[Resolved]  SBI Life Insurance — WRONG POLICY TERMS AND CONDITIONS

Address:

Delhi

My complaint regarding above said policy for Unit Plus III Plan is as briefed below:-

-Myself Suman Arora received a call from Ms. Pooja Sharma(Mobile No. [protected]), who is in association with Anil Mehta, Mobile no. [protected], informed me about my interest about short term plan in March'2010. She informed me that SBI has Unit Plus III plan wherein minimum annual premium i have to pay is 30,000/- and after regular payment of this premium for 3 yrs i.e. after investing 90000, i will get 1,20,000/- in return + 30,000/- will remain in this allocation by which i will be insured for 19 years under this policy. so total which i will be getting will be 1,50,000/- out of which i will get 1,20,000/- after 3 yrs. Also Ms. Pooja told me that after 6 months of this policy, i will get bonus of Rs. 15000/-. Thereafter i gave my confirmation for this policy and paid Rs. 30,000/- on 17/03/2010 and they have given me temporary acknowledgement slip for the same. (Scanned copy enclosed).

-Thereafter, few days, i received original bond wherein altogether different information was given that enrolled policy is for 15 yrs tenure and premium per annum is Rs. 60,000/- and not 30,000/-. I immediately called up this pooja wherein she told me to talk to Mr. Anil Mehta, I talked to him with a great difficulty as always he says that he is out of station. He ensures me that whatever they committed earlier is right and i should not bother about this policy terms. i will get this money i.e. 1.20 Lacs after 3 years. Since whatever they were saying was different from terms and conditions of bond, i told them to confirm the same in written and he said that he will be sending myself a mail. As on date, they have not given any confirmation towards the same. Then i contacted one of the branches of SBI wherein they told me that information given to me is wrong and this is a market linked plan and i need to atleast pay full Ist year premium and then after 3 years can claim for surrender and the surrender value will also be given after deducting their administration charges and others for 3 years.

On requesting them to refund my money or settle it by other means they told that as per policy terms there is a look up period of 15 days and that is over and they can not do any thing. This is what is the kind of responsibility SBI Life Insurance have towards their customers that even if the customer is being ditched by their agents or brokers, they have no concern, they are more concerned about their policy terms irrespective of any situation or circumstances.

In view of above, please advise how can I get my money back.