[Resolved] Reliance Life Insurance — Cheated by Reliance Life Insurance Managers- Hold the policy till free look up period and get part of commission | |
Cheated by Reliance Life Insurance Manager's- Hold the policy till free look up period and get part of commission General advice to public that if anyone wishes to go for Insurance Policies always go for LIC and not any other Insurance companies becasue one or the other way they try to cheat the Public. Note: I am not an LIC Agent or advisor Policy Number:[protected] Reliance Life Insurance Manager Name:- Ram and his Office Mobile Number is [protected](Chennai No) Reliance Money agent Name:- Madhu and his mobile number is [protected] I have taken Reliance Life Super AIP last december which is an ULIP policy. While applying for the policy, I have clearly asked the agent to furnish all the charges which will be charged if i apply for all the charges and he furnished me the charges details in a plain white paper and he informed me that apart from that there will be no charges. and one more thing along with the agent who was from Reliance Money, he was accompanied by Reliance Life Branch Manager(that is what he mentioned) I have applied for the policy and after receiving the policy document, i have noticed Rs.2000/- was charged in excess what the agent and manager has mentioned. I have called the manager and even he was not aware of the charges which was charged to mine account and even he told that he is holding the policy in his child name and he has not seen the document. Manager replied me saying that he will get back to me and i informed him that i have free look up policy for 15 days and i want to cancel the policy and he mentioned that give me few days and he will get back to me. I have even call Reliance customer care for the same and they mentioned it is as per the policy document and if i wish i can cancel the policy in free look up period. I called up the agent again and i informed him that i wish to cancel the policy. Then the manager of Reliance Life Insurance told me that he will get me back the excess 2000Rs once i keep the policy till free look up period and till now i have called him N number of times but no response and if i called him from my mobile he will not pick up his phone and if i call from some other friends mobile he picks up and then he will ask for my bank account number by saying that i will transfer the amount, i have provided the same and every time i called him from other mobile he keeps asking bank account number and keeps cheating me. At last he told me that he has left Reliance Life Insurance again a big lie from him and he informed me to contact the agent of Reliance Money and when i called him he informed me that he has left Reliance Money, so it is a big play from Reliance Group as a whole. Can Reliance Life Insurance take action on such employees from their organization to avoid their reputation and also i need to cancel the policy and need refund of my policy amount. Thanks and Regards Naresh [protected] Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 9 Comments | |
Comments
Dear customer,
Insurance is a subject matter of solicitation and you give your consent to buy only when you like an offer. More than 70% of insurance investors are unhappy with their plans because they realize the defects only after making their payments.
I suggest that you first write to the local Branch Manager giving details of our case through a registered letter. In the next week you can approach the local INSURANCE OMBUDSMAN if you get no positive response.
Do let me know if you need any further clarification on this matter.
Regards,
Insurance is a subject matter of solicitation and you give your consent to buy only when you like an offer. More than 70% of insurance investors are unhappy with their plans because they realize the defects only after making their payments.
I suggest that you first write to the local Branch Manager giving details of our case through a registered letter. In the next week you can approach the local INSURANCE OMBUDSMAN if you get no positive response.
Do let me know if you need any further clarification on this matter.
Regards,
Dear Naresh, i have myself sold policies for different life insurance companies for more than 4 years. Its very true that there are lot of wrong selling happening in this industry. Aakaash Ray is right, you must approach the concerned Branch Manager first. If he is not taking interest or delaying the process, you should raise this issue and go to higher authority in Reliance Life and at the same time, file your complain at IRDA site.
Regards
Vishal Kashyap,
Founder,
www.ApnaAdvisor.com, an insurance site like never b4!
Regards
Vishal Kashyap,
Founder,
www.ApnaAdvisor.com, an insurance site like never b4!
Not only Reliance life insurance, all life insurance business is based on fraud. I have not heard of anyone being happy of any insurance. The problem with insurance business is that there is a high acquiring cost. Nearly all of your first premium is used in commissions and omissions and 4-5% of your other premiums are used for these purposes. Therefore, NEVER invest in any insurance policy. Not even for insurance. Here is a sample calculation
say the policy gives a return of 15% ( it is very high for any term)
you invest 100000 for 5 years
first year they will invest 80000 and eat away 25000
next year onward they will invest 90000
you will get the following
after one year 90000+80000*1.15 = 182000
after two years 182000*1.15+90000 = 307000
after three years 307000*1.15 + 90000 = 443000
after 4 years 443000*1.15+ 90000 = 600000
after 5 years 600000*1.15 = 690000
and 15% consistent return for 5 years is impossible. Generally there will be periods of negative growth. Even if you take one year ( say IIIrd year) of negative growth of 10% the returns will be as
after three years 307000*0.9+90000 = 361000
4th year 361000*1.15+ 90000 = 540000
after 5 years 540000*1.15 = 620000
if you invest the same in a 8% post office scheme
you get the following
after one year 108000 + 100000 = 208000
after 2 years 224400 + 100000 = 324400
after 3 years 350000 + 100000 = 450000
after 4 years 486000+100000 = 586000
after 5 years 632000
And contrary to normal belief, PPF returns are tax free as insurance schemes. So please AVOID the death trap of Insurance companies. Follow the following three rules of MONEY
1. No one makes money for others.
2. If getting back insurance money when you are alive is difficult, it is even more difficult when you are no more.
3. No insurance agent is successful. This industry trhives in recruiting agents as only these people can get money from their relatives and friends. So, never take a policy as an obligation to friendship. If the other party treats you like a bakra treat him like that. This is a cruel world.
say the policy gives a return of 15% ( it is very high for any term)
you invest 100000 for 5 years
first year they will invest 80000 and eat away 25000
next year onward they will invest 90000
you will get the following
after one year 90000+80000*1.15 = 182000
after two years 182000*1.15+90000 = 307000
after three years 307000*1.15 + 90000 = 443000
after 4 years 443000*1.15+ 90000 = 600000
after 5 years 600000*1.15 = 690000
and 15% consistent return for 5 years is impossible. Generally there will be periods of negative growth. Even if you take one year ( say IIIrd year) of negative growth of 10% the returns will be as
after three years 307000*0.9+90000 = 361000
4th year 361000*1.15+ 90000 = 540000
after 5 years 540000*1.15 = 620000
if you invest the same in a 8% post office scheme
you get the following
after one year 108000 + 100000 = 208000
after 2 years 224400 + 100000 = 324400
after 3 years 350000 + 100000 = 450000
after 4 years 486000+100000 = 586000
after 5 years 632000
And contrary to normal belief, PPF returns are tax free as insurance schemes. So please AVOID the death trap of Insurance companies. Follow the following three rules of MONEY
1. No one makes money for others.
2. If getting back insurance money when you are alive is difficult, it is even more difficult when you are no more.
3. No insurance agent is successful. This industry trhives in recruiting agents as only these people can get money from their relatives and friends. So, never take a policy as an obligation to friendship. If the other party treats you like a bakra treat him like that. This is a cruel world.
RELIANCE LIFE INSURANCE IS NO. 1 FRAUD AND CHEATER INSURANCE COMPANY. STAY AWAY AND GO WITH LIC ALWAYS.
Its happen with me also.Relience policy sold me by cheating by Delhi based agent through Vighnaharta . Relience Life insurance is biggest cheater in India. Please do not take any policy from them. Can any body tell me how can I cancel my policy with Relience and get my refund. and how much percentage I will lose. Any loss accepted . But I want to cancel get my money back.
My mobile [protected]
My mobile [protected]
terminated policies
I am send this letter ...many time but no answer please help me.. and also send many for this sit but no answer please help me sir ... i am in big problem, , please help meCustomer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
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I too agree with you. I am also sailing in the same boat. I am decived at the time of appointment and now I have come to know that my customer's policy has been converted to RSIP. Is ther anything that we can do through this platform? I want the whole world know what is RELIANCE INSURANCE. Group of fraud people!. I feel that I should be the last person whom they have cheated. My cell no. is [protected]. I have got your phone no.I will try to call you. You can also contact me. I am from Mangalore. RCS branch.