[Resolved]  Reliance Life Insurance — Refund of Investment Due to Wrong & Fake Information

Address:

Uttar Pradesh

Dear Concern,
We have given two cheques of one lac rupees on 3rd of April dated of 31/03/2010 which were cleared after two days from our bank a/c in favor of Reliance Life Insurance. We invested this money for a Bond Fund Investment Plan of Reliance Company in which 13% annual return is assured as this is told us by the sale man (Rupinder Singh Chauhan) of reputed company Reliance.
After that, we did not receive any paper regarding our investment after a month then we call on customer care & get the information about our investment. Which is totally different, customer care told us that our money has been invested into equity market and our investment value is approx 90,000/- which is very embarrassing for us.
We invested our money for a fix & assured return based bond fund plan and return we were told 13% annually on our investment and we were told that our investment is totally risk free. But actually our money has been invested into a high risk equity plan without our permission. We have been cheated very badly.
After happening this bad incident we approached to concern branch on 10th May 2010 of reputed company Reliance & met with the Manager Mr. Siddharth Singh & told him the details of this fraud happened with us.
Then he assured us that he will provide our total investment refund after deducting currier charges only and he took two written application against this matter by the name of Free Look Cancellation and he told us he will have to take approval from concern RM and it will take 7-10 days and Mr. Siddharth assured us that we will not have to bear any loss as this is a miss selling investment.
But after 19 days we have received a call from Mr. Siddharth that we can not get refund of our investment if we want refund then we will have to bear the loss which is accrued because of down of equity market and loss is approx 20,000/- on one lac rupees.
We invested two lac rupees two month before for the alternate of fix deposit. But our harden money has been lost by your reputed company in speculation without our permission and it is just 1,60,000/- approx now.
We have got very poor response by Mr. Siddharth also, every body is committing fake words in reputed company Reliance Life Insurance, Mr. Siddharth is not providing proper information, any contact no.& email id of his senior. And now he is threating us that you will have to take refund of 80,000/- of each application other wise you can do what ever you want.
After having this pain full & bad experience with Relaince we requested to Higher Authorities of Reliance Life Insurance and sent a mail to head office. But they people are not listening any thigh and not replying any thigh.

Pl help
Hemkumar Agarwal
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