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[Resolved]  Citibank / Birla Sunlife Insurance — Fraud agent

Citibank has a tie up with BSLI and they offer their credit card customers to purchase insurance policies from birla sunlife and citibank makes the initial premium payments on behalf of the customer.the customer pays the Premium amount in EMI without any interest.
I have joined an organization in 2007 and i did my tax planning perfectly for that financial year[protected].An agent of citibank called me everyday for this plan.He insisted me on the plan and said me that i can go for it and it will benefit my tax purpose for the financial year[protected].I started making payments thru my citi credit card from april against this plan named "Dream Plan".However i got a premium recpt certificate stating that i made my 1st premium payment on 19th feb 2008.When i contacted my agent, he said that he will provide me with another recpt certificate stating that i made my 1st payment on april.But now when i'm trying to contact my agent, he is untraceable.His cell phone no.is always switchd off and the alternate nos. are never reachable..he was a citibank broker and have played a foul game...
now this plan wont be of ne help to me for this financial yr...cos i need to submit my actual investmnt details before 15th feb of every year in my offc...
Complaint marked as Resolved Aug 14, 2020
Complaint comments  5 CommentsShareTweet

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I would request all my friends who wants to invest their money dont beleive at all on the Citibank Agents .
They will help u in paying the First year payment to BSLI and the amount will be deducted from your credit card account for the First year and from the second year it will be converted into the standing instructions as monthly.
I[censored] are a new customer and dont have any idea abt the ULIP, please consult any friends who have invested previosly but dont ever i repeat dont ever belive on the citibank Agents. They dont provide u the full information.
Now let me exlpain my case : -
the agent told me that i[censored] invest 60144/- every year in BSLI, u will be getting certain amount after 20 years, they will show u the high end figure . U must know one thing the poilcy terms continues for 5, 10, 15, 20, 25 years. They wont tell u abt the charges i.e policy charges, mortality charges, surrender charges . And they will insist u for a longer term do u know the reason for this, Higher the policy term higher is thier commission . for 60000/-, 20 years the comission comes approxomaitely as 24000/- . For the first three years If i pay the amount of 180000/- my fund value after 3 years is 145000/-. do u know why there is such charges, becoz of the policy cherges, mortality charges (which wil continue the for whole ploicy life term), and also the commission of the agent . Now after the 3 years i[censored] dont want to continue u r in loss so u have to conitune for next 3 - 4years to make the adjustment o[censored]r fund valus which u invest.I[censored] go for a longer then no doubt u will get a more amount but u do it with a certain dis-satisfaction.
I[censored] give a complaint on the BSLI or the Citibank, they have a good reason for both of them .
BSLI would tell : "Sir we have given u all the documents and we gave u free look period of 15 days u must have checked it".
Citibank Agents or managers : "Sir I Agree that my colleague did nt gave u all the information I am really sorry From the next time she wont do like that'.
But One thing is for sure No one neither BSLI nor Citibank will help u reagarding this matter .beacuse they have a mutualu understanding between them No actions will be taken against the Agents. No one will do any thing for the customer beacause, Citibank agent will get the comission and the BSLI has got a cutomer for such an amount . And they know very well that these guys cannot do any thing beacause we are a part of the company and company will close this matter after certain period of time for their reputation.

So guys i[censored] have fallen in a well, just try to come up by regularily investing ur amount until it gets balanced with the amount u invest, and after that only u try to withdraw the amount and i[censored] have the patience to continue with the longer terms then there i no doubt u will get teh good amount..beacuse whatever u invest u will get that much only .
I am the latest victim of BIRLA + CITI fraud.But i think i can still pulled it off. I would like to know how to cancel the plan immediately.
Dear,

I request you to write a mail or visist citibank and complain there & ur query will resolve asa

If you are in mumbai than you can visist HO in andheri east in marol naka
This is my mail which I have written to Citibank Let's see what will be the response.

Dear CITI
This has reference to my Birla Sun life Insurance policy no[protected] which was purchased using this Citibnak Card. This policy was endorsed to me by Citibank through Mr Prem of citibank Chennai with a promise that each year my policy will be renewed automatically when it is due. This month the policy was due on 28th March. Despite many reminders to Mr Prem and despite all his promises and reassurances I am aggrieved to say that so far the policy has not been renewed (I can forward the reassuring emails from prem). I contacted Mr prem mobile no [protected] yesterday and reminded him about the policy payment on which he came out with the excuse that I do not have sufficient credit limit. I even requested him that he could get my policy payment terms changed to monthly instead of annually and affect transaction of monthly installment for the month of March. He has promised me to do the same but so far nothing has happened.
I am really upset and aggrieved and feel I have been duped by this man Prem who claims to be a manager in Citibank. At the time of soliciting this policy to me he was full of promises that he would provide me seamless service and Citibank will take responsibility of annual premium payment of this policy.
Well.. I guess I have been taken for a royal ride and have learnt a lesson never to trust anyone from Citibank. I am writing this to request you to give me an explanation as to why I should continue my relationship with citibank for such a poor customer service as well false promised given to me by one of your representative that amount to cheating and false soliciting of an inferior product.
I have been a very loyal citibank customer with an excellent credit rating. if this kind of treatment is meted to a customer like me then I wonder what might be happening to other customers.
Please note if I don’t receive a proper reply and an explanation from you then I will be constrained to discontinue my relationship with Citibank and will not hesitate to share my experience on various open fora.
It would ne nice if you can assign a customer service representative to talk to me on my mobile no [protected] and also enquire into this unpleasant experience that I had to undergo.
I hope a speedy readdressal from you.
Regards

Dr Rakesh Calton
Citibank BSLI policy is absolutely a fraud... Please do not fall prey. I had great regards to Citibank but its now down the drain.
They just push to each other when there is a problem and say they are not responsible.
This is the worst policy you can think of - both in terms of fund performance and also their customer service is just pathetic.
They have no intension to serve customers

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