[Resolved]  Exide Life Insurance — Exide Life Insurance Policy No. 02788444

Address:

Jodhpur, Rajasthan, 342001

Criminal breach of Trust under section 409 of Indian Penal Code as all the condition require for breach of trust

I have taken this insurance policy through some reference name Mr. Vyas who resides in Mumbai. He have give me reference of Mr. Manoj Purohit who as per my knowledge was related to Ing Vyasa. I was not aware about his designation in ING Vyasa. As there was reference of Mr Vyas, I have trusted Mr. Manoj Purohit in Good faith. At particular date he take my appointment and i invited him to my home. He just bring 1-2 Paper and take my signature. He simply told me that " Amount is to be paid for 3 years and then you will get the cumulative amount with Bonus Points".

He have never explain me any condition which are mention in Insurance policy such as relating to survival Benefit etc.

As at that time my residence was in Mumbai, after signing insurance policy i gone back to Mumbai and Never remain in touch with Mr. Manoj Purohit. I have believe on the words of Mr. Manoj Purohit at that time. Jodhpur is my Home town but at that time i was doing service in Mumbai. After that Insurance Policy arrived at my Jodhpur Address and my parents put into cuboard without informing me as they were also not aware of the transaction.

I have following points which i bring to notice to Exide Life insurance and IRDA Grievance Cell

(A) Why Mr. Manoj Purohit who represents ING Vyasa (i.e currently Exide Life insurance ) name not mention in Policy document as Insurance Advisor. Why Name of Mr. Rajuram is mention as Insurance Advisor.
My Insurance Advisor was Manoj Purohit to whom i have met 3 years ago. In my life i have never met Mr. Rajuram ( [protected]) residing PALI.

As per my personal Opinion it is total breach of trust by Mr. Manoj Purohit . Why he not enter his name as Insurance Advisor.

Please have correspondence with Mr. Rajuram whether he met me or not at the time of Policy.

So Section 409 applies here as there is Breach of Trust from the Party Mr. Manoj Purohit and also Voidable contract at my option under indian contract law 1872 as misrepresentation of facts have been given by Mr. Manoj Purohit.

So as it is voidable contract from the Aggrieved Party ( i.e me), I treat this contract as Void from the since Beginning.

In the base document Insurance Policy also there is not mention of my signature at all. There is signature of Managing Director of Exide Life Insurance. Why Not my ???????

Insurance Policy terms and condition are totally in favor of Insurance company. Not any condition in Favor of Insured person.

Survival Benefit conditions are total in favor of Insurance Company (page No. 7 of Insurance Policy Attach), Not at all in favor of Insured Person. Such as on " On Completion of 1/4 Period of the premium paying term, Insured person will get survival benefit of 20% of sum assured". Premium term is 57 Year . 1/4 of 42 Years comes to 15 Years.

So if i go through the survival benefit condition after ten years of Policy, I will get 20% of sum Assured that comes to approx Rs. 40000 ( 20% of Sum Assured I.e Rs. 204835) after an investment of Rs.

Conculsion - First of All I will pay premium amount Rs. 20000 each year for 10 Year that equal to Rs. 200000 and at the end of 10th Year I will get Rs. 40000. Whether i am right ?????????

This is my simple question to Exide Life insurance which prudent investor will invest in such insurance Policy.

Page No. 7 Point No. 2.8 it is clearly written

This Policy participates in the surplus of the fund to which it belongs diversionary bonus, if any, declared by the Company will be added to the Policy each year out of the surplus arising in the fund

My Question is simple why the word IF any is written. This clearly shows that insurance company if any bonus declared by the company then only bonus will be given. This is the clear interpretation of language. This is totally at the discretion of Insurance company to give bonus or not. Bonus is not at all linked with Surplus. Whether i am right.

Other Points which i think should not be included in plan such as in case of suicide of Insured person every premium paid amount will be forfeited by Insurance company
and also that if any want to surrender the policy then only 20% of sum assured will be given after paying of premium for three years Rs. 60000 which results into loss of Rs. 20000 . Whether i am right.

I also request you please scrutinise my case on the basis of merit as the contract i have made was with Mr. Manoj Purohit not with Mr. Rajuram. Please contact Mr. RAjuram and ask him simple question whether he have meet me. If he have not meet me, how he can be my insurance advisor. This contract is totally voidable at my option and i treat this contract as Void.