[Resolved]  Axis Bank — Mis-selling, sold ULIP product instead of Mutual Funds

#AxisBankShameonyou Axis Bank is such a fraud bank for senior citizens, where my father went to the branch to invest in Mutual fund and without telling him being sold ULIP plan. He is 70+ (in age), senior citizen, and because they cannot sell an insurance product directly to him they put it with my name without telling him or me. All this time he wasn’t aware of being sold a ULIP product and when now he is required with immediate funds and wanted to liquidate mutual funds, was told about it needs to invested in 5 years lock-in as a product with lot of charge in front, cannot liquidate before and have to pay this every year to them otherwise this policy will lapse.

He had this account for more than 40 years with Axis Bank, it was his govt salary account, and till this point he use to trust bank, now with this, the trust is gone and also have gone through with lot of stress with his retirement money is being mishandled by your representative. Want to cancel this product ASAP and request his hard earned money to be returned in full. All the branch employees are just talking about the free look period, that he should have checked each and every detail before that and not trust bank employees on their words. It's like if 15 days are passed robbery won't qualify, how can one trust these fraud people ready to make their merry on the woes of senior citizens clients always easy to be their pray.

Policy Details# UIN 104L082V04

Branch# X1540

Policy#[protected]

Axis Bank representative Annu Singh (Person Code 425404)