[Resolved]  Axis Bank — Miss-selling of policies: Policy Nos[protected] and[protected]

Dear Sir,

On June 18, 2022, Axis reps Mr Mahesh Shivarkar ([protected]) and Mr Shrikant Yadav ([protected]) visited me for discussion on investment of my funds.
During discussion, I clearly clarified them that I am interested in investment (Not in any policy).
They mis-presented the policy and convinced me to invest my fund in Max Life policies.

I request to lodge my complaint against Axis reps Mr Mahesh Shivarkar ([protected]) and Mr Shrikant Yadav ([protected]) for following
Mis-selling of policy (I was interested in fund management, not in policy)
Misrepresentation and Misappropriation of funds - The policy is presented in wrong way. The sales re-presentative illustrated as there will deduction of approx Rs 2000/- per policy.
I got assumption as, after purchase of policy, at least Rs 248000/- will be invested in funds. In reality, there is huge difference.
I am feeling cheated here and request to support me to get my complete fund back on priority.

Policy details :

Policy #[protected]
Fund Value : Rs 249999/-
Name : Shriram Jagannath Deshpande
Phone : [protected]
Policy Cancellation Request : 7282620 (Dated June 20, 2022)
Received cancellation rejection mail on June 25, 2022
Second Policy Cancellation Request :[protected]Dated June 27, 2022)

Policy #[protected]
Fund : Rs 249999/-
Name : Manjiri Shriram Deshpande
Phone : [protected]
Policy Cancellation Request :[protected]Dated June 25, 2022)

The meeting with Mr Mahesh and Mr Shrikant happened on June 18, 2022. Discussion points are given below
Total deductions will be as given below
There will be deduction of approx Rs 1800/- against death coverage for my wife
There will be deduction of approx Rs 2200/- against death coverage for my life
There will not be any other deduction apart from the deductions mentioned above
After discussion, I decided to proceed with investment of Rs 249999/- for me and Rs 249999/- for my wife (Total Rs 499998/-)
On June 20, 2022 I received the proposal from Maxlife and understood that out of 249999/- approx 234000 will be invested in funds. (Difference of approx 15 to 16 Thousand)
Immediately I asked Mr Mahesh Shivarkar ([protected]) and Mr Shrikant Yadav ([protected]) to cancel my both policies and revert my fund back.
I received verbal confirmation from Mr Mahesh Shivarkar as 100% fund will be reverted on cancellation.
Generated cancellation requests for both policies
Received call from Max Life representative on cancellation confirmation for both policies. We updated our concerns as of wrong selling of policies
Max Life representative updated me that on cancellation, I will receive back approx. Rs 236000/- per policy.
As per Max Life representative, I will incur loss of approx Rs 14000/- per policy (Total loss will be approx Rs 28000/-)

Looking for complete support and early resolution.

Thanks,
Shriram Deshpande
[protected]