[Resolved]  Axis Bank — unethical behavior

Address:	Gurgaon, Haryana
Website:	www.axisbank.com

Dear Sir,

My name is Amarjeet. I am living in UAE since 2010 and visits India once a year. Since 2010 I am operating NRE account with Axis bank. Whenever I come to India, I also visit Axis bank to invest my savings to get good returns. I have my NRE account in Gurgaon ( Haryana), sector 14 branch.

Last year on August 17- 2017, I visited India and Axis bank. I met Mr. Ankit Paul, NRI customer relationship manager. I had an account balance of 30 lakhs, in fact I had bank FD and wished to renew it. But he advised me to invest in LIC jeevan akshay plan, saying that it will give you better returns than FD. I was not known to this LIC plan and I said him I want to invest my money in such a scheme which would allow me to withdraw my money whenever i need of money.

I also mentioned him i would like to do some research about this policy and then i will decide to invest or not. In the mean time Mr. Ankit called LIC representative from LIC Local office in Gurgaon. I forgot the name of that person, he also apprised me about fixed returns of the policy. I did raise my concern again that can I withdraw my money when i need, both said yes, you can but after one year of investment .

They did not tell me about any withdraw or surrender conditions, even they did not give me any policy related documents to read that day. One more question that i asked them, on surrender the policy after one year if i get the money back in NRE account because i had to invest from my NRE account, both replied yes, you will get your money back in NRE account.

They both said, believe us we are offering you best investment plan. Since I had to go back to my parents house which was 100 km from Gurgaon, so i said them i will come other day, but they insisted that it will take just 20 minutes and need just one or two signatures. I could feel they were not known fully with the policy and documentation, as they were calling here and there to know how to this and that. I did ask them again are you sure, can I surrender policy after one year, again the reply was yes sir, trust us we know everything, system is slow that's why it is taking time.

I did trust them and signed a proposal document and after that they took 2-3 hrs to do online transaction, also they said they will send policy document to my UAE address as I had to come UAE on 25th August. Policy number is[protected]

After reached my parent's house, being suspicious, next day on 18th I again called Mr. Ankit Paul and did e mail asking the same thing about surrender of policy after one year if not cancel my policy and return my sum, he replied the email, sent me some details of the plan, but again there was nothing mentioned about any surrender conditions except that time one year of investment.

E mail conversation attached, which he had sent on my yahoo and gmail.

On 4th June, I again contacted Mr. Ankit asking the process to surrender the policy after having invested for one year. I need money for my daughter's higher education, she has to move Canada or New Zealand. His reply was like a bombshell on my head, he replied, sir as per LIC you can surrender this policy in 2 conditions ( in some medical conditions or if you have moved from India). This information I came to know after 10 months . Attached What app chat with Mr Ankit Paul.

Had been given the correct and proper details of policy at that time i would have never invested my money.Now I am in such a mental stress, you can't imagine. I feel completely cheated by Nexus of LIC and Axis bank representatives.

Sir, I am so tense, can't explain . I can't get ill or produce fake medical reports to get my policy surrendered . I can only say I am settled in UAE since 2010 with my wife and daughters and have no plans to come back in India. I can only produce my family UAE residence visas which gets renew every 02 yrs, erstwhile in 3 years.

I want my hard earned money back which i saved for my daughter's future. Please look into my case and help me . I can come anywhere in India to put my case personally if needed.

I look forward to hearing from you soon.

Kind Regards
Amarjeet