Is Reliance Life’s corporate agent AB Capital involved in fraudulent “interest-free loan” offers? Will Reliance or the regulators initiate action?

Moneylife Foundation’s Insurance Helpline has received a second  case of fraudulent “interest-free loan” offer from AB Capital. This time, the victim took a loan of Rs2 lakh to pay the high insurance premium, lured by the carrot of a fat, interest free loan of Rs10 lakh

On 4th July Moneylife Insurance Helpline received an email from Prashant Gupte (name changed) saying that he had purchased two Reliance Life Insurance  policies for himself and his wife by paying a Rs1 lakh premium each. Worse, Mr Gupte did not have the money. He took a personal loan to pay the premium, because AB Capital, a corporate agent for Reliance Life promised him an “interest-free” loan on Rs10 lakh on buying the Reliance Money Back Guaranteed Plan. He wrote to us on reading out reports about Dr Sujay Verma (name changed) who was similarly trapped and how our intervention led to a refund. Also, there was no sign of the interest-free loan he was promised. Clearly, a second case of outright cheating ought to make the regulator sit up, but until they do, people are getting trapped into taking a loan to buy high premium insurance plans of trivial value with the lure of an “interest-free” loan of 10 times the premium.
 

Read Is Reliance offering 10-year interest-free loan for buying insurance?
 

Moneylife Insurance Helpline immediately wrote to the head–corporate communications of Reliance Capital. While we are still to hear form the company, our communication had immediate effect. Mr Gupte has written to say that he received a call from AB Capital on the same day (4th July) and from Reliance Life customer care asking the bank details for refunding the amount. He also received another call from the Senior Manager, Compliance, at AB Capital. Mr Gupte says he was very apologetic and promised to refund the full amount shortly and he also promised to initiate strict action against the persons involved in the fraudulent sale. He also requested Mr Gupte not to take the complaint to the next level for fear of damaging the company's reputation.
 

Earlier, the intervention by Moneylife Foundation’s Insurance Helpline had helped Dr Verma in getting refund of Rs60,000 premium for Reliance Life policy fraudulently sold by the same corporate agent—AB Capital, with the false promise of an “interest-free” loan of Rs6 lakh from Reliance Capital. Dr Verma was running pillar to post for six months to get the refund without any success, but within two hours of our taking up his case with the company, Reliance Life promised to make amends.
 

Read Reliance Life refunds Rs60,000 in a suspicious transaction: Another Moneylife success
 

At that time, Reliance Life Insurance had claimed to us that “the calls are made by spurious callers, a menace faced by the industry, and not part of any mis-selling. The industry has sought help from the EOW and we, as Reliance, have also filed over 170 FIRs against these spurious callers.” Reliance Life pointed to an article in the Times of India which assures us:  “These complaints have not made much headway since there was no transaction.” This is not entirely true. Moneylife Insurance Helpline has now forwarded two such cases with full details, which are not about nuisance calls of “interest-free loan” but actual transactions involving a Reliance Life insurance policy purchase which amount to outright cheating because they customers were denied the promised ‘interest free’ loan from Reliance Capital.
 

Moreover, AB Capital is clearly listed as a corporate agent of Reliance Life on its website http://www.reliancelife.com/Contactus/CorporateAgents/CorporateAgentsDetail.aspx?CityId=1. It has IRDA license number 5484516 and IRDA agent code 20879724. The license is valid from 22 June 2012 to 21 June 2015. The name of director is Raj Kumar Bhatter / Padma Bhatter /Anubhav Bhatter. Sharmistha Banerjee is the chief insurance executive. Its address is: 14/1, Paul Mansion, 6 Bishop Refroy Road, Kolkata, West Bengal-700020.
 

Can Reliance Life adopt a hands-off attitude? If the agent is peddling lies on its own, shouldn’t Reliance Life discontinue its relationship with AB Capital? Will the Insurance Regulatory and Development Authority (IRDA) act quickly to cancel AB Capital’s license before it cheats more people? We will be tracking this story to bring you updates.

 

UPDATE: Reliance Life has refunded Rs2 lakh to Mr Prashant Gupte
 

Read:

 

Reliance Life ULIP mis-selling: Justice served

 

Life insurance: Don’t fall for assured returns, look for comprehensive cover and avoid dubious agents who promise you fantastic combination plans

 

Are your insurance details all in the public?

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    COMMENTS

    Sandeep Shukla

    5 years ago

    AB capital also given false information about Policy to me and cheated. Please guide me i have invested 94000 in relience how do i get my money back.
    My contact number- 9773613685
    [email protected]

    reshma

    5 years ago

    I am also the victim of the Fraud of Reliance Life Insurance, Kindly requesting you to advise me to How I will recover my Money and What's the procedures to complaints regarding the Fraud selling of Life Insurance with the promise of giving lower interest rate loans.,but still not get any reply. Pls help me. Thanks.


    [email protected]

    DHARMA PATIL

    5 years ago

    Dear Sir,

    AB capital also cheated me and asked me to buy policies of 30k and 75k. Last three years i am paying premiums with great difficulty.

    There may be thousands of people cheated by AB capital.

    Dharma Patil M:9325218518
    email:[email protected]

    satwasheel U Mohite

    5 years ago

    I am also the victim of the Fraud from AB Capital, Kindly requesting you to advise me to How I will recover my Money and What's the procedures to complaints against the AB Capital. I am also mail many times to the Reliance Life Insurance regarding the Fraud selling of Life Insurance with the promise of giving lower interest rate loans.,but still not get any reply. Pls help me. Thanks.

    Mo. 09326260960
    [email protected]
    Satwashil Mohite, Pune.

    pradeep

    5 years ago

    As complained earlier, now I am getting calls again to deposit security of Rs.28000/- for getting the loan. Pls see in this matter

    pradeep

    5 years ago

    As complained earlier, now I am getting calls again to deposit security of Rs.28000/- for getting the loan. Pls see in this matter

    Vamsi Pala

    6 years ago

    Hi,

    The following policies are done for me from Reliance Insurance Company fraudulently.

    Policy number :

    1. 50670727
    2. 50759202
    3. 50724154
    4. 50700125
    5. 50676972

    They have informed me that they have outsourced the policy business to 3rd Party company called AB Capital which has done these policies.

    The caller calls says he is from Reliance Insurance Company and he promises bonus of 2000 per month on each policy and other stuff and has done these policies. They told there is a verification call which I have to tell in specific way and they ask me to deny everything, that nothing is promised. They even told me that everything was converted into one time.

    Reliance has accepted that AB Capital was doing fraud and they have terminated their service but they are not willing to cancel my policies.

    I am not in a position to pay 2 lakh per Year for these policies. As I am not capable of paying this huge sum.

    Even after repeated complaints to Reliance about this, I get the call from fraud asking for NOC for cancelling the policies, there is no good response from Reliance. I have decided to take this up further so that nobody can suffer like this.

    Please help me on this, so that I can cancel the policies.

    REPLY

    Shreyas Nayak

    In Reply to Vamsi Pala 5 years ago

    Madam,
    My name is shreyas nayak & I am from Dombivli (Mumbai suburb)& I am also victim of these people & duped for 75,000/- but I am not going to keep quite. I request you to join me & I am also contacting others to strong our voice in Police case. If you are ready & really want to get help from police then mail me on my email address on [email protected] I have evidence against these fraud people which I am going to submit to police if you want to join us then your complaint will also be registered at same time.

    pradeep

    6 years ago

    Complaint of Fraud against Reliance Capital and its agent- AB Capital
    On 21.3.2012, I received a call from a lady caller and introduced herself as Ms. Avantika from Reliance Capital office, New Delhi. She then illustrated a Life insurance plan with interest free loan facility upto the maturity value. On consequent discussions with her and later with her senior, Mr Rajiv, they described that ‘U pay Rs. 25000/- for 10years in Reliance Guaranteed Money Back Plan. You will be given of loan of Rs. 250000/- within two months of the purchase of policy. At the end of the policy, we will not get anything. As such, a policy of Reliance Guaranteed Money Back Plan was purchased on 26-3-2012.
    The details of the policy are as follows:
    Name of the Policy Holder- PRADEEP KUMAR BEBARTA; Policy No.-50887724; SA-Rs.206000/-; Premium Amt: Rs. 24847.00; Yearly mode; Paying Term-10years; Client Id- 85897711
    In this conversation, first they called from a call center no and later she gave her mobile no-09711320171 and her senior Rajeev’s no is 09015147362. As such, I received my policy on 25th of April’2013. Then I contacted them back. She told me that your application is in process and will soon get the loan. But that was the last call recd. And from then, the no of Rajeev was out of service and Avantika’s number was either ringing or switched off.
    After a period of 4months, on 26.06.2013, suddenly I received a call from a person named Bipin Choudhary calling from Reliance Capital Office with his no-07503089567 and told me ‘U had applied for loan with the above policy. Are u still interested?’ I gave the answer ‘Yes’ and then he said that he is sending the file for processing. After 2days, he again called me up and told that Ur application is in process and is scrutinized. According to the company norms, I have to deposit Rs.20000/- as security and this will be sanctioned within 3days and the security amount will be released after 7days of sanction. Firstly, I doubted and tried to avoid and told him to call me up at evening as I am busy at office. He told me that I will be calling from the new no- 08285406012. Again in evening, he called me from his new no and repeated the same question and also said that u had been offered as per the conversion with Avantika during the purchase of the policy. When he took the name Avantika as reference of the policy, then I believed that it may be true and then I agreed to pay. He gave me an account no of the Sales Manager of Bodhgaya [[Name- Syed Shahbaz Mujtaba; Account No- 1616000100129632; Bank- Punjab National Bank, Bodhgaya branch]]. I asked me to give an A/c no of any SBI as it will be appropriate. But he told me that no one is having any account in SBI. Later he gave no of a Sales Manager, Arun Kumar, A/c No.- 12641050055794, Bank- HDFC Bank, Gurgaon Branch. But the local bank officials refused to deposit the amount in the said account as it is Salary Account and as per the norms of RBI, cash cannot be deposited by third party. When told to Bipin, he again gave me another account no of Ravi Prasad, A/c No.-14431050003704, Bank-HDFC Bank, Gurgaon Branch. But again, the local bank officials refused to deposit the amount in the said account as it is Salary Account and as per the norms of RBI, cash cannot be deposited by third party. Later on 02/07/2013, I went to the Punjab National Bank Jeypore branch and deposited cash in the account of Name-Syed Shahbaz Mujtaba; Account No- 1616000100129632; Bank- Punjab National Bank, Bodhgaya branch, Transaction No- M380744 Srl No-40. Again, after 2 day he said that the application is in process but as per the terms, the required amount is Rs.45000/- for security. So I had to pay another Rs.25000/- for the loan. Then I paid the said amount of Rs.25000.00 on 05-07-2013 in the same account of Mr. Syed Shahbaz Mujtaba, Account No- 1616000100129632; Bank- Punjab National Bank, Bodhgaya branch, Transaction No- M410278 Srl No-55. And the same was confirmed by Bipin Choudhary regarding the receipt of the total amount of Rs.45000.00. And then the number of Bipin was not reachable/ switched. After 10 days, when called from a different number, he revealed that the application is in the process. After that day the number is switched off.
    After 3months i.e. on 25th September’2013, a call was received from Mr. Manish Mittal from Reliance Capital and revealed that the application is in process and I had to pay Rs.20000/- for the approval of loan. When asked about the earlier deposit of Rs.45000.00, he said that this amount is received. Also he said that “ when u believed Bipin Choudhary, have faith on me and I will let the file processed.” When I asked for the receipt, he also said that he will provide the same. He gave the file no- RLI-RC-0079157117 of the loan application.
    Hence, this is the brief.

    Pradeep Kumar Bebarta
    Qr.No.SSF/D/4, Irrigation colony,
    Jeypore, Dist: Koraput,
    Odisha-764003

    Mayur

    6 years ago

    I am also the victim of the Fraud from AB Capital, Kindly requesting you to advise me to How I will recover my Money and What's the procedures to complaints against the AB Capital. I am also mail many times to the Reliance Life Insurance regarding the Fraud selling of Life Insurance with the promise of giving lower interest rate loans.,but still not get any reply. Pls help me. Thanks.

    Mo. 09924271217

    Niraj Kumar

    6 years ago

    I would like to state that I have been a victim to a similar situation. please advise me to how to recover the money from those situation.

    Niraj
    9099981218

    Moneylife Foundation

    6 years ago

    Mr Ray,

    Greetings!
    Moneylife foundation has launched a FREE Insurance helpline for Moneylife foundation members and subscribers to Moneylife magazine, providing one to one basic help and guidance on issues and problems regarding insurance.

    To avail the free insurance helpline. We would suggest you to become a moneylife foundation member. It is FREE.

    Our helpline is on a best effort basis. We would request you to send us a synopsis of your issue in not more than 500 crisp words at [email protected]



    Nilay Ray

    6 years ago

    I would like to state that I have been a victim to a similar situation. I am surprised to see that so many people has faced the same fate. I've got the call several times from the number 9022927749 in the month of Feb/Mar 13. The caller was "sweta or sneha". Later on, I've taken the policy from them with the assurance of interest free loan of 4 lacs against the insurance of Rs.40000/annum. During that time Mr.Amit Jain called me and told me that, my loan is confirmed and I'll get two verification calls. If I face any problem, I can call him back. I also got the calls - in one they confirmed me the loan & in another one, they confirmed me the insurance. I got the insurance papers also. They told me that, within 45 working days, the loan will be disbursed. When it was nearing 45 days, I called several times to 9022927749 to talk to Mr. Jain. But, the call always got lifted by some other girls and they repetitively told me "Sir is busy, he'll call you back". But, no call came. In the mean time, I got the SMS confirmation stating that "Dear Premier Customer, your loan application has been accepted and is now under process. Your Loan Ref no is LAPMUM0008230. For further queries kindly contact the service help desk no 022-32260758". I contacted them and intimated that, I will get the final verification call between 7-17th of July. But, no call. Since morning I'm trying the no and it is continuously busy. I talked in this no last on 8th july. I do not know what will be my fate. The other no 9022927749 is "temporarily out of service". I tried to search any alternate no of Reliance with the help of 022-32260758 and surprisingly got this link.
    If I don't get this loan I don't know how to survive further. As I have arranged money from my friends and taken the insurance in the hope that, with the help of this loan, I can clear all my credit card dues and also give back the money back to my friends. Can anyone please help me?????

    sudiptachandra

    6 years ago

    I would like to state that I have been a victim to a similar situation. I received a call in mar'13 as a telecaller from reliance loan deptt. called of availing personal locan for rs 2 lac by taking up a reliance insurance policy of rs 20000/ annum. i was assigned a representative by the name of amit jain as he also shared his emp id and the contact details (ph no: 9022962973) which worked for a week and then was out of service. this gentleman explained that the loan will be disbursed directly to my bank account after the policy is issued which is (15 + 45 days = 60 days)from the dat of signing up for th policy. i received a sms from the number (022-32260758 )stating that my loan is confirmed with a loan ref number (LAP0008230) in may'13 and they would process the loan after a final verification. i have received the policy document from reliance. everytime i contact the reliance loan department number as mentioned (022-32260758 ), they keep postponing the verification dates and the lady receiving calls keeps changing her name; hence it becomes utterly difficult to trace the person. Infact I hve asked for their office location and they were not ready to divulge their information.

    I fail to undertand why would a branded and reputed company like reliance take such cheap steps in duping the people of the country. I am an existing customer of reliance and use couple of other services offered, but insurance scheme was the worst I have ever experienced.

    If you have been able to successfully resolve other cases as mentioned, please provide me assistance.

    Name: S Chandra
    Contact: 865-278-3262

    sudiptachandra

    6 years ago

    I would like to state that I have been a victim to a similar situation. I received a call in mar'13 as a telecaller from reliance loan deptt. called of availing personal locan for rs 2 lac by taking up a reliance insurance policy of rs 20000/ annum. i was assigned a representative by the name of amit jain as he also shared his emp id and the contact details (ph no: 9022962973) which worked for a week and then was out of service. this gentleman explained that the loan will be disbursed directly to my bank account after the policy is issued which is (15 + 45 days = 60 days)from the dat of signing up for th policy. i received a sms from the number (022-32260758 )stating that my loan is confirmed with a loan ref number (LAP0008230) in may'13 and they would process the loan after a final verification. i have received the policy document from reliance. everytime i contact the reliance loan department number as mentioned (022-32260758 ), they keep postponing the verification dates and the lady receiving calls keeps changing her name; hence it becomes utterly difficult to trace the person. Infact I hve asked for their office location and they were not ready to divulge their information.

    I fail to undertand why would a branded and reputed company like reliance take such cheap steps in duping the people of the country. I am an existing customer of reliance and use couple of other services offered, but insurance scheme was the worst I have ever experienced.

    If you have been able to successfully resolve other cases as mentioned, please provide me assistance.

    Name: S Chandra
    Contact: 865-278-3262

    mohammed faisal

    6 years ago

    i think in this case irda should investigate with call detail also take help from hi authority this is clear fruad case irda should take immediate action against all involed person not only cancelled licene but also black list person who innvoled in directily in this case also make a system who watch regulary black listed company and black listed person with name and identy and photo should be show all financial releated department and in future prohabited for that kind of person life time in india and abroad, and arrange system that person find in that kind of case and after investgation if person find in fraud case irda can make rule and issue guide line to all life insurance company that no experience certificate would be issue to that kind of person in future join purpose or other company job purpose,and all life and financial web site should arrange option link to fraud list in india and to make arrange link in wesite who involed in fraud case and name photo and age with adress with qulification and last joining and nauture of fraud also shuld be mention in this colum,
    company etc.

    and i request to irda and govt of india to arrange a web portal only for fraud person and should category can view like life insurance fraud,gerneral insurnace,mutual fund stock market,nbfc,chitfund etc
    website regulary and govt should adopt tecnology to create a website for indian consumer who can directly approach and upload that kind of fraud case to consult depart ment with also should provide unique email id from govt department as a proof that information which sent with customer have life time proof that particular time date was email sent to department with that kind of file,

    Why is the Insurance Information Bureau now an independent body?

    Insurance Information Bureau which was formed as an advisory body of the IRDA has now been transformed as an independent body. No reasoning is given by the IRDA circular. Could it be due to IRDA’s plans to set up an insurance credit bureau, for which companies like CIBIL are interested?

    The Insurance Information Bureau (IIB) was formed as an advisory body of the Insurance Regulatory and Development Authority (IRDA) in the year 2009. Insurance companies and TPAs (third party administrators) are required to submit data to the IIB for processing and dissemination of the data. The IIB has been collecting transactional data from the market (insurance companies, TPAs, etc) for different lines of business, analyzing the same and producing periodical and ad-hoc reports for the benefit of stakeholders in the insurance industry.
     

    The IIB has now been transformed into a society as an independent body. The reasons are unclear as the IRDA circular is silent about it. An email sent to IRDA has also not been answered. The change could have been triggered by IRDA’s plans to set up a credit bureau for the insurance sector, for which companies like CIBIL are interested.
     

    Credit bureau for the insurance sector will take into account the individual credit history, claims pattern, financial habits and past premium payment history for charging of premium. The insurance credit bureau will act as a “consumer rating agency” as there is no mandatory requirement for insurance companies to consider credit history at the time of issuing policies.
     

    Some insurance experts feel that an independent agency should come forward to create a database of insured in an authentic manner and to make it accessible to the stakeholders. The database, if correctly done with proper technology and correct structure, can give detailed information. It can be used to come up with correct premium pricing. Today, if insurers charge a high premium, they will lose customers; if they price themselves low, then they will suffer losses; if they get the pricing right, they will get customers. Insurers sometimes play safe in underwriting to stay out of risk.
     

    While a credit bureau for the insurance sector may be the future, it seemed that in the past IRDA may not have been keen on outside companies getting on board. IIB data even with its limited accuracy was considered an important entity. With IIB now becoming independent body, it may be an easy road for outside companies like CIBIL, which are looking forward to get into the insurance credit bureau business.
     

    Read  - Health insurance reports from the Insurance Information Bureau—an IRDA body—are riddled with errors

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    Reliance Life refunds Rs60,000 in a suspicious transaction: Another Moneylife success
    Dr Verma had purchased a Reliance Life plan with the lure of an interest-free loan. After running around without any success for six months to get the promised loan and then to get the policy cancelled, Dr Verma fortunately got justice within two hours of Moneylife’s intervention 
     
    Many customers are receiving fraudulent calls offering them an interest-free loan of Rs10 lakh from Reliance Capital when you buy a Reliance Life policy of Rs1 lakh premium. When Moneylife raised this issue, Reliance Life replied to Moneylife stating, “The calls were made by spurious callers, it is a menace faced by the industry, and it is not part of any mis-selling. They even added that the industry has sought help from the EOW and we, as Reliance, have also filed over 170 FIRs against these spurious callers.”
     
     
    Reliance Life’s response to Moneylife points to an article in the Times of India which assures us:  “These complaints have not made much headway since there was no transaction.” Well, this is not entirely true. Moneylife Insurance Helpline has received one such case which was not only about nuisance calls of “interest-free loan”, but also an actual transaction of Reliance Life insurance policy purchase without getting any loan from Reliance Capital. Dr Sujay Verma (name changed) had a harrowing experience for the last six months. After running around to get the promised loan and making complaints to Reliance Life without getting any response from it for six months, Moneylife’s intervention took two hours to ensure justice for the hapless consumer. Dr Verma received an email from head–customer care of Reliance Life offering him a refund of the premium amount of Rs60,000 within three days. The refund was indeed given as it was promised.
     
    Moneylife wrote to Reliance Life stating, “This policy is a good example that can be analysed. Apart from the dubious interest-free loan, there was an actual selling of the policy. Can you give us the details on how the offer got translated to policy sale? Dr Verma's email has details of people who made calls. The policy will have the information about who sold the policy.” There has been no response from Reliance Life till the time of writing this article.
     
    Dr Verma had even made complaints to Insurance Regulatory and Development Authority (IRDA). Can IRDA not smell a dead rat? Its reaction should have been “Hey, wait a minute... what’s going on” instead of silently updating the status. IRDA forwards the grievances back to the insurance company which knows very well how to dodge the issue until there is a pressure from the media, insurance ombudsman or consumer court.
     
    Dr Verma has also made false promises of “conversion of policy to a single-premium plan”. The truth is that Reliance Life Guaranteed Money Back Plan does not have a single premium payment option. 
     
    Here is part of a long email from Dr Verma to Moneylife:
      
    I have been tricked and duped by Reliance Life’s fraud advisors and personnel from the verification and loan department. They offered me availability of true 0% interest-free loan of Rs2.5 lakh–Rs10 lakh from Reliance Capital for buying “Guaranteed Money Back Plan” from Reliance Life Insurance. The company’s advisors even told me not to disclose this “Loan-offer” to other executives in Reliance to save my “15% agent-commission” for buying the policy directly from the company itself and it will be remitted to me along with the sanctioned loan amount. 
     
    I trusted the ‘Reliance ADA Group’ and opted for a loan of Rs6,00,000 and therefore gave a premium cheque of Rs60,000. I was then provided a 7-digit “Loan-Pin: RLI3585” to only disclose to specific person for verifying and processing my loan amount. I was even given a due date of 13 December 2012 for the release of my loan amount.
     
    But when I received my policy documents on 15th November, I immediately informed the company advisors about the blunders in my name spelling, photo, policy-term, sum assured and premium amount received. After repeated reminders for correction of errors/cancellation, my policy document was collected by the very same advisor of Reliance Life Insurance for the necessary corrections of the mistakes within the free-look period and told me that the corrected policy document will reach me in 10-15 days and that I will be provided a free-look period of another 15 days after the receipt of my corrected policy document.
     
    From 10 December 2012 onwards all these advisors started showing their true colours. Neither my policy bond nor loan amount was given to me. Some misprinting errors were again given the reasons for the delay in delivery of my rectified policy bond and the loan amount delay was associated with it. The issue date of loan amount was first postponed to 20/12/2012. Then I was told that the loan amount is not electronically transferred, but a cheque amount of Rs6,09,000 has been couriered to me on 20th December.
     
    At last when my patience and endurance ultimately crossed all its tolerance and threshold limits, then I did registered a complaint at the customer care and the local Reliance head office on 28th December. I had even furnished all the proofs for the fraudulent claims made by the AB-Capital in my support to the head-customer care and grievance officers. But even after passage of four months of registering my complaint and several reminders as well as escalations, I did not even get one suitable official reply/refund from the company. IRDA status of complaint is silently updated and on my calls and visits I have been told by their executives to “be denied my cancellation and refund request because my free-look period is over and my identity proofs are correct” without giving any official reply.
     
    On 28 December 2012, I was offered to convert my plan to a single-premium plan unofficially. I insisted on a written offer made through the company’s official address/email to verify its genuineness. I have not been contacted from the company since then.
     
    They are not redressing the grievances of Reliance Life’s premier customers. They have given a clean chit to their agencies though I am still receiving calls providing 0% loans from Reliance Life and the innocent customers are crucified for showing their trust in the Reliance ADA group. Despite of my claims that my policy document was collected by their advisor within the free-look period my cancellation and refund request/conversion of my policy to a single-premium plan request are not being entertained even after several reminders to the grievance officers.
     
    In case you have received such calls please email us with fully details to [email protected] 
     
    If you have an insurance-related problem, please write to Moneylife Foundation. Click here to know more
     
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    COMMENTS

    Samsul J Akhtar

    5 years ago

    Reliance Life Insurance Company Limited Customer Executive was offer me Rs 2400000/ Loan with zero Interested against Policy mortgage of Reliaance Life Insurance Company Limited Super Money Back Plan.
    I was agree their terms and condition and paid Rs 59500/ amount and was purchase the said policy .


    After then Reliance Life Insurance Company Limited send me Policy Kit . The Policy Number is 1. 51579478 and File no D7415731,


    In this 51579478 and File no D7415731 the Kit I was received and found that the Customer Signature column it is not My Original Signature. Someone from Reliance Life Insurance Company Limited has misuse My Duplicate Signature

    I try to call several time to the Reliance Reliance customer care executive to cancel my policy but they are not responding to me.
    Date: 03/07/2014 I Submit Application to cancel my LIC policy No 51579478 to Reliance Life Insurance Company Office at Goregaon East Office. But they deny to cancel my Policy.

    Dated: 10/07/2014 received call message from Reliance Company the call and SMS was to pay now Rs 1371. as TDS Amount. the said amount they ask me to transfer to A/C no 4434000400006350 Name Pawan Kumar Sharma. Reliance Company Ask me to Pay the said not to inform to Police. But I didn't pay the amount to them.

    Pankaj Randhir

    5 years ago

    Is Reliance offering 10-year interest-free loan for buying insurance?

    I have been issued above policy by reliance agent making fraud with me by telling me to give me 0% Interest Free Loan. So, I have taken a Reliance Life Insurance Policy of amount 50000 INR. But now, I want to cancel my Policy and get my money back.
    I got a call from Vinod Gupta (08588018164, 08800791905, 08467951529, 08447166159) stating that I am from reliance Life Insurance and asked about loan and I described my requirement, then he told me that you have to take a policy of reliance life for an amount of 5 Lakh so that you get a loan of same amount against your policy without interest (at 0%) but you have to pay an Premium of Rs 50000.00 every year and continuing for 10 years. I enquired that how you can give a loan without interest then he told that reliance life insurance gives this loan on behalf of our Maturity. And on this basis Reliance Life will get Maturity benefits after 15 years. At that time Reliance will get benefit, and you will not get any amount as Reliance will pay you 500000 in advances as loan.
    He told me that after some time you will get a call from reliance life once your policy will be issued and don't tell those about the loan other wise 20% amount would be deducted and paid to that agent. So as per his instruction I sent first check to him for application of this policy. I sent him check of SBI and its
    This check was on the name of Reliance life Insurance Co. Ltd. He told me to send him this check by courier on following Address.
    Reliance Life Insurance Co. Ltd./ Money Care Value Card.
    715, Vishal Tower, District Center,
    Janak Puri, New Delhi -110058
    Ph. No- 011-46621601/600
    So, I paid a check of Rs 50,000.00 payable at New Delhi. After that he asked me for bank statement of mine and told me to send details on Email ID- [email protected]. After receiving this check they sent me Policy document.
    My policy is certified by two persons as per my Policy assessment:
    Jaspreet Kaur –IRDA License Adviser Code-:21798791,
    Pooja Budeja- Sale Manager Code: 70097017
    After this policy activation he also told me to take money care value card worth Rs. 25000. After asking by me, He gave reason that we have to create NOC for further Loan Procedure and hence you have to take this money care value card. And hence, I prepared DD of Rs. 25000 on the name of Money Care Value Card. I delivered it on the same address as per his instruction. The two more people named mainly Suresh Tyagi (07827349932) and Rajeev (08586962037),Rahul 07827297258, are also involved in this fraud. After some days I got a call from Suresh Tyagi, telling himself as Employee of Reliance Life Insurance-Finance Dept., for verification of loan. And he told me that you will get your loan amount in your account within 15 Days i.e. 5/5/2014. But on 4/5/2014, he told me that still your verification is not done properly so you will not get your loan amount. And so i told him as well Vinod Gupta to cancel my Policy.
    As per the instruction of Vinod Gupta, I filled the cancelation form of money Care Value card. And he told me to deliver on the same address. So I sent him courier on 1/5/2014. And from that day his all numbers are not Reachable/Switched Off. After searching from internet I found that it could be a fraud Case. And my doubt is cleared by inquiring my nearest Reliance Life Insurance branch at O. P. Road, Vadodara. And it is confirmed to me that this is the fraud case. And Vinod Gupta cheated me by wrongly selling me this Guaranteed Money Back Plan.
    Because Vinod Gupta gave me surety that you will get 0% interest free loan of Rs. 500000, once this policy will be activated, I took a risk of Rs. 50000. At that time this huge amount was not in my hand. I have to arrange this. And I took a personal loan of Rs. 50000 from Bajaj Finance Ltd with very high interest rate. I have to pay installment of Rs. 2787 per month to Bajaj Finance Ltd. And I am paying this interest rate from last 5 months. I also arranged Rs. 25000 from some of my friends and Relatives to pay as Money Care Value Card Voucher.
    So, here I would hearty request you to confirm my policy cancelation application. As I have taken this policy only for getting the loan benefit. Now after confirmation of this fraud case I have to cancel this policy so that I can repay my Bajaj Finance loan. As of now I am not able to pay this much amount for years to continue with this policy and get benefit of it.

    Regards
    Pankaj

    Pankaj Randhir

    5 years ago

    Is Reliance offering 10-year interest-free loan for buying insurance?

    I have been issued above policy by reliance agent making fraud with me by telling me to give me 0% Interest Free Loan. So, I have taken a Reliance Life Insurance Policy of amount 50000 INR. But now, I want to cancel my Policy and get my money back.
    I got a call from Vinod Gupta (08588018164, 08800791905, 08467951529, 08447166159) stating that I am from reliance Life Insurance and asked about loan and I described my requirement, then he told me that you have to take a policy of reliance life for an amount of 5 Lakh so that you get a loan of same amount against your policy without interest (at 0%) but you have to pay an Premium of Rs 50000.00 every year and continuing for 10 years. I enquired that how you can give a loan without interest then he told that reliance life insurance gives this loan on behalf of our Maturity. And on this basis Reliance Life will get Maturity benefits after 15 years. At that time Reliance will get benefit, and you will not get any amount as Reliance will pay you 500000 in advances as loan.
    He told me that after some time you will get a call from reliance life once your policy will be issued and don't tell those about the loan other wise 20% amount would be deducted and paid to that agent. So as per his instruction I sent first check to him for application of this policy. I sent him check of SBI and its
    This check was on the name of Reliance life Insurance Co. Ltd. He told me to send him this check by courier on following Address.
    Reliance Life Insurance Co. Ltd./ Money Care Value Card.
    715, Vishal Tower, District Center,
    Janak Puri, New Delhi -110058
    Ph. No- 011-46621601/600
    So, I paid a check of Rs 50,000.00 payable at New Delhi. After that he asked me for bank statement of mine and told me to send details on Email ID- [email protected]. After receiving this check they sent me Policy document.
    My policy is certified by two persons as per my Policy assessment:
    Jaspreet Kaur –IRDA License Adviser Code-:21798791,
    Pooja Budeja- Sale Manager Code: 70097017
    After this policy activation he also told me to take money care value card worth Rs. 25000. After asking by me, He gave reason that we have to create NOC for further Loan Procedure and hence you have to take this money care value card. And hence, I prepared DD of Rs. 25000 on the name of Money Care Value Card. I delivered it on the same address as per his instruction. The two more people named mainly Suresh Tyagi (07827349932) and Rajeev (08586962037),Rahul 07827297258, are also involved in this fraud. After some days I got a call from Suresh Tyagi, telling himself as Employee of Reliance Life Insurance-Finance Dept., for verification of loan. And he told me that you will get your loan amount in your account within 15 Days i.e. 5/5/2014. But on 4/5/2014, he told me that still your verification is not done properly so you will not get your loan amount. And so i told him as well Vinod Gupta to cancel my Policy.
    As per the instruction of Vinod Gupta, I filled the cancelation form of money Care Value card. And he told me to deliver on the same address. So I sent him courier on 1/5/2014. And from that day his all numbers are not Reachable/Switched Off. After searching from internet I found that it could be a fraud Case. And my doubt is cleared by inquiring my nearest Reliance Life Insurance branch at O. P. Road, Vadodara. And it is confirmed to me that this is the fraud case. And Vinod Gupta cheated me by wrongly selling me this Guaranteed Money Back Plan.
    Because Vinod Gupta gave me surety that you will get 0% interest free loan of Rs. 500000, once this policy will be activated, I took a risk of Rs. 50000. At that time this huge amount was not in my hand. I have to arrange this. And I took a personal loan of Rs. 50000 from Bajaj Finance Ltd with very high interest rate. I have to pay installment of Rs. 2787 per month to Bajaj Finance Ltd. And I am paying this interest rate from last 5 months. I also arranged Rs. 25000 from some of my friends and Relatives to pay as Money Care Value Card Voucher.
    So, here I would hearty request you to confirm my policy cancelation application. As I have taken this policy only for getting the loan benefit. Now after confirmation of this fraud case I have to cancel this policy so that I can repay my Bajaj Finance loan. As of now I am not able to pay this much amount for years to continue with this policy and get benefit of it.

    Regards
    Pankaj

    Pankaj Randhir

    5 years ago

    Is Reliance offering 10-year interest-free loan for buying insurance?

    I have been issued above policy by reliance agent making fraud with me by telling me to give me 0% Interest Free Loan. So, I have taken a Reliance Life Insurance Policy of amount 50000 INR. But now, I want to cancel my Policy and get my money back.
    I got a call from Vinod Gupta (08588018164, 08800791905, 08467951529, 08447166159) stating that I am from reliance Life Insurance and asked about loan and I described my requirement, then he told me that you have to take a policy of reliance life for an amount of 5 Lakh so that you get a loan of same amount against your policy without interest (at 0%) but you have to pay an Premium of Rs 50000.00 every year and continuing for 10 years. I enquired that how you can give a loan without interest then he told that reliance life insurance gives this loan on behalf of our Maturity. And on this basis Reliance Life will get Maturity benefits after 15 years. At that time Reliance will get benefit, and you will not get any amount as Reliance will pay you 500000 in advances as loan.
    He told me that after some time you will get a call from reliance life once your policy will be issued and don't tell those about the loan other wise 20% amount would be deducted and paid to that agent. So as per his instruction I sent first check to him for application of this policy. I sent him check of SBI and its
    This check was on the name of Reliance life Insurance Co. Ltd. He told me to send him this check by courier on following Address.
    Reliance Life Insurance Co. Ltd./ Money Care Value Card.
    715, Vishal Tower, District Center,
    Janak Puri, New Delhi -110058
    Ph. No- 011-46621601/600
    So, I paid a check of Rs 50,000.00 payable at New Delhi. After that he asked me for bank statement of mine and told me to send details on Email ID- [email protected]. After receiving this check they sent me Policy document.
    My policy is certified by two persons as per my Policy assessment:
    Jaspreet Kaur –IRDA License Adviser Code-:21798791,
    Pooja Budeja- Sale Manager Code: 70097017
    After this policy activation he also told me to take money care value card worth Rs. 25000. After asking by me, He gave reason that we have to create NOC for further Loan Procedure and hence you have to take this money care value card. And hence, I prepared DD of Rs. 25000 on the name of Money Care Value Card. I delivered it on the same address as per his instruction. The two more people named mainly Suresh Tyagi (07827349932) and Rajeev (08586962037),Rahul 07827297258, are also involved in this fraud. After some days I got a call from Suresh Tyagi, telling himself as Employee of Reliance Life Insurance-Finance Dept., for verification of loan. And he told me that you will get your loan amount in your account within 15 Days i.e. 5/5/2014. But on 4/5/2014, he told me that still your verification is not done properly so you will not get your loan amount. And so i told him as well Vinod Gupta to cancel my Policy.
    As per the instruction of Vinod Gupta, I filled the cancelation form of money Care Value card. And he told me to deliver on the same address. So I sent him courier on 1/5/2014. And from that day his all numbers are not Reachable/Switched Off. After searching from internet I found that it could be a fraud Case. And my doubt is cleared by inquiring my nearest Reliance Life Insurance branch at O. P. Road, Vadodara. And it is confirmed to me that this is the fraud case. And Vinod Gupta cheated me by wrongly selling me this Guaranteed Money Back Plan.
    Because Vinod Gupta gave me surety that you will get 0% interest free loan of Rs. 500000, once this policy will be activated, I took a risk of Rs. 50000. At that time this huge amount was not in my hand. I have to arrange this. And I took a personal loan of Rs. 50000 from Bajaj Finance Ltd with very high interest rate. I have to pay installment of Rs. 2787 per month to Bajaj Finance Ltd. And I am paying this interest rate from last 5 months. I also arranged Rs. 25000 from some of my friends and Relatives to pay as Money Care Value Card Voucher.
    So, here I would hearty request you to confirm my policy cancelation application. As I have taken this policy only for getting the loan benefit. Now after confirmation of this fraud case I have to cancel this policy so that I can repay my Bajaj Finance loan. As of now I am not able to pay this much amount for years to continue with this policy and get benefit of it.

    Regards
    Pankaj

    Pankaj Randhir

    5 years ago

    Is Reliance offering 10-year interest-free loan for buying insurance?

    I have been issued above policy by reliance agent making fraud with me by telling me to give me 0% Interest Free Loan. So, I have taken a Reliance Life Insurance Policy of amount 50000 INR. But now, I want to cancel my Policy and get my money back.
    I got a call from Vinod Gupta (08588018164, 08800791905, 08467951529, 08447166159) stating that I am from reliance Life Insurance and asked about loan and I described my requirement, then he told me that you have to take a policy of reliance life for an amount of 5 Lakh so that you get a loan of same amount against your policy without interest (at 0%) but you have to pay an Premium of Rs 50000.00 every year and continuing for 10 years. I enquired that how you can give a loan without interest then he told that reliance life insurance gives this loan on behalf of our Maturity. And on this basis Reliance Life will get Maturity benefits after 15 years. At that time Reliance will get benefit, and you will not get any amount as Reliance will pay you 500000 in advances as loan.
    He told me that after some time you will get a call from reliance life once your policy will be issued and don't tell those about the loan other wise 20% amount would be deducted and paid to that agent. So as per his instruction I sent first check to him for application of this policy. I sent him check of SBI and its
    This check was on the name of Reliance life Insurance Co. Ltd. He told me to send him this check by courier on following Address.
    Reliance Life Insurance Co. Ltd./ Money Care Value Card.
    715, Vishal Tower, District Center,
    Janak Puri, New Delhi -110058
    Ph. No- 011-46621601/600
    So, I paid a check of Rs 50,000.00 payable at New Delhi. After that he asked me for bank statement of mine and told me to send details on Email ID- [email protected]cier.com. After receiving this check they sent me Policy document.
    My policy is certified by two persons as per my Policy assessment:
    Jaspreet Kaur –IRDA License Adviser Code-:21798791,
    Pooja Budeja- Sale Manager Code: 70097017
    After this policy activation he also told me to take money care value card worth Rs. 25000. After asking by me, He gave reason that we have to create NOC for further Loan Procedure and hence you have to take this money care value card. And hence, I prepared DD of Rs. 25000 on the name of Money Care Value Card. I delivered it on the same address as per his instruction. The two more people named mainly Suresh Tyagi (07827349932) and Rajeev (08586962037),Rahul 07827297258, are also involved in this fraud. After some days I got a call from Suresh Tyagi, telling himself as Employee of Reliance Life Insurance-Finance Dept., for verification of loan. And he told me that you will get your loan amount in your account within 15 Days i.e. 5/5/2014. But on 4/5/2014, he told me that still your verification is not done properly so you will not get your loan amount. And so i told him as well Vinod Gupta to cancel my Policy.
    As per the instruction of Vinod Gupta, I filled the cancelation form of money Care Value card. And he told me to deliver on the same address. So I sent him courier on 1/5/2014. And from that day his all numbers are not Reachable/Switched Off. After searching from internet I found that it could be a fraud Case. And my doubt is cleared by inquiring my nearest Reliance Life Insurance branch at O. P. Road, Vadodara. And it is confirmed to me that this is the fraud case. And Vinod Gupta cheated me by wrongly selling me this Guaranteed Money Back Plan.
    Because Vinod Gupta gave me surety that you will get 0% interest free loan of Rs. 500000, once this policy will be activated, I took a risk of Rs. 50000. At that time this huge amount was not in my hand. I have to arrange this. And I took a personal loan of Rs. 50000 from Bajaj Finance Ltd with very high interest rate. I have to pay installment of Rs. 2787 per month to Bajaj Finance Ltd. And I am paying this interest rate from last 5 months. I also arranged Rs. 25000 from some of my friends and Relatives to pay as Money Care Value Card Voucher.
    So, here I would hearty request you to confirm my policy cancelation application. As I have taken this policy only for getting the loan benefit. Now after confirmation of this fraud case I have to cancel this policy so that I can repay my Bajaj Finance loan. As of now I am not able to pay this much amount for years to continue with this policy and get benefit of it.

    Regards
    Pankaj

    R P SHIVKUMAR

    5 years ago

    The problem is that none of the main newspapers and major websites/news channels have shown much interest in reporting such cheating by major insurance companies/their agents and dubious methods employed by them. Maybe it is because of vested interests as some of the channels are owned by the major business groups and these groups also own stakes in major newspapers.
    Despite the excellent efforts by the Moneylife item, such frauds continue with such boldness as the public awareness is low and IRDA turns a blind eye.

    Pankaj Randhir

    5 years ago

    To
    Money life
    Subject: Request for help against fraud case of Reliance Life Insurance,
    Policy No: 51461380,
    Policy Application No: D7362076
    Loan Code: RIL-2440525
    I am Pankaj Randhir. i have been issued above policy by reliance agent making fraud with me by telling me to give me 0% Interest Free Loan. So, I have taken a Reliance Life Insurance Policy of amount 50000 INR.
    In Detail:
    I got a call from Mr. Vinod Gupta (08588018164, 08800791905, 08467951529, 08447166159) stating that I am from reliance Life Insurance and asked about loan and I described my requirement, then he told me that you have to take a policy of reliance life for an amount of 500000, so that you get a loan of same amount against your policy without interest (at 0%) but you have to pay an Premium of Rs 50000.00 every year and continuing for 10 years. I enquired that how you can give a loan without interest then he told that reliance life insurance gives this loan on behalf of our Maturity. And on this basis Reliance Life will get Maturity benefits after 15 years. At that time Reliance will get benefit, and you will not get any amount as Reliance will pay you 500000 in advances as loan.
    He told me that after some time you will get a call from reliance life once your policy will be issued and don't tell those about the loan other wise 10% amount would be deducted and paid to that agent. So as per his instruction I sent first check to him for application of this policy. I sent him check of SBI and its detail is:
    Check No: 1361011
    Issued Date: 18/1/2014
    This check was on the name of Reliance life Insurance Co. Ltd. He told me to send him this check by courier on following Address.
    Reliance Life Insurance Co. Ltd.
    715, Vishal Tower, District Center,
    Janak Puri, New Delhi -110058
    Ph. No- 011-46621601/600
    So, I paid a check of Rs 50,000.00 payable at New Delhi. After that he asked me for bank statement of mine and told me to send details on Email ID- [email protected]. After receiving this check they sent me Policy document.
    My policy is certified by Two persons as per my Policy assessment:
    Jaspreet Kaur, IRDA Adviser Code-:21798791
    Pooja Budeja, SM Code: 70097017
    After this policy activation he also told me to take money care value card worth Rs. 25000. After asking by me, He gave reason that we have to create NOC for further Loan Procedure and hence you have to take this money care value card. And hence, I prepared DD of Rs. 25000 on the name of Money Care Value Card. I delivered it on the same address as per his instruction. The two more people named mainly Suresh Tyagi (07827349932) and Rajeev (08586962037), Mohit Gupta (08510010448) are also involved in this fraud. After some days I got a call from Suresh Tyagi, telling himself as Employee of Reliance Life Insurance-Finance Dept., for verification of loan. And he told me that you will get your loan amount in your account within 15 Days i.e. 5/5/2014. But on 4/5/2014, he told me that still your verification is not done properly so you will not get your loan amount. And so I told him as well Vinod Gupta to cancel my Policy.
    As per the instruction of Vinod Gupta, I filled the cancelation form of money Care Value card. And he told me to deliver on the same address. So I sent him courier on 1/5/2014. And from that day his all numbers are not Reachable/Switched Off. After searching from internet I found that it could be a fraud Case. And my doubt is cleared by inquiring my nearest Reliance Life Insurance branch at O. P. Road, Vadodara. And it is confirmed to me that this is the fraud case. And Vinod Gupta cheated me by wrongly selling me this Guaranteed Money Back Plan.
    Because Vinod Gupta gave me surety that you will get 0% interest free loan of Rs. 500000, once this policy will be activated, I took a risk of Rs. 50000. At that time this huge amount was not in my hand. I have to arrange this. And I took a personal loan of Rs. 50000 from Bajaj Finance Ltd with very high interest rate. I have to pay installment of Rs. 2787 per month to Bajaj Finance Ltd. And I am paying this interest rate from last 5 months. I also arranged Rs. 25000 from some of my friends and Relatives to pay as Money Care Value Card Voucher.
    So, here I would hearty request you to help me to get my money back by anyhow of canceling application. As I have taken this policy only for getting the loan benefit. Now after confirmation of this fraud case I have to cancel this policy so that I can repay my Bajaj Finance loan. As of now I am not able to pay this much amount for years to continue with this policy and get benefit of it. As I am an employee of a Private Company and my salary is only Rs. 8000, I could not manage this much amount for years. So there is an only option with me to cancel this policy. So please cancel my Policy and Refund my amount of Rs. 50000.

    So please guide me further and help me to get refund from Reliance Life Insurance. I have gone through article of one customer on your website and found some information same as my case. So thank you for, making this type of efforts for customers like me.

    Thanks & Regards,
    Pankaj Randhir
    Mail ID: [email protected]

    R P SHIVKUMAR

    6 years ago

    I AM VERY GRATEFUL TO MONEYLIFE TEAM AND MR JOSCEYN AND MR RAJ PRADHAN FOR THE SPEEDY DISPOSAL OF MY COMPLAINT. I HAVE RECIEVED REFUNDS OF 5 OF MY 6 POLICIES AND THE SIXTH IN THE NAME OF MY WIFE IS ALSO EXPECTED SOON. THANKS FOR THE SELFLESS WORK. IN LESS THAN A MONTH AFTER WRITING TO MONEYLIFE FOUNDATION, I RECIEVED MY MONEY BACK.
    WE INVESTORS ARE OVERSELF RESPONSIBLE FOR GETTING CAUGHT IN SUCH SITUATIONS BY BELIEVING IN SUCH DUBIOUS STATEMENTS. I HAD HANDED OVER CASH OF RS 35000 TO THESE GUYS WHO HAD SOLD ME MY WIFE'S POLICY FOR WHICH I HAVE NOT GOT REFUND.
    ANYWAYS, THANKS FOR THE GREAT WORK
    REGARDS
    R P SHIVKUMAR
    9820213945
    [email protected]

    Yogesh

    6 years ago

    The case is very correct. I am also receiving such call from Reliance life. I was about to fall for one of such a call. Then I enquired at every setp. There will be 3-4 ppl at different stages who will call you for this 0% interest Loan policy. One of the Reliance Life guy correctely told me the truth and then I understood that it is not 0% interest loan. So I refused and he also agreed poliety.

    sathyacumaran

    6 years ago

    Its not only the reliance insurance even the reliance securities cvheat their customer they donot give proper account when questioned they give an evasive reply as many underhand dealing is pervalnet in reliance securities as such reliance itself is fraudlent company sorry for this pungent remark we have no other words to use


    sathya cumaran

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