[Resolved] Reliance Life Insurance — Policy no.[protected] issue in regards to benefit of policy

3 Reviews
Delhi, Delhi, India
Dear Sir

We have purchased a Reliance Guaranteed money back plan from north India Finserve Pvt. Ltd. on 12 April 2016 for Rs 50000 P.a. Premium for 10 Years. Agent/ Broker code is 21364762. They told us many benefits in the plan but in actual all benefits are not available. Mr. Rohit Sharma, one of executive from their team explained that we have received following benefits from the plan if we don't want to continue this policy after three years. Guaranteed Loyalty Addition 26, 319, Surrender value after three years 72377 and proportionate value of sum assured which are calculated by formula (sum assured * no of premium paid/ total premium payable) which is Rs. 131592. Means we will receive Rs 230288 after three years (lock in period as explained by him is three years.)

In meanwhile we have received bond paper from reliance Life insurance, and we called Reliance customer care for cancellation. They told go to the branch from where you have purchased the policy, return the policy to them for cancellation. After speak with reliance Customer care we called Mr. Rohit Sharma to cancel our policy. But they told that do not cancel the policy, this is very beneficial; they told we will come at your home and will explain all policy detail again. He will not come to explain but in all these communication our free lookup period is lapsed and Mr. Rohit Sharma assured us we will receive all benefits explained earlier. We have no other option except trust on him.

In July Mr. Rohit Sharma called us again and told we have a plan for existing users. You Buy a Policy of Rs 42000. Minimum Lock in Period for this is one year. You will receive Rs 42000 back after one year at 9% interest. In addition to this your existing policy sum assured amount is increased and due to increased sum assured after three years you will get near about Rs 2, 87, 000 instead of Rs 2, 30, 288. They call us again & again for this policy & we are purchased this policy. Mr. Rohit Sharma told us please Return your old bond paper to the office Boy Mr. Rahul; We will Give you the revised bond paper.

We will receive our new policy of Rs 42000, vide policy no 52713730 as on 10.08.2016. After receiving policy we called to rohit and asked when we will receive our updated policy. So that we can check our revised bond and take a decision to retain or cancel the new policy. But Mr. Rohit Sharma told us, your free lookup period will start after receiving of your updated policy. After calling many time to Rohit in last they told us, revised policy first come to us and then we will send you the updated policy by hand. In Friday Morning 2nd September 2016 he called us and says you will receive your updated bond today by Rahul. We received our bond but this bond is old one not updated. He fooled us by saying all above things & also we have lapsed our free lookup period again for policy number 52713730. As free lookup period start from 10 Aug 2016 and we have waited till 02 September to receiving o[censored]pdated bond as Mr. Rohit says our free lookup period not start yet.

You are requested to take a serious action against agent North India Finserve Pvt. Ltd. & MR Rohit Sharma, who are fooling the people.

Complaint marked as Resolved May 11, 2017

Complaint Status

[Sep 04, 2016] Reliance Life Insurance customer support has been notified about the posted complaint.
Verified Support
Reliance Life Insurance Customer Care's response, Sep 06, 2016
Dear Parul,

We sincerely regret the inconvenience caused. Further to your telephonic conversation with our service representative, we will get back to you shortly with a resolution.

Reliance Nippon Life Insurance Team
Updated by CAPG, Sep 23, 2016
Dear sir

There is no resolution till now. As per telephonic discussion and mail they regret to cancel my both policy. As we have not asked to cancel my policy in free lookup period. But please understand my situation if the reliance agent provide me the correct detail of the policy why I will purchase second policy at such a lower rate of return. This plan doest not provide return even equal to FD return. Persons selling the policy only to get their commission not in favor of consumer needs. They still fooling other persons too by stating misrepresentation of data. In mine case also, we always told him to cancel my policy but he always regret to cancel by saying I will came to your home and will explain all benefit in detail. If you not trust after that than we will provide all details on companies letter head and mail. But he not came .. as already said we came to understand all his fraud when we have not received our updated bond. Now we are calling them daily, they are not picking our phone.

You are requested to cancel my both policy and terminate these kind of agent
Complaint comments  2 Comments     Updated: Share0Tweet0


Please send a copy of renewal premium paid certificate dated in the month of may 2016 to my email id [protected]@yahoo.co.in. reliance life insurane policy number 51620041.
g v raghavarao
Policy No aa mentioned by you 51620041 is not mine policy number.

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