[Resolved]  Birla Sun Life Insurance — unfair and fraudulent trade practices

Address:

Haryana

I had to invest for 2009-10 finantial year for tax saving purpose. I told my rsquirement and the type of product I need to Birla sun life insurance company agent Mr. Amar Bharadwaj.
My Requirements were-
(1) I Have to make one time investment of Rs. 42000/- (only for finantial year 2009-10) and do not want to continue further because it would not be possible for me.
(2) Locking period of the investment should be only 3 years as in other mutual fund ascemes.
(3) 100% of the amount should be invested in the scheme.

He told me that he understand my requirements fully and he will give me the appropriate investment option and took signed documents from me.

When I Received the documents, I got to know that he gives me a life insurance scheme that I have to continue minimum for 5 years else I have to pay penalty (up to 100% , if I could not pay for the 2nd year). Additionally a large chunk of my hard earned money Rs 17,254 has been deducted from my investment as administration charges and taxes.

I called the agent and told him the same. He picked my first 2-3 calls and after that he is not piching my calls.
I also complained to Birla sun life customer care by mail but every time I get a computer generated message. I have given at least 5 reminders for the same but getting no response from them.

This is the case of absolute fradulence and unfair means of business.Kindly help me out to get my money back and a penalty for the trauma I am suffering from.

Kapil Kumar Srivastava
Mali Id: [protected]@rediffmail.com
Mob:[protected]