[Resolved]  Axis Bank — False communication by loan agent, now, bank obstructing returning of certificate of insurance for home loan within free lookup period

Address:

302025

Maxlife insurance: policy no. 35002367 certificate insurance no. Phr[protected]

I received the certificate of insurance via speed post (Eh[protected]in) on 28/04/2017. It has a clause which says, i can return this certificate within free look up period, which is 15 days, or 30 days (If purchased from distant marketing) from the date of receipt of this certificate.

So, it's still in free look up period in either case. I wanted to return it, the reason being false communication by the agent. The agent regularly conveyed me incorrect information. He said the premium would be around rs. 40, 000. After few days he confirmed that it would be rs. 48, 500. Now, the actual premium i see is rs. 73, 448. I am really saddened by this false communication and feeling like being cheated. I don't want to keep this certificate of insurance anymore.

To return the certificate of insurance, i went to loan center (Shanti tower, hawa sadak road, jaipur), where the help desk person gave me contact no. Of insurance personnel, who further gave me other contact no. Thereafter, i went to max life insurance office (Sanghi upasna tower, c-scheme), they agreed to accept the returning, but asked to get the noc from some manish tiwari in loan center.
I went back to the loan center, and had a conversation with manish tiwari. He kept me waited for sometime, then refused to accept my application (Find it in the attachments) for returning the certificate. He argued, "if you didn't wanted this insurance, why did you applied for it?".

If that's the case, what's the purpose and meaning of free lookup period? And, if i had signed on the application for insurance, would i be forced to pay any premium amount? Did i signed on any document which reflected the premium amount?

After all this, my loan agent called me and said bank provided me loan only on condition that i would be taking home loan insurance. That's insane, as i wasn't informed about this. And also, this is in violation of rbi guidelines which says that no two packages can be bundled.

Please help me in returning this insurance certificate, and as i have informed the bank and insurance company (Via email + calling on customer care), it should be returned as per the free lookup period.

Thanks,
Vishal upadhyay
[protected]