Shriram Life Insurance Company — fraud/scam

Address:

13/161-A, Patimeeda, Club Road, Krishna, Andhra Pradesh, 521301

Before we buy the policies, the below mentioned officers of shriram life insurance company (Gudivada branch) came to our house and requested my father to buy policy.

1) mr. Ravindranath, regional manager.
2) mr. G. Ramalingeswara rao, branch manager (Eluru).
3) mr. Sreenivas.

As my father was already having 4 policies with lic company, he refused to avail the same. Thereafter, they came to our house twice or thrice requesting us to buy the policy. Finally, the above mentioned officers came with a proposal saying that “we are required to pay the policy premium only for 5 years and after the completion of 5th year (I. E., in the 6th year) we will get back the amount doubled to what was paid. Also, the bonus amount which the officers get if we buy the policy will be contributed to us”. Getting influenced by their words, my father bought two policies for him, one for my mother and one for me.

Sir, my father was regular in paying the premium for all the above listed policies till 2016. However, he had undergone a heart surgery in 2017, which severely affected our financial status. As a result, he failed to pay the policy premiums since then.

When me and my father went to shriram office (Gudivada branch) in january 2019 with an intension to pay all the unpaid policy premiums and enquired mr. Naresh (Gudivada branch manager) about the premium dues, we got to know that only 2 premiums were paid against the policy no. Np[protected]. Later, i contacted shriram customer care to confirm the same. Shockingly, i got to know that only the premium towards 2014 and 2015 were paid and the axis bank cheque which was allegedly deposited towards the premiums 2016 and 2017 was bounced. Also, we got to know that the policy term is 15 years and we are supposed to pay the premium for 15 years rather than 5 years as proposed by the above mentioned officers.

Only after my intervention in this matter, we got to know the facts and became aware of the fraud. The above mentioned officers of shriram life insurance company has misrepresented the policy for their self benefits and deceived my father who is an illiterate and can’t read and write english. Moreover, as a businessman my father always thinks in such a way to earn the profits out of his investments. This is the only reason what made the officers to misinterpret the policy as an investment plan and trap my father.

Soon after knowing the facts i have questioned mr. Ravindranath (Regional manager) and mr. Naresh (Gudivada branch manager), who kept quiet and did not comment anything regarding the matter. Instead, they advised us to cancel the policies.

Sir, my father went to shriram office (Gudivada branch) in november 2017 and handed over rs. 1, 00, 000/- (One lakh rupees only) in cash to mr. G. Ramalingeswara rao (Eluru branch manager) and asked him to adjust the amount towards the premium dues of policy no. Np[protected].in this regard, i would like to keep on record that, the amount was handed over in cash and not in any other form as alleged (I. E, axis bank cheque). Mr. G. Ramalingeswara rao did not provide us the payment receipt against the remittance of rs. 1, 00, 000/- to the company. However, after asking him several times to provide the same, he had given a forged payment receipt on[protected]I. E., after 2 months of cash handing over) on which it is stated that the amount is paid through axis bank cheque (Which was bounced as per company records)

When i requested mr. Ravindranath (Regional manager) and mr. Naresh (Gudivada branch manager) to provide us the details of the bounced axis bank cheque, they said that the bounced cheque details are not available with branch office and are only available with head office. Further, they assured that the details shall be submitted to us within a week after collecting the same from ho. However, after completion of 2 to 3 weeks they stopped responding to us with an intension to hide the facts, divert our attention and save mr. G. Ramalingeswara rao from the case. However, mr. Ravindranath (Regional manager) assured us that he would do justice by enquiring mr. G. Ramalingeswara rao who was transferred to eluru branch, regarding the missing rs. 1, 00, 000/-.

Later, mr. Naresh (Gudivada branch manager) has confirmed us that he has enquired mr. G. Ramalingeswara rao (Eluru branch manager) on phone and he had accepted that he did not remit rs. 1, 00, 000/- to the company.

Further, we requested mr. Ravindranath (Regional manager) and mr. Naresh (Gudivada branch manager) to investigate and settle the issue by dealing with g. Ramalingeswara rao (Eluru branch manager). However, they denied to resolve the issue stating reason that they are not responsible for the money paid to g. Ramalingeswara rao and they have no authority to question/deal him as he is no more in gudivada branch office and transferred to eluru branch. Instead, they suggested us to deal with him directly and settle the matter