Reliance Life Insurance — Unfair business practice and poor grievance redressal system

Address:	Paschim Medinipur, West Bengal, 721132
Website:	www.reliancenipponlife.com

Dear Sir,
I have been canvassed for the above policy through online and was offered a very very attractive return by the Executive who have canvassed me for the policy. However, after receiving the policy I found that very less maturity benefit with compared to offered one, and also it has found that the name of the policy which issued was not matching with the offered / applied one. Immediately, I have contacted the Sales Person / Executive (Ms Manisha, Kolkata) and informed her that since the returns are very less and policy also changed I am not interested in the policy and would like to stop the policy and want to get back my amount immediately.
In response to this, she has informed me that Somebody at Reliance has done a mischief and they have conducted an enquiry and the culprit has been booked. They are ready to change the policy and issue me the earlier offered one and requested me to submit a fresh application and also requested me to submit a letter requesting to transfer the fund from issued policy to the proposed one. She also told me that my premium amount will be little higher with compared to the issued one and has requested me to pay the additional amount of Rs.15, 000/- towards increased premium for the new policy. She assured me that she will personally look into the matter and will ensure that I will be getting the returns as offered initially. Against her assurance, I have submitted the cheque for Rs.15, 000/- as additional premium and also a typed letter requesting to the Reliance Insurance Company to transfer my fund from previous policy to the new policy. however, in the letter, i have clearly mentioned all the benefits which were offered to me and also clearly mentioned that if they are not in a position to extend the offered benefits, please consider the letter as request for free look option and return my amount.
When I received the second policy document, I was literally surprised to see that the maturity benefit was far less than that was offered and also my letter requesting to transfer the fund from first policy to the second policy was changed with a hand written letter with a forged signature. When I noticed this I have tried to contact the lady, who afterwards, never attended my telephone calls. Latter on I come to know that she was not from Reliance, but one of the staff of India Infoline. Sir, afterwards I have approached all the persons, including Grievance Redressal System of Reliance but all my cries for justice went on vain.
Now, I come to know that the Customer Service of Reliance Life Insurance is not at all helpful in addressing customer grievances. From this incident, I come to know what will happen to a policy holder, if something goes wrong. There is no guarantee that I will be getting the maturity benefit, if continues with the policy, Under this circumstances, I have decided to discontinue the policy and has requested to stop the ECS mandate given for premium deduction. For this also, I have been getting calls from your executives citing some silly reasons and stating that ECS mandate cannot be stopped. This clearly shows the attitude of the Reliance Life Insurance Team, in hunting the policy holder. I have lost my hard earned money of Rs.35000/- by way of falls promise and an Agent who made such false promises and dared to do put my duplicate signature is still enjoying the patronage of Reliance Life Insurance Company, as they are the income generator for Reliance. I have been escalating this issue with various level of reliance officials, who are neither interested in finding out the truth or never paid any attention to my grievances. They were never replied to the issues which are raised by me. I have wrote nearly 25 to 30 emails but all my efforts failed. Under this circumstance, It has pained me a lot that never any of the Officials were enquired me about the incidents, but were simply rejected all my plea for justice citing some excuses. I have left with no option but to escalate the issues with various consumer and customer forums.

Now, I lost all me hope of getting back my hard earned money. It is surprised to see that eventhough in India, there are a lot of Consumer protection rules are there, still such cheating is being happened and the money of the general public is being collected by such big organizations through unfair / unethical means.

Sir, I hope Consumer Complaint will be able to do something to get back my hard earned money from Reliance Life Insurances.

With regards,

(Rajeev A K)
D-20/2, BRBNMPL Township
RBNML Post
Salboni, Midnapore (West)
West Bengal - 721 132
Phone No. [protected] / [protected]
E-Mail: [protected]@gmail.com