[Resolved]  SBI Life Insurance — Declaring wrong maturity value to cheat the public

Website:SBI Life

Mr. T. Ganesh, sbi life, double road branch, visakhapatnam, has conveyed a wrong maturity value through phone and after receiving the policy bond, he started skipping my call and by that time, the minimum time to return the policy time is over. However seriously tried to get the refund from sbi life, till date, nothing has come to the reality. So, i request the consumer forum to intervene into the matter and do justice to me at the earliest. I didn't pay the second premium while i was complaining about the fraud continuously to sbi life.

My policy number is [protected] and name is 'tadepalli srinivasarao' with date of birth 26/05/1969.
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Jul 24, 2017
Complaint marked as Resolved 
State Bank of India [SBI] customer support has been notified about the posted complaint.
Verified Support
Jun 07, 2017
State Bank of India [SBI] Customer Care's response
Dear Customer,

We acknowledge your concern. We have forwarded your details to our team who will connect with you soon.

Thanks & Regards,
SBI Life – Customer Care
Jun 13, 2017
Updated by Tadepalli Srinivasarao
thank you for registering the complaint. in fact i was assuming that Mr.T.Ganesh is an employee of State bank of India who is also holding an additional responsibility of SBI Life. the reason is, Andhra Bank and Bank of Baroda are jointly promoting India 1st life insurance and so, Andhra Bank Manager canvassed a policy and i purchased it on my wive's name. in the same manner, i was in trap of Mr.T.Ganesh who never visited my house or work place and explained that for each Rs. 1, 00, 000/- premium per year, i will be given Rs. 11, 40, 000/- at the completion of 7 years. so, i asked him that to get Rs.25, 00, 000/- maturity value at the end of 7 years, how much have i to pay. he calculated and conveyed me that Rs. 2, 07, 901/- per year is required for 7 years for the maturity value of Rs.25, 00, 000/-.
the entire discussion was on telephone conversation which is the evidence for my complaint. he was always talking to me over phone and sending his executive Mr. Lakshman who was bringing and taking documents with my signatures. when i received the policy bond, i found the sum assured is Rs. 12, 80, 000/- and the maximum permissible bonus is 8%. so, even by calculating the highest bonus and highest return for 7 years, the total is not reaching at least Rs.18, 00, 000/-. so, how Mr.T.Ganesh said that the maturity will be Rs. 25, 00, 000/-.
to reach this strong opinion, no insurance person is there to judge and thus the minimum policy return period has been elapsed. then onwards i am struggling and sending mails to SBI Life to refund my money. it is more than an year and no action is there from SBI Life.
i request the Indian Consumer Complaints forum to bring the culprit to book and justify my role by getting my money refunded.

thank you sir/madam.
T.Srinivasarao .
Verified Support
Jun 23, 2017
State Bank of India [SBI] Customer Care's response
Dear Customer,

With regard to your concern, a detailed reply has been sent to your email address recorded with us. For any further assistance or clarification, please contact us at [protected]@sbilife.co.in.

Thanks & Regards,
SBILife - Customer Care
Jun 24, 2017
Updated by Tadepalli Srinivasarao
the matter is not resolved. SBI LIfe has cheated me once again that with out justifying the matter and unilaterally said that the matter is resolved. Mr.T.Ganesh phone conversation with me must be checked and prove that he has not made any statement that upon a premium of Rs.1, 00, 000/- per year for 7 years, i would be paid a maturity value of Rs. 1, 40, 000/- at the end of 7 years? In turn, i asked him i want a maturity value of Rs.25, 00, 000/- at the end of 7 years, how much annual premium has to be paid? he decided to pay Rs.2, 07, 901/- and thus, i gave a cheque worth 2, 08, 000/-. if this is not the conversation between me and him, then i would admit that i am at fault.
but, the consumer forum must verify the telephonic transaction between me and Mr.T.Ganesh in my presence or in the presence of a third party who is a judge. SBI Life cannot cheat the common public of india with its unilateral decisions
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