Birla Sun Life Complaints & Reviews

I invested Rs. 12,000 in Birla Sun Life Mutual Funds in Feb 2008 (Polcy Number[protected], and had given instructions to deduct EMIs of the same amount every month from my savings account, through ECS. To my shock, despite several phonecalls to the Helpline, this money was never taken out except the 1st Installment. I complained this several times to the Call Centre Supervisors.

It turned out to be a Blessing in disguise for me, as when being completely fed up with the situation and on the display of extreme unprofessionalism by M/s Birla Sun Life, I requested them to refund my investment with them.

Till date, despite several reminder calls, letters, visit at their Branch Offices and emailing the scanned handwritten letters, I have not got a courtesy call, leave apart my invesment blocked with the Organisation. I strongly believe that the Company has held the money for illegal/ corrupt/ unfair trade practices and have no set up procedure for anyone addressing the concern at their end for the withdrawal or reimbursement of the policies. The entire focus of the Organisation is only towards Hard-Core Telemarketing and Field Executives and their Marketing and Sales Pitch and Loud Business Communictaion strategies.

I now received a call stating that since the Locking period is not completed, the money cannot be withdrawn, which surprises me as being a consumer I am bounded by the clause, despite my several attempts to make the regular payments. There was no action taken by the Organisation to withdraw the money due on the policy, hence causing the lapse and irrepairable damage. Hence, I should be allowed to withdraw from this binding clause due to the inefficiency to perform the requirement by the Party, M/s Birla Sun Life.

I URGE ALL TO NEVER EVER BLOCK A RUPEE OF THEIR HARD EARNED MONEY WITH BIRLA SUN LIFE AND PLEASE SUGGEST EVERYONE IN THEIR SOCIAL CIRCLES TO BE AWARE OF THE FRAUDULENT ORGANISATION.

I Sai kumar from Andhra pradesh.I have given so many policies to your company through OVEN COMMERCE Pvt Ltd.Howrah.Your company sent bonds to some customers and failed to send bonds to remaining customers,consequently customers are harassing me,on other hand your company issued rejected policies cheques in name of customers for the amounts received from them which were lapesed.The policies nos are given as below..[protected],[protected],[protected],[protected],[protected],[protected],[...⇄
Itherefore request you to arrange to send remaining bonds of customers to as earlyas possible.As otherwise the customers would be constrained to move the court of law or cnsumer forum for their redress against your company.
Thanking you,
Your'sfaithfully
L.sai kumar

My name is Shidigam chittinaidu.I have taken one Dream plan policy no.[protected] dated 12th Sep-2008,Rs 4827.75 yearly premium.sorry to say i could not get bond till today.I have already paid three yearly premium in Vizianagaram Branch. several times i have complaint regarding my bond to issue atleast duplicate Bond but no response has taken.
I therefore request to take immediate action please.
Thanking you
Your's faithfully
Shidigam chittinaidu
Vizianagaram

I am an Expact. Four years ago, I was sold two policies by Mr. Rishi Arora from BSL. Last year,when I visited Mumbai, I was advised by him that i should surrender my policies and that to do so, I needed to put in Rs.1 Crore! Sensing this strange, I looked deeper into the matter and found out that I had been missold these policies and that my Investments had eroded by almost 60%! This is inspite of the fact that a few months earlier, he had given me Statements showing a 20% growth. On closer investigation and after complaining to BSL, i was informed that the statements were fake! I also discovered that my signature had been forged on several documents!! I complained to the Compliance Department, but all i have from them is a standard answer "we are looking into it" and later, "nothing can be done"!
That a Company from the Aditya Birla Group, can behave so blatantly crooked is beyond me! And more surprising is that the Head of Compliance and the Head of Financial services who have been appraised of this fradulent practice going on within their company have chosen to ignore this!
I have been following this matter up with them for 6 months and it looks like they do not care.
Kumar Mangalam Birla, who talks about his organization as "honest, ethical and transparent", needs to take a closer look at what is happening within. And take some action.
Instead of thanking people like me who are pointing out 'fraud' within their company, they ignore you. Shame on you - Aditya Birla Group!
Worse still is that because of this attitude, the Birla Sun Life reps are out there in the market still cheating customers - becasue they know that no one will hold them accountable. And as customers, we are left banging on the doors of a Compliance department that has no will or teeth to sort matters out!

i applied for purchasing hdfc top 200 mutual fund through birla sunlife co limited on 16/6/2010 with a cheque of 50000 of same date.they gave me acknowledgement slip but without any date on it and then i got to know through an sms that i have been alloted fund at an nav of around 199.985 on 22/7/2010 while nav of 16/6/2010 is much lower which has resulted in significant financial loss to me.on enquiring hdfc people says that they got the application on 22/7/2010 & they processed it on the same day,they also said that it was unnecessarily delayed by birla sunlife distribution co ltd.now please take my complain in consideration & let me know what can be done about it.

Dear Sir,

My name is Rakesh Ahlawat. I want to submit a complaint of Birla Sun Life Insurance Company for selling their product by providing false information.

I had taken a policy from the company and the advisor had told me that they have a tie-up with Barclays Bank and they will be providing a Credit Card of Barclays bank. The other thing they had promised was cashless card for any kind of medical treatment. But after receiving the policy I came to know that the advisor had given the incorrect information.

Then I submitted my policy to the branch under freelook period on 2nd April 2010. But I have not received my money back till now. I want to file a case on the company as they have wasted my time and my money is also struck with them.

If someone is using the freelook period option then they should send the money back.

Please guide me what should I do in this case as I am very upset.

Thanks & Regards
Rakesh Ahlawat

We had received this policy related documents on 21 July and coz of some
financial crunch, we triggered the Cancellation of the said Policy on 28th
July, 2010. Please find the mails as attached for Reference. I had called
the ITrust CustomerCare centre in Gurgoan for Cancellation process as well.
They responded with details that the Policy cancellation has been triggered.

To my surprise, the monthly amount for this policy was deducted even though
it was confirmed by customer care in gurgoan and the relationship manager
from iTrust, that request for policy cancellation has
been processed.

Today when we spoke to the CustomerService person in Mumbai, We are baffled to know that, you have never received such request(to be processed) what so ever related to our Policy Cancellation.

1st August, 2010

To,
The Chief Executive Officer,
Birla Sun Life Insurance
One Indiabulls Center, Tower I,
15th & 16th Floor, Jupiter Mill Compound,
841, S.B. Marg, Elphinstone Road, Mumbai 400013.


SUB : Complain for fraudulent encashment of my policy No.[protected] of your Individual Life – Creator Policy.


Sir,

With reference to the above, I have to state as under :

1. I had invested RS 5,00,000/- in your above stated scheme on 07.10.2004. Last received statement from you is for the period 07.10.2008 to 6.10.2009.

2. On 16.07.2010 I approached your Vile Parle (West), S.V. Road branch for inquiring about formalities for encashment of my above stated policy with you. Your Vile Parle Branch informed me they are unable to trace my details and advised me to approach Citibank, Juhu Branch, your agent through whom I had made the above stated investment with you. On same day I then visited Citibank, Juhu Branch who noted down my policy details and told me to inquire after two days. After visiting them several times, finally on 23.07.2010 evening they informed me that payment in respect of my above stated policy has already been made to the extent of RS 9,74,000/- on 26.03.2010 and that you have even received the acknowledgement on 31.03.2010 towards this payment. When I argued with them that I had not sought any encashment, they showed me print out of my policy account statement wherein I observed my address and Cell No. were changed and further Citibank even informed me that link between my account with Citibank and my above stated policy were missing.

3. On same evening i.e. 23.07.2010 I called your customer care who informed me that you have made payment towards my above stated policy on 23.03.2010 of RS 9,74,000/- and the same has been encashed at Canara Bank Branch at Patna, Account No.[protected]. When I informed your customer care that I had never furnished any request for the encashment and also never asked for change of address, change of bank account details and change of Cell No., they told me to email my complain to them. I, there upon, emailed my complain to your customer care on 23.07.2010 evening but till date I have not received any reply from you.

4. On 24.07.2010, I went to Juhu Police Station to lodge complain regarding this fraudulent encashment but the police officer told me to give my complain in writing in a letter form so there and then I submitted my complain letter to them.

5. Sir, more than a week has passed since I complained to your customer care about the fraudulent encashment of my above stated policy but I have yet to hear from you. This matter is extremely serious and yet your office is very casual about it and further there may be many more such cases of fraudulent encashment of investors’ money in your company.

6. I, therefore, once again request you to look into the above stated matter at your earliest and oblige. Needless to say that in case of your inaction in the above matter, I will be forced to take up the matter in accordance with the law and further inform the same to media to inform the investing public how unsafe their hard earned money is with you.


Thanking you,
Yours faithfully,
(Dr. Sharad Joshi)
[protected]@yahoo.com
Cell No. [protected]

Invested Rs 50000/-through H.D.F.C.. bank Jangpura Extension,New Delhi, vide cheque no 0272763 dtd11/5/10in B.S.L. CAPITAL PROTECTION FUND SERIES 1cheque credited in B.S.L. Mutual fund folio not created and cheque encashed by them Kept me in dark both by the bank and B.S.L.Mutual fund
With regard to my refund of money I have talked to B.S.L.M funds executives named Mr CHAITANYA, NOORJAHAN PATEL and DIVYA NAIR. Me and my bank has exchanged a number of mails reference BSLFS=[protected]. Each time
they give contradictory statements and mails.Like they have sent my cheque no 272763 back to
me which they encashed on 19/5/2010 I am a Senior citizen and a heart patient. For the last 80 days
I am only going to my bank who forced me to invest in this fund .

.

Dear sir,
After resigning from 16th Feb,2010 till date I have not yet recieved the relieving letter as the same is required for joining a New Company, I contacted my Regional HR, but in vain , then I tried a lot by Mailing to Customer care, then I called them to the Call center Executives but in return they gave me false commitment.
I am totally frustrated on the System of Birla sun life , plzzzzzzzzz do the settlement process as soon as possible.

regards,
BHAKTA BIHARI BHUYAN
Emp -code -35441
Off code - AS-5502


*pls note all the service tickets which are really useless:-
1. [Ticket#[protected]]
2. [Ticket#[protected]]
3. [Ticket#[protected]]
4. [Ticket#[protected]]
5. [Ticket#[protected]]
6. [Ticket#[protected]]

I mutiki Aruna kumari my cheque no:795335 dated[protected] for Rs 5000/-(five thousand only) Policy no.[protected] was lapsed due to delayed delivery.I sent the said cheque to your Head office under Registered post on dated[protected]. for arranging fresh cheque.I have also given complaint letter personally to your office on dated[protected] at Birla sun life insurance company limited,Kolkata south Branch.I therefore request you to kindly send fresh cheque in my address.
Mutiki Aruna Kumari
W/o satyam
Mandarada Village&Post
Kaswa veedhi
Srikakulam-532123,Cell-[protected].

Hi

I bought two policies no.[protected] on 28/11/2009 under the Name of Roshan Bhatt and
Policy numbered[protected] under the name of Kamlesh Rani (My mother). These policies were bought under a good faith
from Diptesh and Harshita Sareen.

At time of purchasing policie no.[protected] on 28/11/2009, they told me that I need to pay Rs 52000 annual premium to
which I will be assured with the amount of 1 crore. And they also informed me that if I pay premuim only for 3 years
(which is locking period) and then I withdraw my funds in the fourth year, I would get 10 to 15% growth on my total
amount which will be nearly to 1.5lc. At that time they did not informed me about any allocation charges, mortality
charges etc that will be deducted from my Premium. I learned about these charges when I went to local branch to pay my
due premium. I asked for statement and I saw that you are deducting nearly 18000 as expenses towards mortality and
other charges which I was completely unaware of. Also I got to learn from Branch head that they might have given my
ITR as risk cover given to me is higher and ITR in this case is must. But I have not handed over them any such
document, so I am sure they have forged the documents as well as they have copied my signature also. Which is again a
big fraud.

At time of purchasing Policy numbered[protected], they informed me that they will be providing me risk cover of 25 lacs
with the annual premuim of 35000 per year. But when I went through the policy I saw that they only given me the sum
assured of 10 lc (again they never informed me about charges that are being deducted from premium.) Also I saw that
they have attached the document of 10th class and that too from some lucknow school. However my mother has never been
to school and above all never been to lucknow. I also saw that they have forged my mothers signature on some places.

I regret to say that Birla sunlife being such a big group has let these frauds to happen under his name. I request
management to cancel my policies and refund my premium for these two policies asap or else I would bring this matter
to Ombudsman and then finally consumer court. I kindly request you to take appropriate actions against this ASAP and
kindly refund my money.

Thanks & Regards
Roshan Bhatt
[protected]

Dear Sirs,

Please note that I had bought a Platinum Premium Policy , ref application
No. A37367227 under cover of receipt no. 17085212 dt. 27th March , 2010.
The Insurance Advisor No. is AV 3491 and Agency Mgr. no. 319077.

I had paid a premium of Rs. one lac vide cheque no. 027067 dt. 27.03.2010
drawn on Union Bank of India, and the same was debited to my account on
31.3.2010

Almost 3 and half months have passed , I hv not received the policy from the Insurance company. Every time on contacting I have to give them several answers for there confirmation but their answer is sometimes, the policy has gone back to Jodhpur Branch, sometimes give us 2 or more days time to look into the matter.

We do not know who to contact because the customer care is unable to give any satisfactory answer.

Kindly direct the company to send my Policy mentioned above , to me without any further delay.

Thanks.

I had purchased two policies for my children on the advice of my bank - each premium close to 90000/- they had assured that money will be safe and i[censored]nable to pay further premiums then I will be refunded only deducting few charges. Trusting the advice I signed the papers and documents since I could not understand the meaning of the complicated projections, clauses, etc. in the given time-frame.

I could not pay further premiums to these two policies and I was expecting my money back after their deduction of reasonable mortality and admin charges.

To my utter surprise, Birla Sunlife call center started giving evasive replies and started insisting on minimum three premiums - only then I can expect any refund! To get my principal back without interest I was required to pay 6 premiums! They replied that I have lost close to 2 lakh - everything is deducted to mortality and admin charges! And the policies are also lapsed two years back - so in effect for insuring two kids lives for one year they have charged two lakhs!

This is nothing but gross FRAUD being done by Birla Sunlife on unsuspecting public. Govt. and IRDA by allowing this to happen without any sort of regulation. All are looking the other way and allowing this scam operation and looting people's hard earned money.

LESSONS LEARNED

Ask probing questions to your agent to thoroughly understand the following:

1. Whose life is insured (in my case, kids lives were insured which is meaningless - I am the bread-earner and my life should have been insured!)
2. What is the lock-in period (usually 3 years)
3. What is the surrender value
4. Understand all the charges with live examples.
5. What is the guaranteed returns.
6. Within first 15 or 30 days - a free look-in period is available - we can cancel the insurance policy if not fully satisfied (THIS IS MOST IMPORTANT EXIT DOOR FOR THE PUBLIC). They try to deliver the policy late and the date on the policy reads earlier - so that hardly one week will be available as free look-in. But this you can refute by writing a letter to them of actual date of receipt.

Dear Sir,

I am an employee of Nomura Servcies India [Lehman Brothers]. Last year [27-Aug-2009] I agreed to have a policy with Birla Sunlife after several insistence from citibank relationship manager. The policy [Id:[protected]] name is 'Birla Sunlife Saral Jeevan' and I invested Rs. 1,19,940 towards the policy. Before applying for the policy I was informed by the guy who is a Citibank employee, that Birla Sunlife will deduct merely some 1.25% to 2% of charge for first 3 years and thereafter nothing will be deducted. I'd trusted and went ahead with the policy by filling up a form where there was no information about the additional charges and all. I also received the brochures only after my first premium got deducted from my Citibank a/c. Of late I came to know they've deducted a huge amount which is an astounding 25% in first 3 years along with the fund management charge which I was told about only. So after one year, my fund value has become Rs. 89,000 [they deducted Rs. 30,000 in 1st year]. Which clearly shows how these guys are cheating the common people and even citibank to whom I had a respect once upon a time is simply proved out to be a roadside agent who can go upto any extent for money and they are such shameless guys that they even started cheating the corporate people who had been their customers for quite a long time. and i really appreciate their shrudeness and the way they have mentioned the no. of cover and all. e.g., for my case the co. of cover is 132 and if I want to discontinue as per the brochure they will deduct Rs. 900 per cover which for my case Rs. 1,18,800, almost equal to my premium. So people have no option other than sticking to the policy fearing they don't want to lose their hard-earned money. So after 3 years they will deduct almost 1,00,000, so after giving a hefty premium of 3,60,000 [in 3 years] I'll be left with a fund value of 2,60,000 and for Saral Jeevan, the nav will never go upto that level which can compensate my loss.
So my question is, why I was not told about this hefty administration charges. Had it been known to me, I would have never opted for this policy. This is the return I received after relying on one of the respected(????) bank and their loyal employees. I'm going to raise my concern with my company HR and see what I can do. But at the same time, want your humble opinion as to what can I do to get back my investment. Shall I go to a lawyer?

Bank Details Updation...........COMPLAINT NUMBER[protected]At Birla Sunlife Mutual Fund)

Dear SEBI,

I have purchased one MF and folio number is [protected] against Birla Sunlife Tax Relief – Growth

I have given the request for the above mentioned folio number on[protected] at Cams New Delhi, Barakhamba Branch Where I have requested to update new bank details.

Initially said request was rejected due to signature mismatch that too was confirmed only when I have marked a mail to BSL and got the confirmation for this on dated[protected]

Then again I have given the request to Cams New Delhi Barakhamba Road along with the Banker Signature Verification on dated[protected] and received the confirmation on dated[protected] that request has been updated in their record and they have confirmed this on mail along with the soft copy of the statement.

But it’s really shocking to see that after so many follow ups / reminders and even after receiving the confirmation mail old details are updated.

Its been two months that i am chasing BSL to solve the issue but still the issue stands remain there where it was. Have marked various mail and had raised by concerns over the telephone also to BSL at their customer care numbers.

They have given the COMPLAINT NUMBER[protected].

Request you to kindly help.


Regards
Balwinder Singh Mehta

I was a customer of city bank and i took homelone from this bank. i was insured for my loan account at birla sunlife insurance company.
now i have cancelled my home loan at citi bank and i have transferred it to state bank of india.
when i asked about my insurance amount at citi bank, they asked me to enquire about it at birla sunlife insurance and when i did the same, these people at birla sunlife insurance company didnt give any proper information.
again i visited citi bank for the same, and again they asked me to write a letter regarding cancellation of my insurance amount and said that i'll be replied within a month after i post the letter through courier.
i wrote a letter stating to cancel my insurance account and return the remaining amount to me at the earliest
and couriered the letter to their main branch at chennai.
i didn't get any reply from them till now though it happened three months after i have posted the letter to them.
please assist me at the earliest.

Dear Sirs,


NO BODY IS READY TO GIVE ME MY COMMISSION FOR THE LAST TWO YEARS, WRONGLY DEDUCTED BY BIRLA SUN LIFE.

NOW FORCEFULLY EVERY TIME WHEN I VISITED THE BRANCH THEY SHOW ME DIFFERENT CONDITIONS SUCH AS TO GIVE 6 OR 4 POLICIES TO GET MY COMMISSION BACK. BUT I HAVE NEVER HEARD ABOUT TARGETS AND WE CAN'T OR WILL DO THIS BUSINESS WITH TARGETS BECAUSE IT IS NON-GURANTEED AND DIFFICULT TO MAINRAIN AS DIFFERENT COMPANIES ARE WORKING IN JORHAT WHICH IS A -VE POINT OF INSURANCE. SO PLEASE PAY MY COMMISSION WHAT I AM DOING AND WILL DO. PLEASE SEE THE MONEY TARGET ONLY(6000+60000=66000) IN THE LAST 6-8 MONTHS BY ME. Why we agents only suffer for it but you and officials get the full credit by using us which is not a good thing as GOD is watching all from topsky and pay them for their good/bad works!!! I tell youin future your company will suffera great problem for it. HOW CAN I RECEIVE MY PENDING COMMISIONS?
MY MAIL:[protected]@gmail.com

yOURS OBEDIENTLY,
RAKTIM BARUAH
JR1289

Dear Sir,
My self nitin sharma . i purchaged a mutual fund from unicon investment solution in 19/2/2008 with hdfc bank account no. (Hisar Branch)In the year 2010 i change my account no. with the same bank hdfc (Gurgaon branch).all the previous divident i was got in my previous account. BUt after changing the bank branch from hisar to gurgaon . Birla sun life mutual people issue a dividend of rs 832.79 rs/ on 12 march . But this dividend is no credited in my previous and current bank account. i contact to birla sun customer many times also visit the nearest branch in connought place but they didn't give me the right information about my divident . They always give the same answer to me i.e "the divident issue is under process it may take near 7-10 working days". Kindly support me for getting my divident as soon as possible.

Dear sir/ Madem,

sir in the period of February 2008 i had two investments with Birla sunlife Mutual fund and Principal Mutual fund, both were SIP of Rs. 1000/- each.

Sir as per my bank record (Bank of Baroda SB/A. [protected] Vaishali Nager Branch Jaipur) in the month of feb. 2008 there are two ECS withdrawal under ECS sequence no.
[protected] and
[protected] one is with Principal MF and second is with Birls sunlife MF.

And in the month of March 2008 there are three ECS withdrawal under sequence no.
[protected] (Dated[protected] Birla sulife MF
[protected] (Dated[protected] Principal MF
[protected] (Dated[protected] Birla sunlife MF

sir when i went to Birla sunlife MF office and told them all the story they requested me for the period of 7 days to solve the matter,

after 7 days the gave me a letter under mentioned that in the month of Feb. 2008 we send ECS debit request to Bank of Baroda but bank refused the request with reply NO SUCH ACCOUNT so that in the month of March we made two withdrawal.

and the same time bank of baroda also gave me a letter that we have given money to Birla sunlife MF in the month of Feb. 2008

Sir now my matter is still pending from last two years without conclusion please help me out for such problem

Best regards
Sanjeev Sareen
+91-[protected]