[Resolved]  Exide Life Insurance — Mis-selling and wrong commitment

Address:

121006

Madam/dear sir,

The matter is that four months back i received some phone calls from no. Of persons representing/pretending themselves as employees of exide life insurance co. Ltd one of them is mr. Pankaj rastogi (Mobile no. [protected]) and mr. Ramakant ([protected]). Believing on their wordings over the phone calls i invested in your exide life guaranteed income insurance plan (Policy no.[protected] with a premium of rs. 30, 000 per annum for seven years with some of below mentioned terms and benefits in good faith:

1. Premium payment amount rs. 30, 000.
2. Sum assured (Sa) amount rs. 2, 40, 000 (Approx)
3. Premium payment term 7 years.
4. Payout terms by elicl 8 years
5. Money back from 8th year to 15th year @ 11% pa of sa i. E. Rs. 26, 400 pa.
6. Maturity amount at the end of policy term i. E.in 15th year rs. 2, 40, 000.
7. Additional benefits: 50% cash back on 1st premium and 40% cash back from 2nd to 7th premium.

But when i received policy bond (With policy no.[protected] there was nothing as described above and sum assured amount was too less. Then i contacted to mr. Pankaj rastogi he said that this policy bond is agent vertical bond paper as per elcil policy and you have yet to receive corporate policy bond paper with your welcome kit. I followed up regularly with him but they kept me waiting for more than two months so that i cannot get cancelled the policy within free look period.
Then i complained about it to the company on all level and also provided them a call recording of verification call by one of their agent confirming all policy benefit. But they keep saying policy issued and it is out of free lock period so can't be refunded and you cannot be given these benefits as well.
Few days back i got another call from exide life on my another mobile no. And trying to sell same policy again.
Still company is not taking any action...
Sharad chaudhary