[Resolved]  Reliance Life Insurance — False Commitment of Reliance Life Insurance Agent

Address:

Bokaro, Jharkhand

Hi,

One of my fathers’ friends is an agent in Reliance Life insurance. When my father got hospitalized for 3 months, He somehow convinced my father to take one policy on the name of my younger brother (23 yrs) and he was told that he will get almost double the return in next 7 years. One bonus will be paid end of 4 years(1.5L) and another bonus will be end of term (3.5L + Interest rate). My father was not having any idea nor did he check the documents. Also he does not understand English. He had trusted on his friends blindly and took the Cash Flow life insurance plan on the name of my younger brother (23yrs) for 7 years by paying 51k / year.

After 3 month, when i visited home town and then i was told about this scheme by my parents. When i checked the documents, i found mis-matching with the document content and the discussion what i got from my family.

I was fully surprised to see such a costly life insurance for 23 yrs boy by giving more than 50k premium / year with the insured amount was only 2.8L on his death in 7 year term.

Also, in case of survival, he will get in return only 2.8 L lacks in total during 7 yrs but he will be giving premium of 3.5 lacks in 7 years.

When i discussed with reliance money agent, they started playing with words as usual. Here not only they given wrong information to my father and sold the policy also played with reliance brand as a trusted company.

Everybody in my family felt cheated from this agent. I visited branch personally but i don’t find any kind of good response from branch manager. They started ignoring us once we visit the branch and request for cancel. They said it’s been already more than 3 month and you need to come on before 15 days of issue date. But one strange thing was informed by my father was that document was given only after one month of issues date. I wanted to cancel this policy coz not only this was sold on bases of false commitment but the premium amount was being paid by my father with hard earn money which he would not afford without having any expectation of savings in future. I called toll free number as well but they guided me to contact branch directly but i have no hope in this branch manager.

I have decided to fight against this cheating / fraud until the issues is resolved else these guys will keep fooling people in the name of securing future.

I am not taking any branch specific name as there are may be good people as well in those branch but we were fooled / policy was not audited properly.

Here, there are many experts available. Can you please guide me how get our money refunded as well strong action should be taken by reliance company to these agents?