Reliance Life Insurance — Fraud & Cheating

Address:

New Delhi, Delhi

I Anand Kumar Gupta unfortunately is the holder of the Reliance Life Insurance policy having No. 51754021. I have been severely cheated by your agent/broker and was the victim of the fraud of Rs.150, 000/-. I was told by your agent Mr. Rahul that by taking this policy I would get loan of Rs.600, 000 and would get gold coin in return and this is only one time investment. Earlier I was reluctant to buy the policy as I do not had hefty amount of Rs.150, 000 for availing this loan amount. But the agent kept on calling consistently and urge me to go for it as this offer is provided by the Top Insurance company of the country for the limited time period only and hence I cannot take loan again from any of the bank as it will adverse my CIBIL record. I agreed upon it as i need to avail loan for building my house. As he promised it would be an interest free loan and would get process as soon as I deposit Rs.150, 000 in the favour of Reliance life insurance company. He told me it would be one time payment and as soon as I receive my loan amount, the amount deposited in reliance life insurance would get refunded in my respective bank account. For arranging such an hefty amount of Rs.150, 000 I kept my wife's jewellery under collateral and on that I borrowed Rs.150, 000/- @ interest of 15% as I was sure that within a month I would get the money from reliance and the loan amount as well and would then take the jewellery back. Agent was regularly calling me whether I have arranged the money or not and if not then he would send my negative report to CIBIL. He send some of his executive who came with the forms and took my signature on it and executive regularly came to my home everyday as he told that some call will come on my mobile from reliance which he needs to verify it as he need to tell his code to them and other confidential details to process the loan. When call came to my number from reliance next day after giving the cheque he attended the call and gave the required information for the process of my loan amount as I had assumed as I trusted Reliance Life Insurance Executive who had his ID Card with him. On the whole I was wondering that all this is happening for the process of my loan amount for which later I came to know that all fraud is going on. After 2 days i called back on the same number for which he assured me that my loan application is accepted and amount will release soon. After few day I called back on the same number which was continuously coming SWITCH OFF and I got scared as I was unable to contact that person who gave me soo many promises and assured me that he is there to help me. After almost a month one of my neighbour came to me with some reliance document stating my name on it for which I was surprised and he told me this document was deliver to his address few days back. As soon as I received the documents from my neighbour I rushed to the Connaught Place reliance office and then there I came to know that I am cheated. And when I requested to cancel the policy I was denied to do it simply stating that "It has crossed 15days free look period" I was shocked by this statement how can company cheat customers by allowing doing such frauds and not helping the customer simply because of their benefits. I urge them to take my cancellation request which they did later but again after few days I received letter from the company stating that my request of cancellation cannot be accepted. How can company be soo rigid and gave lame excuse that all the details are verified by me on the phone call itself. I told them that phone call was not attended my me it was their trained executive who did it but again my plead is not listened. what company tells is correct and i have to accept that. I am sure there are some values and ethics which company follows and its not there to cheat customers through their well trained executives. I plead to you all please cancel this policy and return money back as till now i am paying interest on the borrowed amount and need to get free my wife's jewellery. I am a middle class man for whom Rs.150, 000 is a big amount. I am really in a shock state and mentally disturbed by such a big fraud. I hope to get justice here from the IRDA so that I can live my same life again. Please help me in getting my money back and take necessary action the executive. Otherwise I have no option and to take legal action against the company and register the FIR for the fraud.