[Resolved]  Exide Life Insurance — Insurance against loan

Address:	560098
Website:	www.exidelifeinsurance.com

First I got a call from exide life insurance name Sumit Bajaj & asking that are you looking for loan. I said yes then I asked what is the process then he said that you have to make a policy and against that we provide loan then he asked how much loan is required I said 30 lacs, then he said you have to pay 3 lacs per year for 10 years and the policy which you will make will become ours. Then I said ok and I said that I will make the payment quarterly which is 75k and then he inform the same to Bangalore branch and 2 people came & took signature in the policy form and and he also asked me not to inform them that I am taking loan against this so I didn't told anything to them and then I got a call from customer care also and he asked me not to inform them also and customer care people told me that you will not get any loan against this then I asked that person then he said they are saying like this only, if I tell them then they will ask for the commission. Finally the policy was made & after that he was just saying that it is under process and it will be done in 10 days then he said like that he was just passing the time. After that he said that I have to open a FDR account in the name of my wife as the business is in my wife's name so I have to make a policy of 50k and the same is refundable, he further said that he is just collecting this money to collect the document of my wife and later on he will cancel the policy and refund the amount. He has made the 2nd policy also & I have received both the policy in my hand but he has not cancelled the 2nd policy. He also sent me a letter from citibank that my loan has been approved and one person in the name of Hr Mehta whose number is [protected] has took 25k from me in the name of standard solutions account and after that he asked me to deposit more 27500/- then i said that i will not deposit any more money then he switched off his mobile. sumit bajaj told that person is fraud and loan is under process and after 2 - 3 days he said that you have to make half yearly payment and not quarterly payment and so your loan is not getting processed and then i said i will not make any further payment then he said that I will make 50% payment on your behalf and you make 50% payment then i didn't agreed for that then asked me to come to hyderabad in karim nagar and I went but there was no office of exide life insurance and he was saying that he is coming to pick me up but he didn't came. Now he is no more picking the call and I have not received any loan also. I don't want any policy which are done by fraud I want to cancel the policy and I want my money return and I will also going to complain for the same to police and media if my case is not solved as I have all the call recordings in my mobile.