[Resolved]  Reliance Life Insurance — Fraud and misselling

Like many others, I too am cheated by Reliance Life Insurance in the name of "Reliance Traditional Super Invest Assure Plan".

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:
1) Policy cover for 15 years.
2) Premium of 30,000/- for first 3 years after that no premium to be paid.
3) 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.
4) 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.
5) 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 agent from relaince life insurance Secunderabad office visited my house on the same day The guy from Delhi himself instructed this the local agent, as to what plan he has to fill. As per instruction from Delhi office, I handover a cheque of 30,000/- to local agent towards my 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.

When I call to helpline no[protected], 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 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.

Regards,
Kamal Sharma

"Insured by Reliance Insurance"

Policy no: 17819339
Mob No: [protected]
Hyderabad, AP, India.