Reliance General Insurance — False Promises to sell the Reliance Nippon Insurance Policy

Address:

Unit Nos. 401B, 402, 403 & 404, 4th Floor, Inspire-BKC, G Block, BKC Main Road, Bandra Kurla Complex, Bandra East, Mumbai - 400051. T +91 22 6896 5000

This email is regarding cheating through the fraudulent information provided by me from a representative who claimed he was from Reliance Nippon.

I am Pravin Shirsath and purchased a policy in Jan2021 for my wife with policy details as:
Policy No: 53849298
Policy Holder: Mrs. Purva Pravin Shirsath
Policy Plan: Reliance Nippon Life Guaranteed Money Back Plan

In the first week of Jan 2021, I have received a call from telecaller, Mr. Sagar (mobile Number: [protected]) where he informed me about Reliance Nippon Life Guaranteed Money Back Plan and said it would give guaranteed 18% Returns.
For that I need to pay Rs. 1, 20, 000 annually for 4 years.
After 4 years, wait for completion of 5th year and after that, I would be getting Rs. 7, 46, 550.
He had explained me the amount I would be getting under Policy as:
a. Minimum surrender value: 2, 32, 963
b. Other Benefits: 81, 598
c. Base Sum assured for 4 years: (10, 19, 972)*4/10 = 4, 07, 988, where premium payment term is 10 years, But I am paying premium only for 4 years
d. Frequency Rebate (5%): 1, 20, 000*5*4/100 = 24, 000.
i.e. a+b+c+d = 7, 46, 550.
He said everything will be documented.

Accordingly, Reliance Nippon representative came at my home, signed documents, explained policy like how Mr. Sagar has explained.

So accordingly, I have paid 1, 20, 000 and got the policy documents.

I then called Mr. Sagar and asked where that information is documented.
He then asked to refer page 21 and 29 of the policy document. So when checked, I was assured.
Those pages are attached herewith.

Then I have paid premiums in Jan2021, Jan2022 and also in Jan2023. Before paying premiums, I used to call Mr. Sagar to ascertain.

But then on 17-May-2023, Mr. Dinesh Tawlare and Vaibhav from Reliance Nippon, S.B. Road, Pune (contact: [protected] and [protected]) visited my home to explain me about policy benefits.

They informed me that information provided me by Mr. Sagar was fraudulent. He had added up different sections and showed the handsome amount that I would be getting.
No benefits after 5 years. I need to keep investing till 10 years and from 11th till 14th years, I would be getting total Moneyback benefits of: 6, 11, 983 and after 15th year, I would be getting Maturity benefits of: 8, 66, 977.
When I surrender this policy now, I would be getting 1, 49, 000 against 3, 54, 000 invested, which the surrender value.

This is a complete fraud.
I felt like cheated and then called Mr. Sagar on his number [protected], but that number is now not existed.

When checked with Mr. Dinesh, I understood that Mr. Sagar is not from Reliance Nippon, but from a third party agent: North India Finserve Pvt Ltd and they cheated many customers like me. Their details mentioned in policy documents as:
Insurance Marketing Firm (IMF) Code: 22264597
IMF Name: MR. North India Finserve Pvt Ltd
IMF Address: 210 Surya Kiran Building, Kiran Bldg, 19 KGMarg, New Delhi, 110001
Phone: [protected]
Mobile: [protected]
Email: customerservices(at the rate)nifl.co.in

I hope a strict action to be taken against the agency for the fraud. They are cheating people with the consent of reliance Nippon life insurance.
I wondered how the Reliance Nippon company has not validated the sales agency.

Request your kind attention and strict action on recovery of my hard-earned money.