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Misguided To sell their policies Suresh-MS | Insurance

07
Jun
2013

I am Suresh MS, holding a Kotak Mahindra super advantage plan (Policy No. 01865295), every year I am paying an amount of INR 36,000/- as policy premium amount since last 3 years. When I took this policy, the sales executive & corresponding sales manager shared the information that just pay for 3 years. Later I can close the policy. And even they have mentioned that this policy does not have charges like allocation, withdrawal except the mortality which is very nominal. But when I called up the customer care to close this policy as I have completed 32 years now got a shocked response that I will not get 1st year premium amount. It means I will not get 36,000/- rupees. It\'s nothing but pure cheating. Even I asked some more information like can I stop paying after 3 years, then the customer care executive is telling that you can stop after 3 years. but they will deduct some charges from my existing fund value. It means i will get my money only if i pay up to 20 years. This is ridiculous. The customer care executive is telling that it\'s indirectly mentioned in the agreement. How a normal guy could knows all these things before??? Now i just need my money back... And today I have received a message saying If I am not making a premium payment by 28th of this month my policy will lapse!!! I need justice, Please return my hard earned money back. Expecting a good response at the earliest..
By IndianMoney Experts - 2013-Jun-07
Dear Suresh, Kindly contact Kotak Mahindra Life Insurance Customer care on toll free number at 1800 209 88 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products.Do not let it happen to you. Always understand your insurance needs.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. Don\'t buy that policy in a hurry.For any queries visit IndianMoney.com as it is India\'s only free on call money adviser.
View Details | 1 Reply

Floating Interest Rate Charge @ 16.25% Ravindra-Bahadur-C--Singh | Loans and Credit Cards

06
Jun
2013

I have taken a Home loan from ICICI BANK Floating Base they hiked the interest rate day by day they have charged the Interest up to 16.5% P.A. currently they are charging 16.25% while they are giving the loan to new customers @10.25% to 10.50%. on what basis they charging such a higher rate from me (existing customer). I want my All money Back with interest, which they have charged extra from me during my tenure of loan. I will furnish the loan statement when you required in further communication.

By IndianMoney Experts - 2013-Jun-06
Dear Ravindra, Kindly contact the ICICI Bank Customer Care on Toll free number 1800-22-4848 in order to resolve your complaint..Floating Rate of interest means an interest rate that is allowed to move up and down with the rest of the market or along with an index. Floating rates have a certain base rate called index and a floating element called spread. In simple words you may say that base rate is the minimum rate, below which Banks cannot give you loans and spread is your final rate of interest after adding some % to Base Rate. Base rate may be fixed for all customers. But remember that you may end up either paying high interest rate or low interest rate based on the spread the bank charges to each individual. There is no cap on how much the spread should be on and above Base Rate. But charged spread rate need to be justifiable. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. This logic seems totally flawed. Unfortunately we do not have any other option but to pay the interest rate charged by them or a better option would be to take up the fixed interest rate.You can also refinance your loan from other bank where the interest rates are lesser . If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
View Details | 1 Reply

Cheating and Fraud Ramesh Bs | Insurance

05
Jun
2013

Hi My policy number: 01744109 3 years back a agent from Kotak approached my father and asked us to invest 1 lakh Rs, he said locking period is 3 years only, my father invested his lifetime earnings of 1 lakh on the insurance scheme given by kotak, later with bond my father approached him, there he told my father that this policy is for 20 years but locking period is 3 years, you can take back money anytime after 3 years. We are middle class people, agent has misguided and made 20 years policy and made us to pay 1 lakh per year, how can we get that much money. We are staying in rented house, So many other commitments are there. In this how to arrange 1 lack per year to pay the policy. Somehow first year my dad had his retirement earnings and invested thinking its just 3 years policy. But now its turning so bad that, we need to pay 1 lack for 20 years My father age is 60, i have a sister also we need money for her marriage. In this time from where we need to arrange money. our condition is very critical. I kindly request you to please refund our money.

By IndianMoney Experts - 2013-Jun-05
Dear Ramesh, Kindly contact Kotak Life Insurance Customer care on toll free number 1800 209 8800 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products. Always understand your insurance needs before purchasing a policy.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. If you feel you are cheated you can lodge a complaint with the District Consumer Forum.For any queries please visit IndianMoney.com as it is India\'s only free on call money adviser.
View Details | 1 Reply

INTEREST RATE CHARGED EXTRA Anand | Loans and Credit Cards

04
Jun
2013

I have availed HDFC Home loan in the year 2008 , i was charged 8.25% . that was fixed for 2 years , after the fixed tenure they are charging 11.50%. i checked online and also other people they have been charged 10.50%.
Why i have been charged extra.

By IndianMoney Experts - 2013-Jun-04
Dear Anand, Kindly contact the HDFC Bank Customer Care on Toll free number 18003453333 in order to resolve your complaint. HDFC as per the dual home loan scheme, had offered new home loans at a fixed rate of 8.25% for the first three years ending March 31, 2013. Afterwards, the interest rate would be then adjusted to the prevailing floating rate. You have taken the loan on an scheme that was offered by the HDFC Bank. This offer was applicable for all the new home loan customers who apply for home loans before February 28 and take the disbursement before March 31. You can always look up the website IndianMoney.com for your home loan needs.
View Details | 1 Reply

misguiding and misselling of product kamepalli | Loans and Credit Cards

04
Jun
2013

Hi, i went to velacherry branch to find good mutual funds in sip and savings, they gave me the bad insurance product and hide the maturity period
and same in mutual funds misguided me by hiding lockin period for every installment.
later I recognised and changed my insurance through insurance provides and went to same branch and asked to cancel my sip in mutual funds they gave me a form to cancel it after filling they said they will cancel in month but even after 3 months they didnt respond, no response from them again and again

please dont belive the bajaj finance

By IndianMoney Experts - 2013-Jun-04
Dear Kamepalli, Kindly contact Bajaj Finance Customer care on toll free number 1800 233 2453 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products. Always understand your insurance needs.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. Don\'t buy that policy in a hurry.In case your funds are not received from the mutual fund sip you can lodge a complaint with the District Consumer Forum.For any queries please visit IndianMoney.com as it is India\'s only free on call money adviser.
View Details | 1 Reply

fraud policy -Padma | Insurance

03
Jun
2013

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 Indianmoney.com as it is India\\\'s only free on call money adviser.
View Details | 1 Reply

miselling of policy -purushottam-sadh- | Insurance

03
Jun
2013

Dear Sir, I got a call from Mr. Pankaj Sharma 8860934402 (911130561018) he told me she was calling from Reliance head office. And she brief me one plan you just pay 30O00/ and 15000/ amount i will get cash back after 45 days and this policy for the five year for confirmation Same thing i also discuss one of lady Miss Monika mob- 09213916786.after they have sent one local agent and told me don\'t discuss any things with the local agent he is only docs boy. After that on the trust of Reliance life i have give the 30000/ cheuqe to Mr. Punit Sharma -Mob-09300781100 He don\'t disclosed any things me. And collected my all document . After some days i got my policy document when i read the policy document i was found the total different policy witch printed in document. And which was told me on phone from Mr. Pankaj Sharma. Policy document made for Money Multiplier plan and policy term was 10 years regular premium and one was other benefit 15000/ cash back on this policy which was not available on my policy. After that called to miss Monika told about my policy bond then... She told me that policy is not original policy it is dumy policy original policy sent by courier after 30 days. cash back amount will be transfer 45 day After 30 day i went Indore local office and i discussed all things which was told me at phone call and front office executive told me this features are face and missale by Probuse Insurance broker i was totally socked After that i told to executive for cancellation of policy and i get reply this policy can\'t cancel because policy cancellation period is over Please do help me for cancellation of policy.
By IndianMoney Experts - 2013-Jun-03
Dear Mr Puroshottam, Please contact Reliance Life Insurance customer care center at 3033 8181 in order to solve your complaints .Mis selling 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 mis selling.It is pointless crying over spilt milk.In order to read about misselling and insurance please look up the website IndianMoney.com.This is India\'s only free on call money adviser.
View Details | 1 Reply

Misguide to sell policy M-Singhm | Insurance

01
Jun
2013

Sir, in April-12 Live Wire Corporate Agent sell policy on phone call . they said they are from Bharti Axa Life Insurance. They propose many benifit like cash back on premium upto 20%, Child scholarship & medical Cover lakhs. they asked me to wait for bond paper that will come after welcome kit. in this time free look up period past away. I dn\\\'t not received any bond paper. Bharti Axa said there is no such bond paper. so company denied my complaint against their broker. please suggest what should i do?

By IndianMoney Experts - 2013-Jun-01
Dear Singh, Please contact Bharthi Axa Life Insurance Toll free number at 18001024444 in order to resolve your complaints.Never fall for insurance agents tricks and gimmicks while purchasing that insurance policy..Always read the offer document carefully before purchasing that policy especially during the 15 day grace look in period.Always be on guard against mis selling.You can look up the website IndianMoney.com for your insurance needs.This is India\'s only free on call money adviser.
View Details | 1 Reply

not reducing interest rates Ranjit-M | Loans and Credit Cards

01
Jun
2013

Hi, Four years back I has taken a home loan from ABN AMRO bank at the ten floating rate of 7.75%. The rate was supposed to be fixed for five years and after 5 years the floating rate prevailing at the time will be applicable. We hadn\'t done the full disbursement of the loan amount, and whenever the lending rates changed (read increased), a weighted average was applicable for us. Currently the weighted average interest rate for my loan is 10.42%. Recently there has been a series of reduction of lending rates by the RBI. But ABN AMRO bank is not passing on this advantage to us. They are giving various excuses like the loan is fixed for five years, etc. And when we questioned them on the weighted average rate that was being charged all these years they are now coming up with the excuse that they no longer have fixed loans so the reduction in rates is not applicable to us. Is there anybody else facing this similar issue? Can I complain to anybody about their misbehaviours? Please let me know.
By IndianMoney Experts - 2013-Jun-01
Dear Ranjit, Kindly contact the ABN AMRO Bank Customer Care on Toll free number 1800 11 2224 in order to resolve your complaint.An interest rate that is allowed to move up and down with the rest of the market or along with an index is called floating rate of interest. This contrasts with a fixed interest rate, in which the interest rate of a debt obligation stays constant for the duration of the agreement.Floating rates have a certain base rate called index and a floating element called spread. In simple words you may say that base rate is the minimum rate below which banks cannot give you loans and spread is your final rate of interest after adding some % to Base Rate. Base rate may be fixed for all customers. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this.You can refinance your loan from any other bank if it is floating rate of interest.If you feel you are cheated you can always lodge a complaint with the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
View Details | 1 Reply

misseling of policy BABU-RAM-DOHRE | Insurance

31
May
2013

I purchased a policy(781351689) in the name of health insurance from Max life insurance co.ltd. but company & the employees of the company cheated me or falsely detailed the plan to me for their personal benefit ,they give me a unit linked product instead of a health insurance policy,I can’t received any bond or other paper related to this policy.i paid(1) 50,000/- on 31-07-2010 by cheque no.004293(bank of baroda)__(2)50,000/-on 29-03-2011 through cheque no.110710(bank of baroda).Max Life Insurance co.ltd.don’t pay attention to my complaints verbally then I complaint a written letter to max life on 19-01-2013,even after they don’t give any attention.i am a old age person this is not possible for me to follow up Max life insurance company ,who are in cheating intentions. please help me,otherwise I am ready to go consumer forum.

By IndianMoney Experts - 2013-May-31
Dear Babu, Kindly contact Max New York Life Insurance customer care on toll free number at 1800-180-5577 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products. Always understand your insurance needs.Read all the information properly during the 15 day grace look in period and you can also cancel the policy if not satisfied.Look before you leap. Don\'t buy that policy in a hurry.For any queries please visit IndianMoney.com as it is India\'s only free on call money adviser.
View Details | 1 Reply

Refund of Premium Abhinav-Kukreja | Insurance

31
May
2013

Hi, I am Abhinav Kukreja, had taken 2 policies of Max NewYork Life Insurance, Policy No: 713424257 and 45649546.I had paid the first installment of Rs: 50000/- (2 policies) in 2008 after which i couldn\'t pay due to financial problem and had to discontinue. I would like to know is there any way IRDA or any court help me recover my original amount or make a new policy and utilize my existing money of Rs: 50000/-. We belong to middle class family and loosing 50000/- is a big amount for us.
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Refund of Premium Abhinav-Kukreja | Insurance

30
May
2013

I am Abhinav Kukreja, had taken 2 policies of Max NewYork Life Insurance, Policy No: 713424257 and 456495464. I had paid the first installment of Rs: 50000/- (2 policies) in 2008 after which i couldn\\\\\\\'t pay due to financial problem and had to discontinue. I would like to know is there any way IRDA or any court help me recover my original amount or make a new policy and utilize my existing money of Rs: 50000/-. We belong to middle class family and loosing 50000/- is a big amount for us.

By IndianMoney Experts - 2013-May-30
Dear Abhinav, Kindly contact the Max New York Customer Care on Toll free numbers 1800 200 5577 in order to resolve your complaint. Kindly read the policy fine print during the 15 day grace period. Remember always pay your premiums on time. You would now have to pay a higher premium on renewability but there is no way of getting back your premium amount that you have paid. You can always look up the website IndianMoney.com for your insurance needs.
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Wrong information provided Rajeev-Ranjan | Insurance

29
May
2013

a call have been received by me and the caller was telling he is manager of Reliance Life Insurance com. he assured me that he will converet my lapsed bajaj allianz policy to reliance insurance policy with a handsom return from company within six months. all the details were provived on call and a reliance insurance form was sent to me by mail. He has advised me to fill the form and return the same with a cheque of Rs. 50,000.00 only in favour of Reliance Life Insurance Company Ltd with a cancelled check.a policy was issued to me to having policy no- 50707449. again a call was received after some day by the same person and demand a Rs. of 90,000.00 for giving me handsom bonous in the month of august\\\'2013. again a insurance policy was issued to me having policy no- 50789724. and in the same manner again Rs. 49,000.00 was taken by me with the commitment of bonous. and a policy was issued to me -50874150 They every time advisor assured me over phone it is the policy only for show, the original bond containing the details of bonous will be sent to you shortly. this is completely a fraud with me. no clear information was provided to me. i am unable to continue my policy.please arrange to return my money as it is a case of fraud. and also blacklist your third party agency (broker). now the persons who were calling me are out of reach over mobile.

By IndianMoney Experts - 2013-May-29
Dear Rajeev, Kindly contact Reliance Life Insurance customer care on toll free number at 1800 300 08181 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products. Always understand your insurance needs.Read all the information properly during the 15 day . grace look in period and you can also cancel the policy if not satisfied.Look before you leap. Don\'t buy that policy in a hurry.For any queries,visit Indianmoney.com as it is India\'s only free on call money adviser.
View Details | 1 Reply

HDFC charging 0.5% for reducing ROI for existing loan customers Raja | Loans and Credit Cards

29
May
2013

When all other banks are reducing the rate of interests, HDFC is moving very slowly. It seems they are not at all interested to reduce ROI. SBI has given a blow to HDFC by reducing its ROI. Existing loan customers of HDFC are thinking and shifting their loan to SBI. Now, HDFC is feeling the real heat. When existing customers approaced HDFC for asking to reduce their ROI, HDFC is asking them to pay 0.5% on the loan amount so they can change the ROI to 10.25%. When asked why to pay 0.5% as we are existing customers they say it as conversion charges. This is really ridiculous. Can\\\'t HDFC do the same without charging 0.5% for existing customers? HDFC only wants to earn good money, they don\\\'t follow any ethics. They will be on top whenever they get chance to increase ROI. We also heard that it increased precloser charges from 2% to 3% making existing customers to stick with them by paying high ROI to them. They don\\\'t even inform any customers about the latest updates. How would an existing customer will know that HDFC is offering to reducing ROI by charging 0.5% on loan amount? HDFC has to change their mindsets and also all the existing customers should fight with HDFC for a fair business.

By IndianMoney Experts - 2013-May-29
Dear Raja, Kindly contact the HDFC Bank Customer Care on Toll free number 18003453333 in order to resolve your complaint.Floating rates have a certain base rate called index and a floating element called spread. In simple words you may say that base rate is the minimum rate, below which Banks cannot give you loans and spread is your final rate of interest after adding some % to Base Rate. Base rate may be fixed for all customers. But remember that you may end up either paying high interest rate or low interest rate based on the spread the bank charges to each individual. There is no cap on how much the spread should be on and above Base Rate. But charged spread rate need to be justifiable. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. Usually any banks do not avail any benefit to the existing customers. It can be new technique that HDFC is asking to pay 0.5% to get the benefit of low interest rate to the existing customers. It is not something that only the HDFC Bank does but even other banks also indulge in the same practices. This logic seems totally flawed. Unfortunately we do not have any other option but to pay the interest rate charged by them or a better option would be to take up the fixed interest rate. RBI has directed not to levy charges for foreclosure of home loans on floating rate interest basis, they cannot charge 2% to 3% on foreclosure.You can always refinance your loan from any other bank.If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
View Details | 1 Reply

cheated by agent Jyoti Hooda | Insurance

28
May
2013

Max insurance agent  told that the policy is like if he pays premium for 3years the premium whill get doubled in 5years, beieving the agent my father took 2 policies and he is not a literate man therefore he paid money time to time for 3 years and according to the agent advise he was waiting for five years to get completed. When he went to office and he got to know that he has deposited 75000/ and he has only paid 50%. so what can i do my agent is not replying and he has also changed the job. i ineed money, only my money not the interest and all pls help me and give money my second policy it is also of same type. I need money for my daughter marriage.

By IndianMoney Experts - 2013-May-28
Dear Jyoti, Kindly contact Max Life Insurance Customer care on toll free number at 1800 180 5577 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products. Always understand your insurance needs.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. Don\'t buy that policy in a hurry.For any queries visit IndianMoney.com as it is India\\\'s only free on call money adviser.
View Details | 1 Reply

Misguidance on purchase on the policy Anil-Singh-Rautela | Insurance

28
May
2013

I bought a policy from Bajaj Allianze Life Insurance. And i have been paying the premium of INR 70000 from last 3 years. However, I had gone the company office for the surrender of policy. And they told me if I surrender the same. The total deduction would be 50% of the total premium paid by me. At the time of purchasing this policy, the agent had misguide us. They told me that if u pay the premium. You would get 16% of interdental each year and you can cancel the policy after 3 years. He had never told me regarding Surrender charges. As per understanding the surrender charges is only 4 % if I cancel the policy the after 3 premium. Request you to please do something regarding this matter. Please feel free to call me. And kindly suggest me the right way, should I go to the consumer forum or raise a RTI against the company Thanks in advance.

By IndianMoney Experts - 2013-May-28
Dear Anil, Kindly contact Bajaj Allianz Life Insurance Customer care on toll free number at 1800-233-7272 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products. Always understand your insurance needs.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. Don\'t buy that policy in a hurry.For any queries visit IndianMoney.com as it is India\'s only free on call money adviser.
View Details | 1 Reply

Misselling of annual premium policy Ramesh-Kumar-Ojha | Insurance

27
May
2013

Respected sir With due regard I want to say that I have given a \\\\\\\\\\\\\\\'RELIENCE LIFE INSURANCE POLICY in Jan 2011 after misleading assurance by Agent of Relience That he is giving single premium plan. I signed the Policy paper in good faith. I did not received Policy Bond quite longer time so I phoned on contact numbers provided by agent ( Mobile Numbers - 9311198659, 98889699368, 8009661133 ) . After a long effort I received my policy in month of June-July 2011 by speed post. I shocked to see the policy , it was not a single premium policy as it was said to me earlier during selling. It was a annual premium policy for 10 years . This policy was sale to me misleadingly , so I have decided for cancellation . Further photocopy of address proof on my policy bond is also false. Initially I tied it on telephone on above numbers, they have console me that they will correct, but then I found that they not helping to consumer’s complain at all. . In reply The Relience Life Insurance company given a letter on 22nd October 2011 saying that our request is beyond Free Look Period so request for cancellation was denied. Seeing the reply I further loose confidence in Relience Life Insurance company . Even the behavior of company was very ignorant to consumer and Because as a consumer I have to loss of approx Rs.50 000.00 , I continue my effort and request further for cancellation of my policy \\\\\\\\\\\\\\\'RELIENCE LIFE INSURENCE MONEY MULTIPLIER PLAN ( Policy /Contact No. 18383391)\\\\\\\\\\\\\\\' with name of Mr Ramesh kumar Ojha with UIN Number - 121N 079V01. In context, I have given an Email to Relience Office on Email address as amit9mbame@gmail.com on 24 May 2012. I received an Email on 25 may 2012 providing a format , which I have to fill and send back on above Email address along with a cancelled cheque with signature.

By IndianMoney Experts - 2013-May-27
Dear Ramesh, Kindly contact Reliance Life Insurance customer care on toll free number at 1800 300 08181 in order to resolve your complaints.Read all the information before buying a policy. Mis selling is a rampant practice in insurance products. Always understand your insurance needs.Read all the information properly during the 15 day . grace look in period and you can also cancel the policy if not satisfied.Look before you leap. Don\'t buy that policy in a hurry.For any queries,visit Indianmoney.com as it is India\'s only free on call money adviser.
View Details | 1 Reply

High rate of interest charged Charanjit-Singh-Saini | Loans and Credit Cards

27
May
2013

We have taken a home loan from ICICI bank in Mumbai 2006 . in that time bank charged rate of interest 9.00 p.a at floating . But when RBI increased interest rate time to time the bank also increased it . But now RBI interest rate going down than ICICI bank also going down own interest rate 13 to 11.5 . My question is that what is meaning of floating rates? The current rates far below around 9.00 %rates in many banks. Why ICICI is charging me 11.50 %in my opinion all of home loan customer of bank should be organized and strongly oppose and object to bank and government also pay attention because this is un justice with Indian people

By IndianMoney Experts - 2013-May-27
Dear Charanjit, Kindly contact the ICICI Bank Customer Care on Toll free number 1800 333 499 in order to resolve your complaint..Floating Rate of interest means an interest rate that is allowed to move up and down with the rest of the market or along with an index. Floating rates have a certain base rate called index and a floating element called spread. In simple words you may say that base rate is the minimum rate, below which Banks cannot give you loans and spread is your final rate of interest after adding some % to Base Rate. Base rate may be fixed for all customers. But remember that you may end up either paying high interest rate or low interest rate based on the spread the bank charges to each individual. Their is no cap on how much the spread should be on and above Base Rate. But charged spread rate need to be justifiable. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. It is not something that only the ICICI Bank does but even other banks also indulge in the same practices. This logic seems totally flawed. Unfortunately we do not have any other option but to pay the interest rate charged by them or a better option would be to take up the fixed interest rate. If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
View Details | 1 Reply

High rate of interest charged Sudha-Singh | Loans and Credit Cards

27
May
2013

Sir the rate of which by ICICI bank is 12.75% but the actual rate of interest is only 8.75%. After doing repeated complaint nobody is listening in this matter. Please do the needful. My Home loan account no.isLBKAN00000713535

By IndianMoney Experts - 2013-May-27
Dear Sudha, Kindly contact the ICICI Bank Customer Care on Toll free number 1800 333 499 in order to resolve your complaint.You have taken your loan on floating rate of interest and Floating Rate of interest means an interest rate that is allowed to move up and down with the rest of the market or along with an index. Floating rates have a certain base rate called index and a floating element called spread. In simple words you may say that base rate is the minimum rate, below which Banks cannot give you loans and spread is your final rate of interest after adding some % to Base Rate. Base rate may be fixed for all customers. But remember that you may end up either paying high interest rate or low interest rate based on the spread the bank charges to each individual. Their is no cap on how much the spread should be on and above Base Rate. But charged spread rate need to be justifiable. Hence your banks may use this tool to charge you more by modifying spread as there is no regulation on this. However it has a drawback of uncertain monthly installments. Here spread cost covers risk costs, profits and bank charges. Existing customers do not get the benefit of reduced rate of interest and banks have their own explanations as they say that the cost of borrowing for existing customers is high therefore they cannot pass on the benefit of reduced rate of interest to existing customers hence they make the benefit available to new customers. This logic seems totally flawed. Unfortunately we do not have any other option but to pay the interest rate charged by them or a better option would be to take up the fixed interest rate. If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website IndianMoney.com for your home loan needs.
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No cut in interest rate on Home loans Prabhat-Kumar | Loans and Credit Cards

25
May
2013

I had availed SBI home loan in the month of November, 2008 for period of 15 years and opted flexible rate of interest. It is well known to you that with the passage of time all leading banks have curtailed interest rate on housing loan applicable to existent customers but SBI emphasised on to make new customer by offering lucrative rate of interest. However, no benefit is extended to the customer who availed loan prior to the launching of new schemes. SBI urges that due to high lending rate it is not possible to bank to give relaxation to the customers. The pleas of SBI appears meaningless as other banks are giving relaxation to their old customers. I really feel betrayed as I had opted flexible rate of interest but flexibility is deliberately seized by SBI. It may also be mentioned if the rate of interest goes on higher side whether there will be any impact on customers who were denied benefit of interest cut. I am sure that in that circumstances SBI will not forget to transfer burden on old customer by increasing rate of interest. Please think positively and extend benefit of interest cut to your old customer too.

By IndianMoney Experts - 2013-May-25
Dear Kumar, Please contact SBI Bank Customer care at 1800 11 22 11 in order to resolve your complaint..The argument of these banks is that since the cost of their funds that is deposits rates were high the loan rates charged for existing customers is high.For new customers the rates charged are lower as cost of deposits for banks is lower due to fall in the deposit rates.This is the banks argument.However existing customers have the balance transfer option where they can transfer the outstanding balance of their home loan to another bank which offers a lesser rate of interest.Always strike a hard bargain and take advantage of the lesser rates.You can read up on home loans from the website Indiabmoney.com.This is India\'s only free on call money adviser.
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MIs selling of my policy rajeev-mehrotra- | Insurance

25
May
2013

i purchase pension plan on 31.01.2012 from above co. my policy no 500-8297995 for 7 yr premium rs 30000/- per annum. it is a promotional policy specially offered to seleted person . they promised 25% of premium would be cash back to your a/c within 45 to 75 days (rs 7500/-) per year premium and will get rs 400000/- medical insurance for your family per year and rs 1667/- pm scholorship to your 1child for six year from aug 2012.but niether i recieved cash back nor medical insurance card & details also not mentioned in policy. please take necessary action 

By IndianMoney Experts - 2013-May-25
Dear Rajeev, Please contact Bharti Axa Life Insurance at 1800-102-4444 in order to resolve your complaint.Always check your policy during the 15 day grace look in period.Mis selling is a rampant practice followed in insurance.Always be aware if the returns promised are too good to be true.Alarm bells should ring in our head when returns promised are too high.Always read up on insurance before purchasing a policy.Please look up the website IndianMoney.com.This is India\'s only free on call money adviser.
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Lapse of my policy gaganbir-singh | Insurance

23
May
2013

            I have my policy no.444132948 in the name of Ravleen Kaur and gave three 6 monthly installments of RS 10000 each. Due to non payment of remaining policies due to personal reasons, my policy is lapsed. Now I want to renew policy. Please suggest me how can it be done as when I approached the company they said no to it. Reply asap with complete details. Contact number 9216055558

By IndianMoney Experts - 2013-May-23

Dear Gaganbir Singh,
Kindly contact the Max New York Customer Care on Toll free numbers 1800 200 5577 in order to resolve your complaint. Kindly read the policy fine print during the 15 day grace period. Remember always pay your premiums on time. You would now have to pay a higher premium on renewability. You can always look up the website IndianMoney.com for your insurance needs.

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sale of policy by fraud means by Bharti AXA Life Insurance Vikas | Insurance

23
May
2013

Sold Policy by Fraud means

This is regarding the application no: 12-12-009817. This is a very big fraud I have ever faced. I would like to brief you the case. One day I received a call from a landline no. stating that we are calling from Bharti axa and we are celeberating our anniversary that’s why our company is providing a very good scheme to you, that will be applicable if you book the same within 5 days. In that communication that guy told me about the medical claim benefits in the policy for my whole family, as I was looking for the same, I agreed. Along with that a lot of other benefit also stated which I have not found anywhere in policy. I didn’t record all the benefits because I knew that if I would not find the said benefit available in the policy I will cancel within the given timeline but at this place a very big game played with me. I was provided a contact no(08802991454) saying that this is bharti axa helpline no. you can contact here for any query. 10 days After paying the amount of Rs.20000 I called on that no and asked about the policy documents and I was told that it will come after few days, I don’t remember the exact no of days quoted. After some days I got a call from my home(Phulera-jaipur) that some documents from Bharti axa have come, as my parents doesn’t know English properly so they couldn’t brief me what exactly it was. Then I again called on the helpline no and asked that some documents from bharti axa had been received at my home town. I asked whether that was the policy ,I was told Sir, that is not a policy it is just a welcome kit, you will receive your policy after 1 month. Again I called after 1 month on the same no. and I was told that this not any bharti axa no. why are you calling and troubling me. I was really shocked then I immediately call at my home and asked my father to courier the documents of bharti axa. When I received the policy I was shocked to see there was nothing that I have been told. Here I would like to mention that I requested that I want all my papers at my living place surat not at my home town. I was assured everything would be sent to you at your surat address only and I had filled a form also for that purpose. Purposefully the policy has been sent to my home town

Regards

Vikas

By IndianMoney Experts - 2013-May-24
Dear Vikas, Kindly contact customer care of Bharti Axa Life Insurance at 1800-102-4444 in order to resolve your complaint .Mis selling is a rampant practice prevalent in the insurance industry.Do not let it happen to you.Read all the information properly before buying a policy during the 15 day grace look in period.Always understand your insurance needs.Be aware of all the terms and condition of your policy.For any help ,visit Indianmoney.com as it is India\'s only free on call money adviser.
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Misselling of policy by Birla Sunlife Insurance Laxman | Insurance

23
May
2013

Mis selling of Policy

Hi ,

Sir/Madam,

This is to let you know that I had a policy with Birla Sun Life under policy number.004521301(old policy num) Which I want to Close and as such I talked about the same with one of Birla Sun Life Executive Mr Abhishek Madan on dated 25/09/2012.and as per the norms I would get my premium paid back along with the interest @ 8% and according to him for that I had to deposit a security of 30000/- which i already paid to him but in place of this he gave me an another policy of 30000/- (005813391)for which is said is a temporary policy and will be refunded in my account soon and also told me you won 20Gram gold coin As company god good profit, on your old policy but you have to pay 20000 as a security to take those coin,but again he open again a new policy(005816824) I waited for this to be cleared and get my premium amount plus interest paid thereon buy after 15 -20 days neither i got my earlier old policy nor I got my Rs 50000/- back, When I contacted to Rajendra place (6 th Floor, Plot No:-23, Agarwal Corporate Tower Rajendra Place, New Delhi-110008) Branch they informed me that it is a case of miss selling and told me to submit a application against the same, I submit my application on 26/12/2012 ,they told me it will resolved within 15days but still I have not get any revert from them, to Take a necessary action and close my 2 new policy with policy num.005816824 and 005813391 at urgent as i am very tense to my money this time and relieve me from this trauma as I need Some money immediately.

Thanks & Regards

 

Laxman giri

9717898366

By IndianMoney Experts - 2013-May-24
Dear Laxman, Kindly contact customer care of Birla Sunlife Insurance company at 1-800-270-7000 in order to register your complaint.Read all the fine print properly before buying a policy.Ask all your questions during the 15 day grace look in period.Never look for the two in one options.Either investment or insurance.For any help please visit Indianmoney.com as it is India\'s only free on call money adviser.
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No cut in interest rate on Home loans for existing customers Prabhat-Kumar- | Loans and Credit Cards

23
May
2013

I had availed SBI home loan in the month of November, 2008 for period of 15 years and opted flexible rate of interest. It is well known to you that with the passage of time all leading banks have curtailed interest rate on housing loan applicable to existent customers but SBI emphasized on to make new customer by offering lucrative rate of interest. However, no benefit is extended to the customer who availed loan prior to the launching of new schemes. SBI urges that due to high lending rate it is not possible to bank to give relaxation to the customers. The pleas of SBI appears meaningless as other banks are giving relaxation to their old customers. I really feel betrayed as I had opted flexible rate of interest but flexibility is deliberately seized by SBI. It may also be mentioned if the rate of interest goes on higher side whether there will be any impact on customers who were denied benefit of interest cut. I am sure that in that circumstances SBI will not forget to transfer burden on old customer by increasing rate of interest. Please think positively and extend benefit of interest cut to your old customer too

By IndianMoney Experts - 2013-May-24
Dear Prabhat, Kindly contact the SBI Customer Care on their Toll free number 1800 11 22 11 in order to resolve your complaints. You can say it is an unfair practice that banks indulge in for existing customers but they have their own explanations as they say that the cost of borrowing for existing customers is high ,therefore they cannot pass on the benefit of reduced rate of interest to existing customers. Hence they make the benefit available to new customers. This logic seems totally flawed. These banks and financial institutions follow these unfair practices which they do in the guise of pricing of products which seems to be the natural right of these institutions in absence of clear cut regulatory guidelines. Unfortunately we do not have any other option than paying the interest charged by them If you feel you are cheated you can always lodge a complaint in the District Consumer Forum. You can always look up the website IndianMoney.com for your insurance needs.
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