| Address: Ahmedabad, Gujarat |
Respected Authority,
I have been victim of a fraud made by an insurance agent of the SBI Life Insurance Co. Ltd. The details are as below for your kind reference:
Name of Policy Holder: Dr. Ramesh I Patel
Customer No. 27596851
Policy no.[protected]
Product Name: SBI Life-Money Back Option 1
Name of the Policy Holder : Soham Patel
Customer No. 27887867
Policy No.[protected]
Product Name : SBI Life-Money Back Option 2
The chain of the incidents are as below:
Sir, I got a call (in mid-August, I don't remember the date) from a telemarketing person saying there is a scheme SPECIALLY FOR DOCTORS and CAs in SBI Life Ins. which takes Rs. 50,000/- p.a. for 3 consequent years making a sum of Rs. 1,50,000/- of investment and returns you Rs. 2,10,000/- on the 4th year which is its maturity period. She told her name was Ms. Mahi and would send an agent for further explanation.
Then, an agent naming Vijay Pal Sharma came to my clinic for explanation. He explained me the policy as below.
Yearly Premium: Rs. 50,000/-
Term Period: 3 years
Total Investment: Rs. 1,50,000/-
Accident Cover: Rs. 6,00,000/-
Bonus on Accident Cover: 10%
Survival Benefit on fourth year: Rs 1,50,000 + Bonus Rs. 60,000 = Rs. 2,10,000/-
Tax Benefit: 80C and TDS Free (10D)
I got convinced by him. Also, he said that to be the last date (it was 19 th Aug,2011) of the scheme and such a scheme will not come for next 10 years. He was in extreme hurry and got a form signed and took my photo and CHEQUE OF Rs. 50,000/- as FIRST PREMIUM and went back.
Few days after, that girl Mahi, called me back and said that the date has been extended and now, the family members are also inclusive and hence I should take one such policy for my wife or my son. I thought it was a good idea and told my son for the same. My son, a JRF with a Fellowship of Rs. 12,000/- p.m. did not even have the sum of Rs. 50,000/- in his account. He refused initially but on trust of his father's decision, he agreed to deposit the remaining amount and take such policy.
I sent Mr. Vijay Pal Sharma to my son at my home on 10/9/11 at 9:45 pm for the said matter. He went to home and said that day was last date and the office has been kept open due to it till 10 pm. He explained my son the policy in the same manner and in addition, said that if he takes the policy, his father will get another Rs. 50,000/- of accident cover. My son agreed. He said that he just had 15 minutes and hence my son should sign the form and give the photograph and cheque of Rs 50,000/- of first premium and then he ran back in hurry.
Few days after, I received my policy document and kept it safe with my trust in SBI Life with my belief that it is a Govt. Agency and my money is safe. my son too got his policy document and filed it safely.
Now, due to some other purpose, I went to my SBI Local Bank and while talking to one of the staff member, I mentioned that I have taken one such beautiful policy of their SBI Life. He replied in negative that there isn't such policy/scheme at all. I got shocked and said that I have received the official policy document then how can it be wrong? I went back to home, took my policy and showed it to the person. He opened it and showed me the details in the document which are as below in brief.
My Policy Details:
Product: SBI Life-Money Back Option 1
Term Period : 10 years
Date of Maturity: 29/8/2021
Sum Assured under Basic Plan: Rs 4,00,000/-
Sum Assured under Accidental Death : Rs. 3,00,000/-
1st Survival Benefit: Rs. 1,20,000/- on 29/8/2019
2nd Survival Benefit: Rs. 1,40,000/- on 29/8/2020
3rd Survival Benefit: Rs. 1,80,000/- on 29/8/2021
Due date of last premium: 29/8/2020
My son's Policy Details:
Product: SBI Life-Money Back option 2
Name : Soham Ramesh Patel
Term Period : 15 years
Date of Maturity: 14/9/2026
Sum Assured under Basic Plan: Rs 6,00,000/-
Sum Assured under Accidental Death : Rs. 6,00,000/-
1st Survival Benefit: Rs. 60,000/- on 14/9/2014
2nd Survival Benefit: Rs. 90,000/- on 14/9/2017
3rd Survival Benefit: Rs. 1,20,000/- on 14/9/2020
4th Survival Benefit: Rs. 1,50,000/- on 14/9/2023
5th Survival Benefit: Rs. 2,70,000/- on 14/9/2026
Due date of last premium: 14/9/2025
Also, the scanned copy of my form in the policy showed that Vijay Pal Sharma had filled on his own the details of 10 and 15 yrs of maturity period.
Now, I got completely stunned and thought what to do. I saw that my Free Look Period too has been over. I inquired in my reference branch and was said that nothing can be done.
I accept my mistake that I over trusted the guy and signed the form blankly as he was in too hurry and said that he will fill-up the details from our ID proofs. Another mistake that I have been unaware of the free-look option and hence did not verify my policies immediately.
Now, I am not in a situation to pay the premium of Rs. 50,000 per policy (Rs. 1,00,000/- from my family) for next 10 or 15 years. I was said it to be of 3 years only. This is clearly a case of Fraud and must be acted against. I no more want to continue with this and want to surrender my policies and want me first premiums back.
I hope the details are enough to proceed with the matter. The visiting card of the Agent Vijay Pal Sharma (showing him to be a Financial Consultant which is a never existing post in SBI Life) and his hand-written document in explanation of the policy still lies with me, photocopies of which is available on demand and are uploaded herewith.
Please help me out in getting my money back.
Aug 13, 2020
Complaint marked as Resolved 
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