Reliance Life Insurance Co. Ltd — Personal Loan offer against Surety of Reliance Life Insurance Policy

Address:

Mumbai City, Maharashtra

Transcript given below which was given to Reliance Customer Care on 4th August 2015 I was looking for a loan and accordingly I was checking ICICI loan calculator. On 10th of June I was contacted for loan fulfilment subject to I go with Insurance policy. I was looking for a loan of Rs. 3L for my daughters admission. The solution that was provided to me by Mr. Rahul Mishra – [protected] with complete explanation to go with Policy with 30K annual premium, 15 Years Payment Term. The Plan is Gauranteed Moneyback Plan 15/20. I was explained that after taking this policy in 35 days, I will get the loan transferred to my Account. The loan is @ 3% Interest Rate and it will be deducted on Policy Maturity and balance money will be paid back with all benefit. Also I was told that for the first three years, agent commission Rs. 9K will also be given to me as a credit. On agreement to go with Policy, I was told that during confirmation, do not talk about loan disbursal. I completed the formality of going ahead with Insurance Policy by issuing a cheque of 30K, 2 Photo, PAN Card Copy, Resi Proof, Canc Cheque, Copy of Aadhar Card. Next day after completing the insurance documentation process, I got a call from Mr. Nitin Jain giving me the Loan Application Number BIR 0526262 and his mobile number [protected]. As both Rahul & Nitin were speaking same language, I understood both are from same department. I got the policy document in few days later and also I got a call from Nitin from landline, saying that my loan amount will be credited to my bank account directly on 29th July. I tried to contact him again on 29th on cell number and in return I got a call from landline, saying that it has already gone for process and I should get credit through NEFT before end of day 30th July. Nothing happened and there after I tried contacting him over cell phone but no one picks up the call. Landline through which I was receiving calls are probably meant for only out going call from their end. I would like to understand what has happened and how your policy division is involved in this type of activities.