[Resolved]  SBI Life Insurance Shubh Nivesh — Cheated by SBI Life agents for policy [protected]​1

Address:

Delhi

I am writing to make a complaint against SBI and their agents Anjali (mobile no.
[protected]) and Sandeep
(mobile no. [protected]) because they misled me in taking a SBI policy
called Shubh Nivesh by giving me false information and showing false
documents.

I have already made a complaint in SBI by writing to SBI's grievance cell officer but
they are telling me that they can not do anything in this matter.

I was approched by Ms Anjali to sell the Shubh Nivesh policy when she
called me and asked me if i was interested in buying this policy.
She told me that she is an Executive calling from Daryaganj branch
office of SBI.

She explained me that this is a 5 year policy, where i have to pay Rs
30,000 annually for 5 years and i will get Rs 2,19,018 (fixed) + bonus
at the rate of 4% (variable depending upon SBI performance).
She also told me that as per the policy, i will get 10% cashback on
every annual premium that i will pay.
i will get the cashback after 45 days of premium payment.

I found the policy profitable so i told them that i would buy the
policy but i asked for documents stating these features that Anjali
had explained to me. So she told me that she will send agent Sandeep
to my house with the policy documents.

Agent Sandeep came to my home with a file in his hand. He also told me
that he is an executive from SBI's Daryagnaj branch. He showed me the
benefit illustration where all the details were mentioned that how much maturity
amount is offered against how much premium for the term of 5 years.

I took some photos of that benefit illustration as well and i am attaching them with
this as a proof. Now, SBI is saying that this benefit illustration is not provided by them.

i was satisfied with the documents i saw so i told him that i would
buy the policy.
He asked me to give some documents (like my id proof, photographs etc)
and a cheque of Rs 30,000, which i gave him right away. He also gave
me a form and asked me to sign it, he told me that he will fill up the
rest of the form by himself as there are details needed to be filled
by SBI officials.
So i signed the form and handed it to him.

So when i bought this policy i thought i am buying a policy which has
a time period of 5 years, maturity amount of Rs 2,19,018 and premium
of Rs 30,000.

After some days, When i reveived my policy documents i read that my
policy term is 15 years and maturity amount is only Rs 3,76,000.
When i asked the agent about this he told me that the policy term is
15 years in case i want to continue
the policy and Rs 3,76,000 is the sum assured that i will get in case
i die, and not the maturity amount.

He aslo assured me that i can discontinue the policy after 5 years and
i will get Rs 2,19,018 + bonus as promised.

Now, i payed my premium on 31st Dec 2012 and i have not yet received
my cashback.

i have confirmed it from SBI that my policy term is 15 years, Sum assured is
Rs 3,76,000 and maturity amount is Rs 3,76,000 + bonus.

Now, i checked the form that i filled while buying the policy and is
attached with my policy documents that i received. It has a section
where the policy's term, premium amount and sum assured is
filled and there i found that agent has filled my policy term as 15
years instead of 5 years, my premium as Rs 30,000 and Sum assured as
3,76,000 instead of Rs 2,19,018.

Now, i have been cheated and this is not the policy that i wanted. I
want to get out of this policy and want my Rs 30,000 back.
Please help me. Please let me know if something is required from my side.

My policy no. is [protected].
The agent ID for my policy is[protected].