[Resolved]  Reliance Life Insurance — Fooled by the company's agents

Address:

Pune, Maharashtra

I got a call in the month of May 14 that a policy which promises an interest free loan on it has been launched by Reliance Life insurance co. ltd and the scheme is a limited one for which i need to take immediate action. I was told that if i pay Rs. 50, 000 as premium per year for their super money back policy, i get an interest free loan of 10 Lakhs which has to be repaid within 15 year period on a monthly basis . I was in desperate need of funds, but i did not have this 50, 000 to initially fund for the premium . So i asked them for a policy with 30, 000 as the premium for a 6 lakhs of loan which they said will be disbursed into my a/c after 20 days from the day of clearance of my cheque of first premium of Rs.30, 000 . This cheque got cleared in first week of June and from that date till now I am following up with them like a mad person.I was also told not to disclose about the interest free loan as this is being done by Reliance Capital and it is an internal setting which need not be disclosed now to Life insurance verification dept. Recently i came across an internet link which said "Fraudulant calls to lure you into taking policies guaranting interest free loans by Reliance ". Also i checked "Reliance policy loan" on Google and found my answer that i also have entered into the list of people who have been fooled. I do not understand why is this happening . Does the company not verify the agents background before any policy is logged-in by that agent...how can such a reputed company leave such loop-holes open for anyone to play with their reputation? OR is it the other way round...are they deliberately into making some quick business??? I have my strong doubts. I enquired at the Reliance office and understood that this policy cannot be cancelled now and i have to pay my premium for a period of 15 years for which my ECS has also got activated. I want to cancel my policy and want my money back...kindly help. My policy number/ contract No. : 51668796, Client ID : 88059591 I want the people behind these kind of frauds, to be punished and penalised . How can that be done?? Should i file a police complaint against Reliance Life Insurance co. because i know that i have been cheated by Reliance Life Insurance people? I have the phone numbers from where the calls have come : 1) [protected] - Ashok Jain/ Rajiv's mobile number 2) [protected] - office land line 3) [protected] - Ambika . Can any one help me ?? Can anyone pls help spread awareness about the same through media? Also find attached my first premium receipt.. Pls help ...my contact number is[protected]