State Bank Of India [SBI] — gbic - call regarding existing policy

Address:

560064

Team, i received the call from a person "varun saxena" ([protected]/ [protected]). He said he is from "sbi life", also shared all the details of my sbi ulip plan (Including my current fund value) and informed that 10% of the submitted amount is going as agent commission.
This gained my interest (As this was not in my knowledge), also he informed that there is a provision that we can raise the complain in gbic (Governing body of insurance council) about such fraud or miscommunications.

Also, he suggested to escalate the concern in sbi life and gave two option i. E. Either i can raise the complain from my side (But as this is government work, thus i may not get the reply before 50-60 days) or if he raise the complain from his official email address (Sbi life), then i'll get the response soon. Thus, i allowed him to raise the request in gbic about the incidence and on call itself he shared the complain number (I. E. Sbi_4686221).

Later, within 24 hours i got a call from a person "rajiv malhotra" (Phone no. [protected]), he said that he is calling from gbic and repeat the same stuff that yes there is a provision about such fraud/miscommunication and asked what i would like to do about this case.

I offered him to close the sbi ulip plan immediately and return the submitted amount back in my account (I was ready to get the money even after 5 years paying term).

Later, he said that he cannot return the money now, however he mention that there is provisionn (Per section 64c) and offered to open a new policy and transfer the complete sbi ulip fund amount (Including agent commission) into new policy.

He said that he will send the email to 15-16 different insurance companies and mention about my case. Then, whoever shows interest and ready to open a short term policy will send the reply back to him.

Then, later he called again and informed that he got a reply from 3 insurance companies i. E. Hdfc life, reliance nippon and aviva. Out of them only reliance nippon offered to open a policy for 3 years locking period.

Then, per him i agreed to invest in reliance nippon money back policy. He also informed that after policy booking he'll send the email to sbi life for policy discontinuation. And, informed that i need to submit the premium (Rs. 64790) only for next 3 years, plus within 1-2 months entire sbi ulip amount will get transfer to the new reliance nippon money back policy. Also, per him on 28th feb. 2021, i'll guaranteed get the sbi ulip amount i. E. 1, 80, 000 back into my bank account and later in 2022, i'll get the rest of my fund (From reliance nippon) as well.

Thus, based on the discussion i showed the interest and agree to pay the premium amount and on same day he provide the payment link along with the reliance nippon application number i. E. Wa399452.

Finally, i made the payment and later he recommended to not mention anything about the discussion with the reliance nippon employee during policy verification call. Reason, he gave is as currently reliance nippon guys are not aware about the gibs discussion but after policy issuing he will send the email to sbi life and perform as mentioned above.

Then, i receive the call from reliance nippon verification department and i did the same (I. E. Not mention anything about the discussion which i had with "rajiv malhotra" (Gbis). Also, later i received the policy documents from reliance nippon (Policy number:[protected]. Also, after policy booking he again called asked for policy number and client id issued by reliance nippon and informed that he sent an email to sbi life and my policy will get discontinue with immediate effect and i don't have to submit any further premiums in sbi ulip.

Then for curiosity, i called at sbi life customer care and asked about my policy discontinuation, however per their response suspects that they have not received any request from their officials. Then, i browse more on the internet and come to know the similar incidence and all seems to be fake.

Currently, 20 days has already been passed for the policy issue of reliance nippon money back. Request you to please cancel the reliance nippon policy and refund my entire submitted amount to my bank account.

Thanks,
+91-[protected]