with lock in period of three years 2) Additional Insurance cover of Rs 1 lakh . 3) Guaranteed Return of 9.5% per annum. The next day Ravi Sharma sent representative on behalf of him. He told my grandfather since his age is more, the SBI Life insurance company can’t provide insurance to him, but he can take the plan for some other family member. My Grandfather decided to take that fixed deposit plan in the name of his granddaughter Sangeeta Upadhyaya. Representative did the formality by taking her sign on the form. While leaving from our home he assured that we would receive the Fixed Deposit Receipt in two weeks. In the Month of January we just received the insurance policy. We were shocked and disappointed to find that Ravi Sharma has misguided / misselled to us. Instead of providing the fixed deposit plan he has sold us just the insurance product. The terms and condition of the policy document were as follow 1) Policyholder needs to pay Rs 50000 per annum for 10 years. 2) No Guaranteed return was mentioned. On receiving the policy “Flexi Smart “we immediately reacted by writing the letter to local SBI branch. We also called Ravi Sharma. He told that there has been some mistake by the agent in the filling the form and he has entered the incorrect plan name. He would soon rectify the problem and we will get fixed deposit receipt in two weeks. He also requested us not to write any letter to local branch as it would affect his services. On the ground of humanity and trust we did not posted the letter to the local SBI branch. After waiting for two weeks we found that neither had he called us back nor we got any fixed deposit receipt. In this way we got again cheated and we realized that he just wanted that free look in period of that insurance get passed away and he can get his hefty commission. Now I can wonder how much of misselling of insurance product is happening. As per the IRDA guidelines we have already wrote the letter to SBI Life Insurance. They replied stating that we regret for the incident but since we did not replied during the free look in period they can’t help us. The free look in period was of 15 days. By the time an investor realized that he has been cheated the free look in period is over and he has bound to pay the premium for rest of his life. The most important thing is that even though Sangeeta Upadhyaya (Policy holder) is housewife they (Agents) have mentioned her annual salary of RS 2 lakh. In this way already the information in the policy is incorrect. There is again a question mark of availing the benefit out of that? Insurance company can anytime reject the claim stating that information provided by the policyholder is incorrect. I request to look seriously into this matter. We want our money back along with the interest. An serious action on company and it's insurance agent, would rebuild the investor's confidence. I hope that you would not shatter our hopes. Regards Ritesh Upadhyaya
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