[Resolved]  SBI Life Insurance Ltd. — cheating by SBI Agent

State Bank of India — CHEATING MARKETING PROMOTION

DEAR SIR,
NOW A DAYS, SBI CARDS IS CAMPAIGNING "SCRATCH HERE AND GET LUCKY' PROMOTIONAL FEATURE. IF YOU SCRATCH THE COUPOUN, YOUR LUCKY ITEM WILL BE SOMETHING WHICH IS NOT EVEN WORTH RS50.00. THE MOST FUNNY AND CHEATING FEATURE IS THAT IF YOU WANT TO REDEEM YOUR LUCKY ITEM, YOU NEED TO SHEEL OUT RS590 AS HANDLING CHARGES. I THINK THE REGULATORY AUTHORITIES SHOULD BAN SUCH UNETHICAL, CUSTOMER UNFRIENDLY TACTICS ADOPTED BY SUCH A BANK LIKE SBI.
THANKS AND REGARDS

sbi life insurance — Cheated by SBI Agent

Received a promotional call from SBI Customer Care regarding life insurance policy which stated that I have to invest Rs 30000/- per year for three years and in return I will be provided Rs 134000/- in the forth year.
I found this policy beneficial and ask them to send a SBI Agent for further proceeding. A SBI agent named AJAY GOEL, sent for further proceedings also confirmed the same conditions as told by the SBI customer care executive.
I applied for three policies, one for me, and other for my brother and my daughter. The agent collected three cheques for Rs 30000/- each policy ( total 90000/-). He had also collected Rs 3000/- in cash for opening of three new sbi saving accounts.
After few days, I received two policies mine and my brother. Regarding the third policy, on enquiring; I was told by the agent that I will receive the third policy after few days. Meanwhile, the two policies received by me stated the different terms and conditions than what was told to me by SBI agent. Again I asked the agent regarding the third policy, his answer was not up to the mark. I felt fishy and checked my Bank account and found that the third cheque was encashed by Mr AJAY GOEL (SBI Agent) in his own account.

Regarding this I had contacted Mr Vikas Rautela (Executive Operation) Gurgaon Office and further contacted Mr Anil Goel (Area Manager).


Till date I have not received any reply from their side (SBI).

The total amount cheated by Mr Ajay Goel is Rs30000/- + Rs.3000/-= Rs.33000/-


The SBI should take action against Mr Ajay Goel and also compensate me the amount cheated by the Agent.

I am a polcy holder of SBILIFE insurance.
Befor two years, I ASKED WETHER THERE IS ANY SINGLE PREMIUM POLICY TO THE AGENT AND HE AGREED THAT IT IS POSSIBLE. HE SELECTED THE PLAN SBILIFE UNIT PLUS-II (REGULAR )INSTEAD O[censored]NIT PLUS-II (SINGLE). I have paid the amount Rs.50000/ for onetime premium on the advise of the agent. After one year i recieved a letter from SBI LIFE OFFICE to pay the second premium.I enquired to the agent about the letter. The reply was "it is not necessary to pay the second premium.it is only a formality of the top to send these kind of letters".After a few months i got another letter with a content that the life cover of the policy was lapsed due to the default of paying the second premium. Hence i lossed my money and life coverage. Atlest they should have informed me that the policy is REGULAR PREMIUM. THIS IS CHEATING. SBI LIFE SHOULD TAKE NECESSARY STEPS. MY POLICY NUMBER IS [protected]

I am policy hoder of SBI life.MY POLICY NAME IS HORIZON-II.
My problem is agent said me that i can pay my premium on any BRANCH OF STATE BANK OF INDIA. but when i go to my neraest branch of SBI BANK in my village at-Vadu, Ta-Padra, Di-vadodara, State-Gujarat.Pin-391460. The manager said that I cant pay the in the branch.so please solve my problem.

I would say that atleast you were cheated by agent... I was cheated by the SBI Life company with help of the branch manager of my regular SBI Branch.
SBI branch managers have now started doubling up as insurance agents by agressively selling policies of SBI life without giving complete information. I fell in such a trap and opted for one policy... the hidden charges almost to the tune of 20% of the preimum were not told to me... and hence the result... on the first day of my investment with SBI Life... i lost 10, 000 ... if i continue with the policy... i will keep loosing 3 or 4 thousand per year...so... i will follow warren buffet's strategy... cut losses and get out... i am opting out of the SBI Life policy even if that mean heavy losses... atleast they cannot cheat me any further...
Friends be aware of the great State Bank of India... they have been bitten by the private bank bug and seems are now gearing up to short change the indians... and thats why they have changed their slogan from "just banking nothing else" to " banker for all indians" so that they can cheat all...

Dear Sir
First of All please make it clear that you are cheated by one person/agent named by- Mr. Ajay Goel. NOT BY SBI LIFE.
SBI Life must have sent you the policy bond, an in that policy bond, it is by law compulsory to indicate about the Free Look Cancellation. SBI Life gives its customer first 15 days to cancel the bond/agreement with company and get/return his money back. It seems that you had taken ULIP plan, and it is the Medium to Long Term policy for getting maximum benefit.
SBI Life is awarded the Best Life Insurer by Outlook Money NDTV Profit,
Having Highest Rating by CRISIL and ICRA.
While her parent co.- State Bank of India is 200 year old Bank and Trust is the synonyms of the SBI, i don't think, just for the shack of 30K, SBI or SBI Life will do such cheating of fraud.
I had analysed several insurance companies broacher as well as policy documents, and to be honest that the Quality of Content in broacher & in Policy Bond- SBI Life delivers the best, in-depth and complete information, regarding charges, market risks etc.
SBI Life has even take initiate in industry to show Net Yield Return-IRR, which is the most transparent things in insurance industry.
So, in my view by investing in SBI Life, you had not committed any mistake, you just need to change your target/goal of return from this investment.
Your invested money (If in ULIP), has very high chance to get best return. Because the most popular fund i.e., EQUITY Fund has just completed 5 years since its inception, and its CAGR is nearly 28%, even though the tough and volatile condition of market (Sensex-21000to 8000/ American Sub Prime/Global Recession). It is the best return (250% appreciation of NAV), among all ULIP Fund in Five Year (Since 10-Jan-2005).

So, please change your target from 4 year of investment to 7-10 Year of Investment. You will be most happiest customer of SBI Life and SBI. Even in Post (MIS/NSC) one have to wait for 6 year or in PPF-15 Year.

Best of Luck.

SBI LIFE - HORIZON II (UIN No: 111L027V01) IS NOT DOING GOOD
we invested around 24, 000 as of now.
They are charging maximum service changes and Fund manager is sleeping always.
so My request is don't invest in this fund.

I have take a sbi life insurance policy last year My Policy no [protected] Name Mashkoor Ahmad but Policy bond I have not get in one year .I have many time complaint & request sbi Policy agent about this matter. Next premium 50000/= due date is 31 of march 2010.

AS an SBI agent I cant agree with all these. by Ajay Goel

SBI horizon -ii is not at all good. they are charging more surcharges. I payed 60000 they are returning 58000 to me after 4 years. please dont go with this policy

SBI all plans are totally waste. they will deduct more form you. If you pay 10000 per year, they will deduct 2000/- for charges.
Please dont go for SBI policies.

SBI agents and SBI Marketing managers are really fraud and the cheated lot of customers and customers being cheated becouse of blind faith and trust of SBI brand. Really consumer court shuld take prompt and sever action against such fraud Managers and agents.

I was cheated by Dr Rajeev the then agent and now the SBI has appointed him and Mr Alok Dwivedi the then Area Manager (Gwalior) MP, by given false statement and sold me 3 policies and being lack of knowledge about market I was purchased the policies. They has earned a lot of commission from my policies.

Further, the policies was delivered to my address after 3 month, hence I was not authorised to cancel the policies and refund my amount.

IT IS SUCH THAT WE THE CUSTOMERS ARE INOCENT AND WE DO NOT CHECK THE LICENCE OF THE PRECRIBED SELLER OF POLICY AND IN THE BANK THE MANAGERS ALSO SELL THE POLICIES FORCING THE CUSTOMERS. FOR IN MEDIATION WITH THE AGENTS AND SHARE COMMISIONS. A CUSTOMER WHO COMES FOR FD IN THE BANK IS MISSGUDED AN DGIVEN A POLICY WITH OUT ANY PROPER INFORMATIONS, THEY ALSO DO NOT GIVE ANY AFTER SALES SERVICE. DO NOT BELIVE ANY HIGHER OFFICER/ OR REPERSENTATIVES OF ANY COMPANY. IT IS PITABLE. HERE IS A VERY IMPORTANT THINK TO NOTE THE REPRESENTATIVES FORGE THE DOCUMENTS . LET IT NOT HAPPEN AND NOT TO ENCOURAGE. SEE THE SENIORTY OF THE LICENCENED HOLDER AND PROCEED. O[censored] HAVE ANY DOUT THEN IMMEDIATELY COMPLAINT IN WRITTEN TO THE HIGHER OFFICIALS. IF WE DO NOT WE ARE ONLY GUILTY. DO NOT GET FORCED TO ANY INSURANCE BY A BANKER WHEN ANY LOANS TO BE SANCTIONED . COMPLAIN TO HIGHER OFFICIAL. DO NOT DO A MISTAKE TO APPRISE ANY BODY TO GET UR WORKS DONE U WILL BE A LOOSER. GIVE A PREFERENCE TO THE GENIUN AND EXPERIENCED RELIABLE REPRESENTATIVES. DO NOT SERVE ANY BODY WITH CASH, GIVE ONLY CROSSED CHEQUE WITH APPLICATION NO.XXXXXXX. SIGN IN THE COPY WHEN ONLY FILLED BY U OR UR AUTHOURISED REPESENTATIVE AND DUALLY SIGNED BY HIM. CHECK UR DOCUMENTS WHEN EVER THEY ARE DELIVERED. CALL TOLL FREE NO. FOR ANY CONFIRMATION. CALL [protected] FOR ANY DOUT FOR SBI LIFE INSURANCE. FINNALY IT IS NOT ONLY THIS COMPAY IT IS WITH ALL OTHERS

The crux of all problems of complaints regarding Insurance Policies, of late, is lack basic understanding about ULIP policies. The concept o[censored]LIP policies has still not yet taken roots in Inidia. All the marketing people tell only the positive features of his product. Even in case of consumer durables, we hear the sales man telling all the positive features of the product and you can never see any company telling that their so-and-so model refrigerator is not having 'x' feature or not having 'y' feature. We see them telling only those feature which it posses. Same is the case with all insurance agents. It is for us, (for the customers) to check the policy bond and find whether they have got the policy with the features which they wanted or which they were told. If not, the customer can approach the insurer, WITHIN 15 DAYS FROM THE RECEIPT OF THE POLICY BOND, and ask them to cancel the policy (called Cooling off cancellation or Freelook cancellation), and can customer can get back the amount. In India, Insurance Policy is the only product where the customer can return the product purchased by him, to the seller and get back his amount.

90% of the ULIP policy holders do not know/understand that the ULIP premiums will be invested in Share Market, and that ULIP policies are always, subject to Market risks. 90% of the policyholders do not even know that they can manage their fund values by doing fund switches, whenever required, to monitor growth of their funds. Whenever the market dips, and the fund value goes down, they feel that they are cheated.

The ULIP policies can yield better results only in the long run. Because, in the short term, the share market will be unpredictable. But in the long run, the graph of the BSE sensitive index will always be going up. For example, the BSE sensitive index in the month of January, 2000, was at 5300 points. Whereas now it is oscillating around 18000 to 20000. So within a span of 11 years the market has gone up by almost 4 times. So all ULIP policyholders must stay invested for atleast a period of 10 years, to get high returns.

I had taken subh nives from sbi life insurance and was promised around 4.2L for an investment of 2.5L in 5years.
when i got the policy doc, found sum assured as 1.96L and 1.9 for Accidental death(hmm i wil get this if i die in an accident and if i dont die then only 1.96L + some peanu bonus...very funny)
These ppl are trying to compete with private comps and cheat ppl by hook or crook.
Iam opting out of this policy as i have not completed 15 days of their opting out.
Never will i invest in SBI life insurance.