[Resolved] SBI Life Insurance — Shubh nivesh policy

sandeep.athota

from Bengaluru, Karnataka

Address:

Guntur, Andhra Pradesh, 522101

Hi,

I have been told by the Agent that the policy term is 7 years and the the premium to pay is 7 lacs (1 lac every year upto 7 years) and the sum assured is 10 lacs. He also told me that I will get a guaranteed bonus of 6% on the sum assured and with that, I can withdraw the amount in 8th year with total maturity benefits of 11.42 lacs guaranteed. Then I paid the first premium of 1 lac on 30th september using my credit card. Even after 1 month, I did not any call or msg from SBI and after I insist the agent, finally I got some confirmation from SBI Life with my proposal number. At last, I got the policy document on 7th Nov. I wonder to see the policy term is 15 years and the illustration of the premium and benefits is not been signed by me and was actually signed by the agent. and the sum assured was 12.71 lacs and also the policy commencement date is 30th October though i paid the premium on 30th sept. The agent provided me complete wrong information and cheated me. Now I dont want to have the policy and want to cancel the policy. Please let me know the process asap.
Thanks,
Sandeep

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Complaint marked as Resolved

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

Verified Support

Nov 17, 2015

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

We regret the inconvenience caused to you.In order to assist you further, please provide us your policy number /contact details.

Thanks & Regards,
SBILife - Customer Care

Verified Support

Nov 18, 2015

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

We are still awaiting your policy no/Contact details. Kindly provide us the same at the earliest to assist you further.

Thanks & Regards,
SBI Life – Customer Care

Verified Support

Nov 19, 2015

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

We have not received your policy no/contact details till today. Hence, we are closing this case. For further assistance, request you to call our customer care toll free no[protected].

Thanks & Regards,
SBI Life – Customer Care