[Resolved]  SBI Life Insurance — Policy Refund

Address:

Gurgaon, Haryana

Hi, I took a policy from SBI Life Insurance two years back. When agent came to my place to brief on the policy and to take the cheque, I told him that we will be making the payment for premium on monthly basis as that is what we could afford at that time. He pursuaded us to make first payment as lump sum amount as that would fetch some benefits and from next year I can do monthly payments for premium. I did as he said. But, one year later, when I contacted him then he didn't respond and when I called him from a different number then he told me that he is busy and can only talk to me after 6 momths. When I contacted his seniors then they told me that it is not possible to make monthly payments for premium as I had to inform that in advance. And, if it get approved, a penalty/charge of 8% is applied. When I investigated further, I got to know that agent had not only lied about this monthly payment thing but also had lied about the benefits related to the policy. He made complete fool o[censored]s. Even if I ignore the castles of benefits made by agent at the time of selling the policy to us, I still can't keep the policy. I cannot afford to make payment in lump sum and penalty of 8% makes this policy useless as I will end up paying more than the payput of policy thereby going negative. I took this policy for my parents with their little savings so that they have some financial support in the years to come. Now, their savings is also at stake. Please help me with this. [protected]@gmail.com +91-[protected]