Reliance Nippon Life Insurance (now Indusind Nippon Life Insurance) — Fraud by the company: The company failed to refund the amount even after the policy was cancelled, thereby committing fraud.

I have buy policy from Reliance Nippon Life Insurance (now IndusInd Nippon Life Insurance),
My name is Dipak Shyamlal Sharma
My mobile number [protected]
Resident At Nandura, Dist Buldhana

I am constrained to submit this complaint regarding the unjustified delay in refunding the premium amount despite my cancellation of the insurance policy within the prescribed Free Look Period.
I had informed your customer care department through a telephonic conversation within 24 hours of receiving the policy that I wished to cancel the policy under the Free Look Period and requested a refund of the premium amount as per the applicable terms and IRDAI guidelines.
Thereafter, I have continuously followed up with your officials through telephone calls and emails. During every communication, your representatives assured me that my request had been processed and that the refund would be credited to my bank account shortly. However, despite repeated assurances, the premium amount has still not been refunded.
The details of my communications are as follows:
Telephonic Communications (Discussion with Miss. Sakshi Wakode and other company officials.) : 11/06/2026, 12/06/2026, 13/06/2026, 15/06/2026, 01/07/2026
Email Communications (Several subsequent reminder emails sent): 15/06/2026, 19/06/2026, 01/07/2026, 04/07/2026
Despite my repeated requests and continuous follow-up, no refund has been credited to my bank account. This prolonged delay is causing me severe financial hardship. The premium amount is urgently required for payment of my children's school fees and other essential household expenses. The continued withholding of my money is causing unnecessary inconvenience and mental stress.
Considering that I cancelled the policy within the prescribed Free Look Period and have been continuously following up with your officials through repeated telephone calls and emails for more than a month, I have suffered unnecessary financial hardship, mental agony, inconvenience, and loss of valuable time due to the unjustified delay in refunding my premium amount. The said amount was urgently required for payment of my children's school fees and other essential family expenses. I, therefore, request you to immediately refund my entire premium amount along with applicable interest for the delayed period and also consider granting compensation of ₹10, 000/- towards the mental agony, harassment, inconvenience, and financial hardship caused to me due to your continued deficiency in service. I sincerely hope that the matter will be resolved amicably without compelling me to approach the competent authorities under the Consumer Protection Act, 2019, the IRDAI Grievance Redressal Mechanism, the Insurance Ombudsman, or any other forum available in law.
In view of the above, I respectfully request your office to:
1. Immediately look into the matter.
2. Verify the status of my Free Look cancellation request.
3. Direct the concerned department to process and release the refund of my premium amount without any further delay.
4. Inform me in writing regarding the action taken and the expected date of credit of the refund.
5. Pay the compensations as the same as mentioned above.
Please treat this matter as most urgent. If the refund is not processed immediately, I shall be constrained to pursue appropriate remedies available under law before the competent authorities, including the Insurance Ombudsman, IRDAI, and the appropriate Consumer Commission, entirely at your risk as to costs and consequences.
I trust that the matter will receive your immediate attention and that the refund will be credited to my bank account at the earliest.
Thanking you.
Yours faithfully,