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fraud policy -Padma | Insurance | 1 Reply


This is Padma. 3 years before ,an employee of SBI bank explained about the SBI LIFE INSURANCE-SMART ULIP Policy Scheme. He explained me the plan as: You have to deposit 3 installment of Rs.50,000 for 3 years and after 5 years of time period you will get the money back the amount would be nearly Rs.300000. Then he told me that once you put the policy then only we ll get the policy book,we just trust him so we joined 2 policy. Now the policy in written which I get is something different which I was told in this the maturity period is 9 years. Now our 3 premiums were completed...on Dec 2012 , 3 years will be completed. Now I asked the procedure for getting money back..2% will be surrender charges and also we wont get the entire amount that we paid. We lost our money nearly Rs.50000 .. They said after 9 years only according to highest NAV 19.23 the amount will be return. Now they just assumed our total amount that we paid is 3 lakhs for 2 policies now the return money will be Rs.250000 approximately. We are Pensioner , even that bank employee knows that ,they pushed into this such a big problem. This is totally fraud.. I hope you will take the proper action... It ll good at least we ll get our money back (RS .300000) Please help us

By IndianMoney Experts - 2013-Jun-03
Dear Padma, Kindly contact customer care of SBI Life Insurance company at 800 22 9090 / 1800 222 123 to register your complaint.Read all the information properly before buying a policy ..Don\'t look for twin benefits in one option.Be aware of all terms and conditions in your policy.Don\'t treat insurance as an investment but as a protection for your family.For any help Please visit as it is India\\\'s only free on call money adviser.
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