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Fraud and misselling insurance policy Kamal-Sharma | Insurance | 1 Reply


I got call from Reliance Delhi office on 28-Aug-2008. There were around 5-6 calls (from a lady and a gentlemen). They were in hurry to get me insured. These benefits were told by the callers:Policy cover for 15 years.Premium of 30,000/- for first 3 years after that no premium to be paid.After 3 years, I will have option to take out 1,39,000/- and If I leave 15,000/- in my account, my insurance policy will be valid for all my cover period.If I take policy before 30-Sept-2010 (that actually I took on the same day of 28-Aug-2010), a sum of 18,000/- will be deposited in my account as a promotional reward.This policy is given by Delhi office and there is not agent involved. So agent\'s commission of Rs 6,000/- will also be paid to me. I will receive a cheque of Rs 6,000/- along with policy documents in the first week of December 2010. The same commission of each year will be paid through cheque every year to me.To collect the documents like my address proof, id proof etc, an local agent visited my house on the same day from reliance Hyderabad. He showed me his ID too. The guy from Delhi himself instructed the local agent, as to what details he has to fill. As per instruction from Delhi office, I handover a cheque of 30,000/- to this local agent towards me premium payment.I got policy document (in hard copy) on 3-Sept-2010. The condition of policy document was not good. This document along with the cover was torn at the top left corner. This document stated that I have to pay an annual premium of 30,000/- for 15 years, whereas my sum assured is only 7.5 times of one annual premium, i.e. 2,25,000/-. Rest of the amount goes to a complicated \"Accumulation Amount\". When I got another call from Reliance office by the same lady, to check if I have got document or not, I asked her again about the benefits that she told me but were not written in the policy document. She said that I will get another package along with the cheque of 6000/- in which all these benefits will be clearly stated. Till now I have not got any of such document or a cheque. Since i was not suspicious till December 2010, i came to know about this fraud done to me recently when i found many such complaints about the same issue on internet. Incidentally in all the cases advisor is same. When I call to helpline no 1800-300-08181, my policy number is called incorrect. However I can see my policy details on reliance insurance website.Now the whole scenario is a case of clear cheating and fraud by Reliance Insurance of the customers, luring them to take insurance policy by first promising them attractive benefits and then once policy is taken, show them some other benefits. I feel extremely disappointed and cheated by Reliance Life Insurance. Since any relationship cannot be build on cheat and fraud, I am not interested to continue me relation with Reliance any more. I want my premium money of 30,000/- paid back to me. Incidentally the Adviser’s Name is Vighnaharta Direct Insurance Broking Pvt. Ltd.,

By IndianMoney Experts - 2013-Jun-20
Dear Mr Kamal, Please contact Reliance Life Insurance customer care center at 1800 300 08181 in order to resolve your complaint . Misselling is a common occurrence in the insurance industry.Agents have targets and would resort to any method to achieve them.We need to be on our guard to prevent misselling.It is pointless crying over spilt milk.Always understand your insurance needs.Never treat insurance as an investment.Read the fine print carefully during the 15 day grace look in period. You can cancel the policy if not satisfied.Look before you leap.In order to read about misselling and insurance please look up the website is India\\\'s only free on call money adviser.
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