Pramerica Life Insurance Ltd — mis-selling of policy no. 00869899 by agent

Problem Description:

Misleading Information from Agent: A representative of Pramerica Life Insurance Limited, an agent appointed by your company, contacted me and provided false and misleading information about a policy involving bond purchases. The agent assured me that upon paying GST for these bonds, I would receive bonds worth significantly more than the amount paid. Specifically, the agent promised that for a GST payment of ₹1, 00, 000, I would receive bonds worth ₹10, 00, 000. Additionally, the agent said that if I pay GST of the amount of ₹2, 00, 000 for a year, I will get a bond of ₹2, 00, 000. Irrespective of any fluctuation in the value of the bond, the company will guarantee a fixed amount of ₹20, 00, 000.

Policy purchase: Based on the agent's guidance, I made the following payments:

₹14, 999 for the HDFC policy.

₹5, 000 for another HDFC policy.

These payments were made on different dates using my credit card, with policy numbers 27616652 and 27492952, under the name HDFC Life Click 2 Achieve. I initially paid for two months as instructed. Following the agent's advice, I stopped making further payments.

Additional Payment and Discrepancies: Subsequently, the agent requested an additional ₹1, 50, 000, asserting that this amount would be used to convert my previous payments into a bond with Pramerica Life Insurance Limited. Trusting the agent’s assurances, I complied with this request. However, upon receiving the Pramerica Life Insurance Limited bond, I discovered discrepancies. The bond’s value did not align with the promised amount, and the details regarding the bond's terms and time period provided by the agent were incorrect.

Policy Details: The policy number associated with my case is 00869899, to Bhupendra Saraswat. The bond issued does not conform to the value and terms initially promised.

Urgent Action Requested: Given the circumstances, I request the following action:

A thorough investigation into the actions and behavior of the agent involved.

A full refund of all amounts paid, including the HDFC policies and the payment of the additional ₹1, 50, 000.

Confirmation of corrective measures to prevent similar problems in the future.

I trust that Pramerica Life Insurance Limited, known for its commitment to ethical practices and customer satisfaction, will address this issue with the promptness that is required. If this matter is not resolved satisfactorily, I will be forced to consider legal options for redressal.