[Resolved] SBI Life Insurance Company Ltd — selling insurance product without life cover.

fightagainstfraud

Sep 22, 2018

Address: 560085

Sbi life shub nivesh whole life plan (111n055v01).

In above mentioned policy there is no life covered. They are only providing the sum assured at the end of maturity/death. There is no death benefits and policy has been sold in the name of whole life plan life insurance. Interestingly irda approves such a policies! Is irda concerned of indian citizens security or is actively regulates the all the insurance policies india. Its seriously doubts the credibility of irda here.
Let me explain the scenario policy holder opted 6 year insurance plan with half yearly payment. Policy holder has paid all the premium religiously 11 premiums and unfortunately policy holder death happened during the policy term. When policy holder family approaches the sbi life they claims that in above mentioned policy only sum assured are there.in general concept whatever the policy some % of the amount should be invested for life cover, here no such a thing. Policy holder has paid around premium of 1, 10, 000inr but his family has received only 89, 000inr. Sbi life is claiming only sum assured is guaranteed. But sum assured only make sense when policy term ends and customer is alive.in this case policy holder death happened and it was running policy and policy holder has paid huge premium which is lesser than the sum assured value. For your further information non of the sbi life branch (Kumta) people are able to explain the policy settlement. Please review and acknowledge so that i can reach out irda for the further assistance.

Policy number: [protected]
Contact details: [protected]

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Oct 28, 2018

Complaint marked as Resolved

State Bank of India [SBI] customer support has been notified about the posted complaint.

Verified Support

Sep 24, 2018

State Bank of India [SBI] Customer Care's response Dear Sir,

We acknowledge your concern. Our team will connect with you for further discussion.

Thanks & Regards,
SBI Life Insurance - Customer Care

Verified Support

Sep 26, 2018

State Bank of India [SBI] Customer Care's response Dear Sir,

With regards to your concern, a detailed reply has been sent by letter to the nominee's residential address recorded with us.

In case if the nominee has any further concerns or requires clarification, please request her to contact us at [protected]@sbilife.co.in.

Thanks & Regards,
SBI Life Insurance - Customer Care

Sep 26, 2018

Updated by fightagainstfraud I have gone through that letter, you have sent a few months ago.
That is the reason I am raising this concern. I could not see in that latter any portion of the customers amount distributed for the life insurance cover. I could see the how the bonus calculate on top of the sum assured value. There is no justification there for the life cover! Is any whole policy liable to sold in India without life cover? Whole life was introduced to India only alternative to the term plan. How can whole life doesn't covers the insured person family?
Please could you confirm the below two things?
* SBI whole life plan never responsible to cover the life of the insured person.
* SBI life insurance company only selling the investment product not insurance product

Please confirm early, so that I can submit the petition against this whole life fraud with IRDAI and Indian jurisdiction.

Sep 26, 2018

Updated by fightagainstfraud Please confirm it here in public platform so that no such further fraud should happen to Indian citizens. Every one will come to know the reality of the SBI life and what is all about the life insurance products.

Verified Support

Sep 27, 2018

State Bank of India [SBI] Customer Care's response Dear Sir,

We wish to reiterate that a detailed reply has been sent by letter to the nominee's residential address recorded with us that the death claim has been settled as per terms and conditions governing the policy.

In case if the nominee has any further concerns or requires clarification, please request her to contact us at [protected]@sbilife.co.in.

Thanks & Regards,
SBI Life Insurance - Customer Care

Sep 27, 2018

Updated by fightagainstfraud Dear SBI,

I was gone through that letter I dont see any split up for the amount you have invested for the insured person's life cover. I don't think in consume complaint platform legal IRDAI representative of SBI life team is responding. Seems this responses are from customer care department they are not even aware of the defination of the whole life plan.

Thanks,

Sep 29, 2018

Updated by fightagainstfraud Dear SBI,

I have attached the bonus rate calculation declared in SBI website. Where SBI mentioned below are the calculation pattern for the Policy 111N055V01
** 3.25% for revisionary bonus
** 3.25% for interim bonus
** 40% for terminal bonus

But for our final death settlement you have considered only 3.5% interestingly you have calculated 2625Rs as bonus amount for the financial year 2017-18. By all permutations finally I was able to caught how u guys derived 2625Rs like as follow
75000*3.5/100=2625Rs
Customer has paid the premium of 1, 10, 000Rs how can you serve bonus on sum assured amount?
I have attached IRDAI approved bonus rates. Could you please have look and send the bonus deviation logic SBI internally applied without noticing IRDAI?

Thanks,
Indian Citizen