[Resolved]  Exide Life Insurance — Exide life insurance biggest fraudaster - policy benefits described over phone call not matching with policy document

Address:	New Delhi, Delhi, 110005
Website:	www.exidelife.in

Madam/dear sir,

The matter is that two months back i received some phone calls from no. of persons representing/pretending themselves as employees of exide life insurance co. ltd. (elicl) from different departments, one of them is mr. naveen rathore (mobile no. [protected]) and mr. arvind. believing on their wordings over the phone calls i invested in your exide life guaranteed income insurance plan (policy no.[protected] with a premium of rs. 30, 000 per annum for seven years with some of below mentioned terms and benefits in good faith:

1. premium payment amount rs. 30, 000.
2. sum assured (sa) amount rs. 2, 40, 000
3. premium payment term 7 years.
4. payout terms by elicl 8 years
5. money back from 8th year to 15th year @ 11% pa of sa i. e. rs. 26, 400 pa.
6. maturity amount at the end of policy term i. e.in 15th year rs. 2, 40, 000.
7. additional benefits: (i) 20% cash back on 1st premium and 10% cash back from 2nd to 7th premium.
(ii) nominee benefit of rs. 1, 450 per month from 1st year to 7th year

But when i received policy bond (with policy no.[protected] there was nothing as described above and sum assured amount was too less. then i contacted to mr. naveen rathore he said that this policy bond is agent vertical bond paper as per elcil policy and you have yet to receive corporate policy bond paper with your welcome kit. i followed up regularly with him but they kept me waiting for more than two months so that i cannot get cancelled the policy within free look period.

Meanwhile he suggested me for opening of an agency code in my wife’s name or my name if i have good contact with a security deposit of rs. 70, 000 for one year. believing in the name of exide life insurance and my contacts i agreed for the same but with security deposit of rs. 40, 000 as remaining rs. 30, 000 was to be arranged by him on my request. when i was issuing sbi cheque of rs. 40, 000 bearing no. 272267 as security deposit i filled up and signed a proposal form no. mb179979 (which later on replaced by someone with proposal form no. 179922 with fake sign of my wife and of me with date 26.11.2016 the day on which my wife was not even in delhi) as documentary formality as suggested by him and not for buying any policy.

Later on he called me for getting the above amount verified with exide verification call cell through a policy exide life guaranteed income insurance plan so that he can create my reference id and agency code with assurance that the above amount will be refunded after expiry of one year. when i asked about agency code he texted me an id reference no. exide0629a1lic and an agency code pkexide5372 (may be fake one).

Some days later when i was in my home town (from 05.11.2016 to 14.11.2016) on leave i received a call from mr. mukesh chandra, representing himself from a department of eilic stating that he has to release my commission along with other additional benefits committed at the time of buying your 1st policy no. 03437282 for which you will have to pay a refundable fdra charges rs. 35, 000 which will be refunded immediately at the time of release of all payment which i opposed for no payments as nothing was clarified at the time of request for opening of agency code and i held them up for many days. when returned to delhi on 15th morning i received a policy bond paper of rs. 40, 000 with policy no. 03454233 at my residential address. then i called mr. naveen about this policy for which he gave me excuse that as said earlier it will be automatically get cancelled after expiry of one year and requested again and again for payment of refundable fdra charges of rs. 29, 500 instead of rs. 35, 000 so that he can get arranged for release of my payment as soon as possible. for confirmation of such charges i asked for an email so that i can know about the breakup of payment and assurance and also for framing them under information technology act for violation of its provision if i find anything wrong.

I issued a cheque of rs. 29, 500 with clear remark that this payment is only for refundable fdra charges and not for anything else. as expected mr. naveen called me again for getting the above amount verified with exide verification call cell through a policy for verification purpose only with assurance that the above amount will be refunded at the time of release of total payment. again i received a policy bond of rs. 29, 500 with policy no. 03465233 hence i called mr. naveen about this. he said me he will cancel at his end and i no need to get it cancelled personally.

Again i received a call mr. abhinandan chaudhary, represented himself as accounts head of connaught place office to pay btr charges of rs. 48500/- for release of payment as my file is stuck with him due to non-payment of the same. now i have damned realized that i have been badly deceived by some fraudster in the name of exide life insurance. then i searched on google.com about my case and surprised to know that i am not the only victim of these fraudsters there are many persons in delhi ncr itself who are being trapped in the name of exide life insurance which is very serious matter and needs to be addressed with immediate and strict action.

I have surrendered all the policies at your connoght place office, new delhi for cancellation and therefore request you to process the refund of the amount paid at the earliest.:

1. policy no. 03437282 dated 02.11.2016 (receiving date 29.11.2016), annual premium rs. 30, 000/-
2. policy no. 03454233 dated 05.12.2016 (receiving date 15.12.2016), annual premium rs. 40, 000/- and
3. policy no. 03465233 dated 26.12.2016 (receiving date 30.12.2016), annual premium rs. 29, 500/-

They have accepted to cancel third policy only but will not take any action against these people as they are bringing business for them. if they would have acted on the complaints of consumer with strictness the list over here would not have gone so long.

I have some phone calls recording and emails which can be of your use to investigate the matter and get them penalised under various penal provisions of indian law and cancellation of their insurance agency code.

Thanking you

Pramod kumar

Name and contact no. of some persons from whom i received calls and emails (may be fake names), please bring these nos.in the notice of innocent to help/save them:
1. mr. naveen rathore ([protected])
2. mr. arvind[protected]
3. mr. mukesh chandra
4. mr. abhinandan chaudhary (accounts head, contact no. [protected])
5. mr. sumit singh (exide life insurance employee id. 921335, contact no.[protected]: this person called me on 09.01.2017 that he is from a/c deptt. and will release my payment by 14.01.16.

Thanks and regards

Pramod kumar