[Resolved]  SBI Life Insurance — REDUCTION IN LIFE COVER

ref VR-123
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Thu, February 11, 2010 12:47:26 PM
From:
DP Agarwal <[protected]@yahoo.com> [Chat now]
...
View Contact
To: [protected]@rediffmail.com
I have tried my level best to make them follow the IRDA guidelines with a copy of circular and clarification issued as annexure for ULIP products,. There reply is not acceptable. We request you to kindly get us due justice.SBI Life official have developed a total disregard for IRDA guidelines and challenge the customer to go to court and harrase them as they have a mighty organisation to back them.
Devi Prasad Agarwal and Shakuntla Agarwal

From: "priya.[protected]@sbilife.co.in" <priya.[protected]@sbilife.co.in>
To: DP Agarwal <[protected]@yahoo.com>
Cc: shreelakshmi.[protected]@sbilife.co.in; shreepad.[protected]@sbilife.co.in; ujwala.[protected]@sbilife.co.in; vishisth.[protected]@sbi-life.com
Sent: Wed, February 10, 2010 12:02:27 PM
Subject: Fw: policy number [protected] and [protected].........................cms no 12309


Dear Sir,

We thank you for writing to us.

Your complaint has been registered with us under the reference number CMS/REL/[protected] for any future reference.

We refer to your mail dated 31/12/2009 and inform as under :

1) No amendments with reference to sum assured are possible as per product provisions duly approved by IRDA.

2) Kindly refer the Clause no. 16 of the terms and conditions of Schedule II sent along with the policy documents which states as under...

Currently, the amount payable on free look cancellations would be the lower of :

* The Premiums paid (including basic premiums and Top Up premiums), and
* Fund Value + (Premium Allocation Charges + Mortality Charges + Policy Administration already deducted)


MINUS (Stamp Duty + Medical Expenses)

Under these circumstances we regret our inability to accede to your request.


Thanks & Regards,
Priya Kadlag.
Relationship Dept. - Associate
CPC- Belapur
Tel no.[protected]
Fax no.[protected] / 6674
Web Site: www.sbilife.co.in
Have a wonderful day ahead…!!

Fw: Refund for policy number [protected] and [protected]
Wed, February 10, 2010 11:28:44 AM
From:
DP Agarwal <[protected]@yahoo.com>
View Contact
To: shreepad.[protected]@sbi-life.co.in; shreepad.[protected]@sbi-life.com; padmaja.[protected]@sbilife.co.in; vishisth.[protected]@sbi-life.com; rajkumar.[protected]@sbi-life.com


2 Files Download All
annexure_unitlinke.doc (35KB); annexure_unitlinke(2).doc (35KB)
I spoke to Shreepad today he wanted me to send him clarification annexure as they are not aware about the circular. please find it attached

----- Forwarded Message ----
From: DP Agarwal <[protected]@yahoo.com>
To: vishisth.[protected]@sbi-life.com
Sent: Tue, February 2, 2010 10:26:20 AM
Subject: Fw: Refund for policy number [protected] and [protected]

I am awaiting a reply and position of SBI Life on IRDA circulars.





From: Vishisth Jain <vishisth.[protected]@sbi-life.com>
To: DP Agarwal <[protected]@yahoo.com>
Cc: padmaja.[protected]@sbilife.co.in; rajkumar.[protected]@sbi-life.com; shreepad.[protected]@sbi-life.co.in; shreepad.[protected]@sbi-life.com; shreelakshmi.[protected]@sbilife.co.in; priya.[protected]@sbilife.co.in
Sent: Wed, January 20, 2010 12:35:07 PM
Subject: policy number [protected] and [protected]

Dear Sir,



Thank you for writing us.



We are delighted to have you as our esteem customer.



With reference to your mail regarding the free look clause which has been already communicated to you is as follow



“Free look clause which clearly says:



The Policyholder has a period of 15 days from the date of the receipt of the policy document to review the terms and conditions of the policy and where the insured disagrees to any of those terms or conditions, he has the option to return the policy stating the reasons for his objection, when he shall be entitled to a refund of the

amount as follows:



Currently, the amount payable on free look cancellations would be the lower of:



· the Premiums paid (including basic premiums and Top Up premiums), and

· Fund Value + (Premium Allocation Charges + Mortality Charges + Policy Administration already deducted)

MINUS (Stamp Duty + Medical Expenses)



Therefore, given amt. has been derived on the basis of above mention accounting calculation.



For your reference, Pls find the attachment of accounting calculation as required by you.



Regards


Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505 CMS NO.10048
Sat, December 19, 2009 8:55:01 AM
From:
DP Agarwal <[protected]@yahoo.com>
View Contact
To: padmaja.[protected]@sbilife.co.in
It is not acceptable.Your Jaipur guys have not provided complete information. First correct those people ,so that they do not repeat such deceptions with others. Why you are not giving me number and email address of your senior person so that the issue can be brought to his notice. Do not tell me that you are the ultimate authority like your Sharma claimed.

From: "padmaja.[protected]@sbilife.co.in" <padmaja.[protected]@sbilife.co.in>
To: DP Agarwal <[protected]@yahoo.com>
Cc: shreepad.[protected]@sbilife.co.in; shreelakshmi.[protected]@sbilife.co.in; rajkumar.[protected]@sbi-life.com; ujwala.[protected]@sbilife.co.in
Sent: Fri, December 18, 2009 2:51:14 PM
Subject: Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505 CMS NO.10048


Dear Sir,

Further to your mail below, we wish to reiterate that the policy is issued as per the details provided by you in the proposal form. We also wish to inform you that no amendments can be made with regard to Sum Assured after issuance. Hence we regret our inability to consider your request for change in the Sum Assured Option.

However, as you have approached us during free look period, you may send us the entire set of original policy documents along with a duly signed letter by the policyholder for cancellation under free look clause mentioned against Clause 16 under the Terms & Conditions of Schedule II of the policy documents as detailed in our email dated 17.12.2009.

For any further assistance you may get in touch with our official stated below:

Mr. Rajkumar Gupta - State Head, Jaipur.
Tel No :[protected]

Thanks & Regards

Padmaja.S
Associate - Relationship Department
SBI Life Insurance Co Ltd
Central Processing Center
Kapas Bhavan, Plot No 3A,
Sector no 10, CBD Belapur,
Navi Mumbai - 400 614


From: DP Agarwal <[protected]@yahoo.com>
To: padmaja.[protected]@sbilife.co.in
Date: 12/18/2009 08:00 AM
Subject: Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505 CMS NO.10048




Please note that I was not told about the extent of mortility charges. The illustration given to me was for a person of 30 years age with 110% cover. I asked your agent about the charges applicable for my case with 625% and he told that it is not much different. It is not acceptable that first your person mis guide than you are taking a stand that since I have signed some papers you are not ready to change and put me on loss.It is unfair. Please give email or phone number of a senior officer.

Dy-PC Head- Jaipur

SBI Life Insurance, 5th Floor,Brij Anukampa,K-13,Ashok Marg,C-Scheme, Jaipur -302004
Mobile [protected]| Email:vishisth.[protected]@sbi-life.com | Fax:[protected] I www.sbilife.co.in


Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505 CMS NO.10048
Fri, December 18, 2009 7:55:03 AM
From:
DP Agarwal <[protected]@yahoo.com>
View Contact
To: padmaja.[protected]@sbilife.co.in
Please note that I was not told about the extent of mortility charges. The illustration given to me was for a person of 30 years age with 110% cover. I asked your agent about the charges applicable for my case with 625% and he told that it is not much different. It is not acceptable that first your person mis guide than you are taking a stand that since I have signed some papers you are not ready to change and put me on loss.It is unfair. Please give email or phone number of a senior officer.




From: "padmaja.[protected]@sbilife.co.in" <padmaja.[protected]@sbilife.co.in>
To: DP Agarwal <[protected]@yahoo.com>
Cc: [protected]@sbilife.co.in; nazia.[protected]@sbilife.co.in; shreelakshmi.[protected]@sbilife.co.in; shreepad.[protected]@sbilife.co.in
Sent: Thu, December 17, 2009 5:29:56 PM
Subject: Fw: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505 CMS NO.10048


Dear Sir,

We write further to our interim mail below and thank you for bearing with us in the interim,

We observe from our records that the policy is issued as per the details provided in the proposal form duly signed by you along with the Generic Benefit Illustration of 625% of Sum Assured. Under these circumstances, we regret our inability to accede to your request for alteration in sum assured.

Further, depending upon the age of the Life Assured, sum assured and gender the mortality charges are recovered from by liquidating appropriate number o[censored]nits from each fund in the ratio of the value of the respective fund value on a monthly basis. For more information on the various charges levied on the policy we request you to be guided by Annexure – charges under Terms and Conditions of Schedule II sent along with your policy documents.

As you have expressed your dissatisfaction in the terms and conditions within the free look cancellation period, you have an option to cancel the policy under free look clause mentioned against Clause 16 under the Terms & Conditions of Schedule II of the policy documents. In case you wish to avail for the same, we request you to kindly send us the entire set of original policy documents along with a duly signed letter by the policyholder mentioning the reasons for cancellation on or before 31.12.2009 to the communication address mentioned below.
Please ensure to attach a copy of this email for our ready reference.

Head Client Relationship
SBI Life Insurance Co Ltd.,
Central Processing Center,
Kapas Bhavan, Plot no. 3A,
Sector – 10, CBD Belapur
Navi Mumbai – 400 614.

We request you to kindly provide us a duly signed letter from the policyholder for your wife's policy in order to provide her with the desired information. All the issues related to the policy shall be addressed on receipt of fresh letter duly signed by the policyholder.

Assuring you of our best services.

Thanks & Regards

Padmaja.S
Associate - Relationship Department
SBI Life Insurance Co Ltd
Central Processing Center
Kapas Bhavan, Plot No 3A,
Sector no 10, CBD Belapur,
Navi Mumbai - 400 614
From: Padmaja Srinivasan/Operations/Mumbai/sbilife
To: DP Agarwal <[protected]@yahoo.com>
Cc: info/Mumbai/[protected]@sbilife, Nazia Naikwadi/Operations/Mumbai/[protected]@SBILIFE
Date: 12/10/2009 09:56 AM
Subject: Fw: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505 CMS NO.10048



Dear Sir,

Thank you for writing in.


Your complaint has been registered with us under the reference number CMS/REL/[protected] for any future reference.

With reference to the below mail, we would like to inform you that the matter is being looked into. We shall revert back to you shortly.

We request you to kindly bear with us in the interim.

Assuring you of our best services.

Thanks & Regards

Padmaja.S
Associate - Relationship Department
SBI Life Insurance Co Ltd
Central Processing Center
Kapas Bhavan, Plot No 3A,
Sector no 10, CBD Belapur,
Navi Mumbai - 400 614
From: DP Agarwal <[protected]@yahoo.com>
To: [protected]@sbilife.co.in
Date: 04/12/2009 01:53 PM
Subject: Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505




i have registred my email address online. pl check it now.

From: "[protected]@sbilife.co.in" <[protected]@sbilife.co.in>
To: DP Agarwal <[protected]@yahoo.com>
Sent: Fri, December 4, 2009 1:15:48 PM
Subject: Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505


Dear Sir,

Thank you for writing in.

With reference to your below mail, we would like to inform you that your email id is not registered with us in the documents supplied while taking the policy.
Hence ,we request you to send us a letter duly signed by policy holder to enable us to look into the matter.


For further assistance, you may call us at our Toll Free Numbers[protected] /[protected] am - 9 pm, 7 days a week) or email us. We’ll do our best to assist you.

Regards,
SBI Life Insurance Co. Ltd.
New Customer Initiatives
Contact Number [protected] /[protected]
Fax number +[protected]
E-mail [protected]@sbilife.co.in
Website www.sbilife.co.in

From: DP Agarwal <[protected]@yahoo.com>
To: [protected]@sbilife.co.in
Date: 04/12/2009 01:06 PM
Subject: Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505





why you require a letter. In the today senerio on line redressal has been done even by RBI. If you have doubt call me at my cotact number.

From: "[protected]@sbilife.co.in" <[protected]@sbilife.co.in>
To: DP Agarwal <[protected]@yahoo.com>
Sent: Fri, December 4, 2009 10:03:13 AM
Subject: Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505


Dear Sir,

Thank you for writing in.

With reference to your below mail, please refer our earlier mail, till date we have not received your letter. Please arrange to send the same on below given address.

In case you have already send letter, please provide us despatch details of the same.

For further assistance, you may call us at our Toll Free Numbers[protected] /[protected] am - 9 pm, 7 days a week) or email us. We’ll do our best to assist you.

Regards,
SBI Life Insurance Co. Ltd.
New Customer Initiatives
Contact Number [protected] /[protected]
Fax number +[protected]
E-mail [protected]@sbilife.co.in
Website www.sbilife.co.in
From: DP Agarwal <[protected]@yahoo.com>
To: [protected]@sbilife.co.in
Date: 03/12/2009 09:17 PM
Subject: Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505






REMINDER-1

My complaint has not been resolved till today. I need your views urgently .

From: "[protected]@sbilife.co.in" <[protected]@sbilife.co.in>
To: DP Agarwal <[protected]@yahoo.com>
Sent: Tue, November 24, 2009 10:53:53 AM
Subject: Re: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected] INFO/PD/NOV 09/505


Dear Sir,

Thank you for writing in.

Your Query/Complaint has been registered with us under reference number (INFO/PD/NOV 09/505) for any future reference.

We observe that the mail has come from the id [protected]@yahoo.com which is not registered with us in the documents supplied while taking the policy.
To protect the interests of the policyholder, we request you to send us a letter duly signed by policy holder at the address mentioned below to enable us to look into the matter.

SBI Life Insurance Company Ltd
Central Processing Centre,
Kapas Bhavan, Plot no. 3A,
Sector No. 10, CBD Belapur.
Navi Mumbai - 400 614.

For further assistance, you may call us at our Toll Free Numbers[protected] /[protected] am - 9 pm, 7 days a week) or email us. We’ll do our best to assist you.

Regards,
SBI Life Insurance Co. Ltd.
New Customer Initiatives
Contact Number [protected] /[protected]
Fax number +[protected]
E-mail [protected]@sbilife.co.in
Website www.sbilife.co.in
From: DP Agarwal <[protected]@yahoo.com>
To: [protected]@sbilife.co.in
Date: 21/11/2009 04:56 PM
Subject: complaint about mis- guidance about sbilife-unitplus-2 single policy number [protected]







Your Territory Manager Pankaj Sharma phone [protected] has been visiting my house since a long for selling a life insurance. I was finding all ULIP based products nonviable as total charges excluding mortality charges were very high around 15-20%. Then he proposed to me Unitplus-II scheme. As the charges told to me for single premium 2% I opted for it with a premium of 45000/- and life cover 625%.I was not told about mortality charges applicable for my age.No table was given to me as now sent with your policy.I was shown a table for a person with 30 years age and 110% life cover. The charges are nominal in that case. I was told there would not be much change in my case.
Upon receipt of the policy on 14 November I went thru the table at page 30 and it was shocking.My returns on investment were getting eaten up by mortality charges. I called up Pankaj on 16 November and wanted an explanation about the table. First he tried to convince me with a statement that returns would be 300-400% therefore I should not worry. I asked him what is guarantee as my experience with ELSS scheme of SBI is bad and therefore I would like to go for a safer option as your document promise 6-10% return only. Then he suggested that he can get life cover reduced to 110% so that mortality charges shall reduced and would be nominal. He wrote an application for such request which I signed. Today I received the policy back with a letter that the request is not considered. I called up Pankaj and told him about his fooling the customer with his mis-guidance and sell the product on false and insufficient information. I wanted to get his boss number and he is the boss and their is nobody above him. I wanted SBILIFE head office number and he told its in Delhi and I have to go to Delhi to get its number.Later on I spoke to Chaudhary and Dube and call center also.

Now I desire that either you reduce the cover to 110% or refund me 45000/- with interest.

Pankaj has sold me another similar policy on my wife name Shakuntla Agarwal with a premium of 65000/-. Either the cover in her case also should be reduced to 110% or the money is refunded back with interest.

Devi Prasad Agarwal


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