[Resolved]  SBI Life Insurance Shubh Nivesh — Mis Guidelines By the Advisor

SBI — Misguide clients

Dear sir,
SBI has all info regarding services & charges on its site. But i m sorry to say that they misguide clients. Some points are shown below.
1 The site show that 'NO TRANSACTION CHARGE ON MULTY CITY CHEQUE' in fact they charge Rs. 25/- per cheque.
2 As a/c keeping fees they charge Rs.550/- in standard current a/c. This info doesn't show on their site.
3 Their site indicates that first cheque book will provided free of charge. Actually they charge.
there are so many other points like these.

I am assured that if i invest 50K for 5 yrs then i will get 4.1L. Is it true??

I have taken a policy from UNICON funds, New Delhi from Mr. Praveen and about this policy, They are cheating all the clients on behalf of SBI Shubh nivesh policy, They told that this is FIVE year term plan but when we call to custumer care they told us premium need to pay for 6 years and they told about 20% discount on first term and they din't return the money, they are cheating on us and he is not picking the call till that day, we need to go only consumer court there only it can sort it out, now this is the routine to cheat the people by these policies.

Unfortunately I also purchased Such Niveh plan from SBI. I've to pay Rs 30, 000 anually for 5 years and the document says that the sum assured is only Rs1, 28, 000.

So, I'm paying upto Rs 1, 50, 000 in 5years and getting only Rs 1, 28, 000 on term end.
Is it really the case? I checked SBI life premium calculator and it also shows the same figures for 5 year term.

How can the plan still be active, given that it was introduced 2 years back in 2009.
So am I bearing a loss of Rs 22, 000 at the end of 5 years under this scheme? I thought otherwise to be on the profitable end. Did I invest in this scheme to loose money?

Can someone please clarify?

i am kamal soni my mo. No. [protected] policy holder sbi life my policy no. Is [protected] Misguidelines and chiting and frod by the advisors miss riya sharma mo.no.[protected] & phone no.[protected]

I have also been cheated by Mr. Prateek, agent from Chandigarh who assured me that i'll get assured return of Rs. 4.10 lac, if I invest Rs. 50, 000 per annum for 5 years. But the policy, which I received recently tells me that amount insured is Rs. 1.82 lakh only. No where in the policy is written that I am going to get Rs. 4.10 lakh after maturity of 5 year term. The agent has misguided me. He is super fraud. I had asked every thing in detail prior to going for policy but for every query made to him, he simply kept on lying. Now the policy received by me contains terms and conditions absolutely different from what he had promised.

Beware of SBI agents. Dont fall prey.

I am Ritesh Pathak from Chandigarh. I have also been cheated by Mr Prateek Luthra from chandigarh. I also invested Rs 50, 000 per annum for 5 years.

Kindlu guide me me how to proceed further to get back my money.

My contact no is [protected]

I have also been cheated by Mr. Tyagi, agent from Delhi who assured me that i'll get assured return of Rs. 4.10 lac, if I invest Rs. 50, 000 per annum for 5 years. But the policy, which I received recently tells me that amount insured is Rs. 2.20 lakh only. No where in the policy is written that I am going to get Rs. 4.10 lakh after maturity of 5 year term. The agent has misguided me. He is super fraud. I had asked every thing in detail prior to going for policy but for every query made to him, he simply kept on lying. Now the policy received by me contains terms and conditions absolutely different from what he had promised.

I have given my 2nd year premium too. Kindly guide me me how to proceed further to get back my money.

Beware of SBI agents. Dont fall prey.

My contact no is [protected]

Attention all o[censored].

You can fill in Free Look Cancellation form and surrender policy in original within 15 days of receipt of Policy. Its ur right as per guidelines issued by GOI. Any one who feels cheated by policy agents, just surrender ur policy within 15 days. Ur money will have to be returned by the insurance company after deducting nominal amount. SBI Life deducts only Rs. 35/- from Rs. 50000/- while refunding ur money.

Best of Luck and Stay Alert. Dont get cheated by FRAUD agents.

Hey,
I also got cal from SBi agent regarding the Shubh Nivesh Policy,
He asked me to invest Rs 30000/ p.a for 5 years.
Then after 5 year I will get Rs 150000+Rs 30000(6% Compound interest) + Rs 120000 (Premium * 4) Sum Assured.

Is this true that my amount will be double after 5 years, or is it fraud in name of SBI...
Please provide your experienced reply, as I want to buy this policy soon..

Can cal also @[protected]

Hi,

I have taken Shubh Nivesh plan for 10yrs, paying premium of 20K, they have promised, that i will get 4, 40000 in maturity, and today i recieved they have mentioned sum assured is only 1, 73, 000rs, why should i pay 2 laksh to get 1, 73, 000, after 10yrs that to loss of 27, 000rs, and no where they mentioned 10% compound interest + 2% bonus in Bond/Policy, even infront me they dint filled application form, i asked executive-Naveen to fill the form infront me, atleast amount form in third page, he refused to fill the form, for this i dint sign the that empty amount collumn he said his manager - (Srikant kulkarni bangalore kormangala branch), will fill the form, without my knowledge they have signed in third page in amount collumn this is pathetic no and even can anyone help me out to get back my money whom should i contact to get my money from SBI - mode of payment was cheque

Hi All,
Unfortunately, i have also been cheated by the SBI Life Insurance advisors [Abhishek Goel and Deepak Sharma] from the Najafgarh branch. They sold me the policy for 5 years term, premium Rs.50000/-. They said after 5 years i will get 3, 68, 000/-
But when i got the policy documents, there was no mention of maturity amount of such clause. To cover up for the freelook period, their friend acting as Relationship Manager [Manas Mishra] kept me assured that the amount at maturity is 3, 68, 000/- and that the call was getting recorded for SBI Life Insurance records.
But in actual he kept calling me all thru the free look period, so that i don't cancel the policy.
Now they don't pick up their calls and vanished.
I reported the incident to the Branch which was linked to my policy.
They said the free look period is over but i told them that i will report this matter to Police and IRDA.
In the mean time i have also reported the matter to SBI Life Insurance grievance mail id.
People Trust the name SBI as a nationalised Banking company and SBI Life Insurance is ruining the image of SBI as a financial institution.
Irony is that these cheats are doing their business in the SBI Life Insurance offices. But no one is actually keeping a check on them.
The SBI Life Branch Manager is saying to me what proof do you have that my advisors gave that illustration to you. Because he know s that the cheats will never leave a copy of the illustration with the clients like us. SO, he is saying that you are welcome to go to COnsumer Court [which i definetely will, if SBI Life Insurance heads do not intervene to resolve this issue].

I had invested in SBI shubh nivesh policy on 17th September 2012. SBI agents told me that I have to pay 50000Rs per annum for next 5 years. After 5 years I will get the principle amount + 10 % interest on that=300000Rs +. They came to my house and took my signature. I insisted them to give me documents or receipt immediately but they refused. They also took a blank check for the 3 months starting premium. Today when I registered on the online portal of SBI to check the policy status, I came to know that they enrolled me for whole life. After 5 years I will not even going to get the principle amount back. All I will get is 189000Rs. They intentionally sent the document to my native place Bhopal where my parents stays . I never received any documents in Bangalore where I live. As far as their life cover I will get 189000Rs at the age of 100 years. what will I do of this money at that age?

Now I just want my invested money back. I simply wants to cancel the plicy. Customer care executives of SBI abusing me in marathi when I ask them lot of questions.

Fraud agent number is [protected](he no mre responds to my call)
other agent, partner of the above aganet:[protected](this number is switched off now)

I have also bought a policy through an SBI life agent named Kunal and Praveen who have misguided me for this policy, I have bought it for 5 yrs for rs 30000 per year but on form I saw they have make it for the term 15 year with sum assured 4 lack 27 thousand. But on querying to customer care the said I would get per year a 2% of bonus on premium paid on this. However a saving account itself give a 3% of rate of interest

The nos of fraud agents are :-
Kunal :- [protected]
Praveen's agent ID is :[protected]

I have shubhanivesh policy My yearly premium is Rs 24704 +382 service tax my option is 15 Years Start 29 Jan 2010
My total deposit is Rs 100000/- bonus deposited Rs 29800/- at the end of 31.3.13
my question is

1.After 15 years how much money I get ?


I want to close this policy after 5 years is there any loss ?

and how much mony iget after 5 yers

I get Totol deposited money + Bonus ?

please give me advice

Regards
Sant

Hi,

The cheater agents are all around. Just got a call from a agent no [protected].
This is regarding the SUBH NIVESH policy.
He promised that I will get 7% at the 11th year, If I pay 1 lac every year for 11 years.
Also, I will get a pension of 90000 per year till next 10 years after that.

After that I have checked the SBI site. The policy was discontinued from Jan, 2014.
The agent mentioned that, I will not get all the details from SBI site ...superb...

Please be aware for such crooks. Never buy any policy from any agents.

I am surprised, why SBI have no control on such agents.

Cheers,
Kuldeep

Hi

http://tinypic.com/r/jjpkxg/8
As per this illustration, the agent claims, Maturity guranteed returns + Surrender Guranteed returns + any Surrender non guranteed returns. Is it true?

Thanks

+91-[protected] Mr Domnic
Very rude agent

It seems lot of people are being cheated on SBI name.

Does any of the issue got resolved. Are we writing in correct forum?

I also got cheated and now Me and my parents have 3 policies. All are 5 years term plan. Where I will be paying much more premium and will get very less amount at the end. Moreover as promised by the crooks no 10% cash back at all.
I am paying combined 120000 x 5 = 6, 00, 000 and will get around 4, 00, 000 only at the end of 5 years.

Regards
Raj

I think I am also cheated

I bought a policy at a premium of 50, 000 annually for 5 years and was promised to get a return of 10% annually and a 50, 000 bonus at maturity( Total 385000 at Maturity) but reading your comments above I believe I am also a part of this trap now.
I am in a fix as my second premium is due this September shall I go for it or surrender my policy. Please advise.


Thanks & Regards,

Ankit