Exide Life Insurance — false promises

Address:

Bhavna Raw House, Ahmedabad, Gujarat, 382480

Last year I purchased a policy from Exide Life Insurance.
Me an my wife was going for grocery at Bansal Mall, Vadodara and a marketing person came to us and took our details saying that if you are lucky you will be called to collect your "GIFT". The very next day I got a call and they asked me to come at below address to collect "GIFT".

Address:
BMA 505, 5th floor Darpan Building, Near Express, Welcome Hotel, R.C.Dutt Road, Alkapuri.

We went there and one of their sales person Mr. Dhananjay greeted us started explaining us about the Exide Life Insurance Policy Schemes.

He also introduced us with Miss Dhwani.

They explained me policy worth Rs, 1, 00, 000 premium and also told me that my age is below 30 so my sum assured will be almost 11, 00, 000 (I don't know exact amount) and I will get guaranteed 7.5% money back on my sum assured every year which is almost 85, 000 per yer.

I agreed with them and purchased a policy of Rs. 1, 00, 000 by paying Rs. 38, 000. Also, we agreed on the same point where I will pay remaining amount of Rs. 62, 000 by the end of the year to avail the benefit of Rs, 1, 00, 000 premium.

After sometime I received a call from Exide Insurance's Bangalore office to confirm the personal details like Name, Surname, Policy Type, Policy Number. (None of the above I told them, they just confirmed it with me by looking at my data in their system). Also, they never asked me to pay any money against my outstanding amount.

Now the problem starts from here.

Diwali was near. I got a call from Dhananjay and Dhwani. They told me that they have a diwali offer ongoing right now and I will get Rs. 1, 00, 000 policy benefits in just Rs. 80, 000. So, I just have to pay Rs. 42, 000. I said "ok, but I cannot pay amount of Rs. 42, 000 right now as my wife is pregnant." They asked me to pay amount of Rs. 20, 000 in 5 days to avail this offer.

I arranged Rs. 20, 000 by borrowing it on interest of 10% per month and called Dhananjay that I am ready to make a payment.
He asked me to transfer Rs. 16, 000 in his account so that he can make a payment on behalf of me as I was not able to go to Vadodara to do so. I transferred him the amount via Google Pay and he made the payment on behalf of me to Exide Life Insurance. After sometime I also received a policy bond of the same amount by courier.

After a month again I got a call from Exide Insurance's Bangalore office to confirm the personal details like Name, Surname, Policy Type, Policy Number. At that time I asked them about the diwali offer and guaranteed 7.5% money back every year. They told me that they never run an offer like this and they never promise their customers that they will get guaranteed 7.5% money back!

Then after I tried to call Dhwani and Dhananjay both to clarify this but none of them were receiving my calls. 2 days after I got a chance spoke to Dhananjay and he told me that he has left job due to his studies.

Then I continuously tried to call Dhwani but there was no response. One day a guy picked up a call and told me that Dhwani is not here, call tomorrow.
I called the next day couple of time but there was no response.

As I am a working person I do not have time to follow up them.
I also explained one my friend about this policy and he told me that no insurance company in the market is promising this kind of benefits to their customer. He also asked his colleague who is working in Exide Life Insurance company and even she told that our company does not promise this.

So, now again I got a call from Dhwani a week ago asking me to make remaining payment in just 2 days which is Rs. 26, 000. I told her about the call I got from Bangalore office and she told me that they are fraudsters and the often call customers asking for payment. At some point I agreed with her but I asked how the company will give me excess amount of Rs.[protected] as a money back where my yearly premium is Rs. 80, 000? In reply she told me that now your sum assured will be Rs. 10, 00, 000 as your premium is Rs. 80, 000.

So my question is, when I am in their "Diwali Offer" how will my sum assured will change to 10, 00, 000 from almost 11, 00, 000?

She also told me that if I want to cancel the policy, there will be only Rs. 50 charge and I will get back rest of the amount.
Sunday she called me again for asking payment, I asked her to cancel my policy. She asked me to call on Monday for the same. I tried calling her on Monday but her phone was out of coverage area even she was at her home. I tried calling on her other phone number but there was no response. After an hour trying hard by calling on and on I got a chance to talk to her. Her brother picked up the call and told me that Dhwani is not here but let me talk to my manager. I asked him to do not hang up the call and in just 1 minute Dhwani came up on call!

I asked her about my policy cancellation process. She told me that it will take 45day to reflect and she was very rude on call.

When I went to their office the very first time to collect my "Gift" where they explained me about their policy, they made me to do payment on site by telling if go out from here I will not get this benefit. So, I made payment of Rs. 38, 000 at that time immediately. But now when I want to cancel my policy they are telling me that it will take 45 days!

I want my full payment of Rs. 54, 000 back as well as Rs. 18, 000 interest amount return because of their false promises in 10 days.

Here are the contact numbers of Dhwani - [protected], [protected]

Here is my policy number: 03888088