[Resolved] SBI Life Insurance — Misleading and fraud with the policy

friendsabc28

from Delhi, Delhi

Address:

West Delhi, Delhi

This is Trapti Gupta. Some time back I got the call from some executive of SBI life. He explained me the plan as:
You have to deposit 3 installment of Rs.30,000 for 3 years and after 5 years of time period you will get the money back the amount would be Rs.183000 and with that you will get 5 lac insurance and also health insurance.
When I asked him the policy in written he told me that once you will file the policy then you will get the policy in written.
Now the policy in written which I get is something different which I was told in this the period is 15years. No health insurance and other things are being explained in it.
This is completely fraud..
I hope you will take the proper action...
Please help me and explain in detail what exactly the policy is how much amount I will get and when and what should I do now.

Name: Trapti Gupta
Policy no.: [protected]
Product Name: SBI Life -Moneyback option 2

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Aug 13, 2020

Complaint marked as Resolved

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Comments

deepconsumer

from Bengaluru, Karnataka

Hi Trapti,
I had similar call for Money Back Plan (Option-2) from so called SBI Life Insurance employee.
She said that it is a scheme under which all no charges will be levied and in case if the policy is surrendered after 3 years the surrender charge will be 1% only.
But I am having doubt for the same since they are avoiding to send me scheme details in written email. Can you please confirm what is the surrender charge mentioned after 3 years in your policy. If its 1%, then you may let go 1% and surrender it.
Also there is option to cancel the policy in Free Look period so you can try that too.