[Resolved]  Reliance Insurance Company — Fraud in Insurance policy

Address:

New Delhi, Delhi

1. I took three policies in the month of Aug 2011 based on the wrong inputs & features given by the representatives of Reliance Insurance Company Ltd. One executive Mr Surender Kumar Madan of Reliane Office at Noida Teleplus 4, Sec 18, Delhi Mobile phone no [protected] approached me on phone in Aug 2011 and told me that on the Anniversary of Reliance Life Insurance Coorporation Ltd a new plan is launched just for a day. It is a DtoC Plan ie Direct To Customer Plan where in a one time investment of Rs 80,000/- will fetch me a return of Rs 2,000,00/- in five years with a life coverage of Rs 2,00,000/- till 100 years of age. Its a DtoC Plan and since no agent is involved hence the returns are so good. On my confirmation he made me speak to Mr Anil Khurana (Mobile No [protected]) for confirmation, who happens to be his branch manager. I opted for two such plans (One on my name and other on my wife's name) and he immediately send his representative to my house and collected all the details and the cheques as well as he got the forms filled up. Also a week later they approach me with a Mediclaim plan wherein I am supposed to make a payment of Rs 50,000/- each for five years and the policy owner as well as the nominee gets the medical insurance of Rs 3,00,000/every year. There is an Insurance cover of Rs 5,00,000 for 100 Years of age too. I took this one also on my wife's name keeping me as nominee. For this policy we had to get the medical check ups done at the medical centres of their choice in Mumbai.

2. Very promptly within fifteen days I received the Policy document but the policy document is totally contrary to what I was told. It is actually a Money multiplier plan of 10 years with EMI of 80,000/- each every year and Rs 50,000/- without medical benefits. I immediately gave a ring to both of the RIL representatives ie Mr Madan & Mr Khurana and they assured me that this is just a welcome document to inform that the investment is accepted and soon I will be receiving the legal bond document spelling all the terms and conditions as told to me at the time of investment. However after repeated reminders nothing has come to me as promised by them till date. A customer sitting in Thane contacts RIL’s Delhi representatives and gets assurances from the agent as well as from the manager that the DtoC (Direct to Customer) policy launched by the company on independence day for a limited period will be issued within 90 days due to overwhelming response. Not only at the time of reciept but I have contacted then regularly for the next 90 days too and every time the same assurances were given. Now only we have come to know the game plan. How smartly these two guys have manipulated the customers to fall in their trap and get their commission on the first premium paid by the customer. I gave a written complaint to the company also on 28 Nov 2011. But I am surprised to see the company’s reaction on my complaint. The company takes no responsibility of it and asks me to continue the policy.

3. In view of the above it is requested that the complaint I registered with you via Complaint ID CHLW/47291 may be processed at your end by initiating actions to refund the amount paid by me. In case I have to continue with these policies then I am sunk I will not be able to pay subsequent premiums and my whole investment will be lost. It is quiet evident that why a person should take three separate (same) money multiplier policies for Rs 80,000, Rs 80,000/, Rs and Rs 50,000/- together with two on same name at the same time rather than taking just one money multiplier policy of Rs 2,10,000/-. Please intervene and get the policy cancelled and ask the company to refund the amount I invested. Kindly look into the matter very urgently as I have now lost my patience. I also request you to take strict disciplinary action against Mr Madan & Mr Khurana of your RIL, Noida Branch. The details of the policy document received by me are as follows :

S Owner Nominee Plan Term Client ID Contract No Agent Premium RIL Complaint No
1 Mr Vikash Varma Ms Vandana Patyal Money Multiplier 10 Yrs 80750225 19227775 21221997 80,000/ [protected]/1
2 Ms Vandana Patyal Mr Vikash Varma Money Multiplier 10 Yrs 80750192 19226393 21221997 80,000/ [protected]/1
3 Ms Vandana Patyal Mr Vikash Varma Money Multiplier 10 Yrs 80750192 19251779 21221997 50,000/ [protected]/1

5. I will be highly obliged if my complaint is addressed favorably.