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

4 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

4 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

4 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

4 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

4 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

R P SHIVKUMAR

4 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

4 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

5 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

5 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

5 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

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

Customers have got fraudulent calls offering a Rs10 lakh interest-free loan from Reliance Capital when you buy Reliance Life Money Multiplier policy of Rs1 lakh premium

Fraudulent callers from Reliance Life are offering Reliance Capital’s interest-free loan of Rs10 lakh for 10 years if you pay a yearly premium of Rs1 lakh for its Money Multiplier insurance product. You may wonder how Reliance Life can make such a fantastic offer without any collateral. After all, you can just vanish after getting the loan and not pay the remaining nine premiums. Before you plan to get away after quick riches, the truth is that the dubious callers will disappear without giving you any loan once they stick you with an insurance policy of a trivial value.
 

Moneylife has spoken with these shady characters few times on the phone (011-65981239/011-65695595). The callers guided us to page nine of the Money Multiplier brochure. It says that the loan works out to 80% of the surrender value. Anyone familiar with the surrender value knows that it is usually pathetic and paying just one premium means the surrender value is zero. The caller is looking for a gullible person to take for a ride. The pitch is, “Reliance Capital interprets surrender value as maturity value of the product”. This is the crux of deceit and if you bite the bait, you will be lured into making a dud investment.
 

The caller promises that the Money Multiplier policy will give guaranteed Rs22 lakh on maturity after 10 years, but only Rs1.2 lakh will be returned to policyholder. It justifies what the brochure mentions about loan given at 9% p.a. interest rate. It signifies that Reliance Capital makes money on the loan. The justification for loan is that “to be on safer side for Reliance Capital, it is offering a loan of nearly 50% instead of 80% of the maturity value”. The caller says that the policy bond will be kept as collateral with Reliance Capital. It is to create an impression that the policy bond is of significant value even though it is worthless if you end up paying just one premium.
 

The callers, who are based in New Delhi and give their address as 13th floor, Lalit Towers, Connaught Place, seem to have answers to all the doubts. They assure that the Reliance Capital loan will be processed within one month of the policy issuance. To make you comfortable they offer a 45-day free-look period even though page ten of the brochure clearly states that there will be only a 15 day free-look period. It’s just fraudulent sales tactics to offer something more than what the brochure clearly states.
 

If you still wonder what action they will take in case you disappear after getting the loan, their quick reply is to bring Insurance Regulatory and Development Authority (IRDA) into the picture by claiming that IRDA’s recovery department will help in case the policyholder does not pay after first premium!
 

In reality, IRDA does not have any recovery department. The callers say that your credit score will be affected and any future loan will be difficult as the RBI (Reserve Bank of India) will also be reported. They claim that Reliance Capital does not have to worry about it. They are correct with their assessment. Reliance Capital is free of any liability because it does not give you the loan promised by these ludicrous callers.
 

It is time IRDA gets tough with these fraud calls. There are susceptible customers who fall prey with brand names of big corporates. Will they get justice?
 

Here is Reliance Life’s official reply:
 

The instances of “offering Rs10 lakh insurance loan from Reliance Capital offers” 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 - wherever the customer/victim/complainant has agreed to help us. Please share all the numbers that you have, with a written formal complaint (which is needed to lodge FIRs), to us so that our legal teams can lodge relevant FIRs against these spurious callers. A formal complaint, giving details of the complainant, is mandatory for filing FIRs. Please also inform your readers about the same and guide them that they can write to us at "[email protected]”, in case they get any such false offers.
 

In the second part, we will give a specific case of someone who actually purchased Reliance Life Money Multiplier with the expectation of getting a loan. Watch out for the story tomorrow.
 

You may also want to 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

Swatantra Singh

5 hours ago

Bhai logon mai bhi iss fraud ka sikkar ho gaya. Mujhe pichle 1.5 months se "Shakshi Arora" naam ki "Reliance Capital" employee "Bharti Axa" policy ke against loan dene ki baat kar rahi hai..uska mobile no. 8929106181 hai, aur delhi se baat karti hai..She is totally fraud..Puri team banakar kaam kar rahi hai, uske senior bhi hai, office colleague bhi...
Dekhata hun kab tak false bolti hai?

REPLY

Swatantra Singh

In Reply to Swatantra Singh 5 hours ago

FIR likhwane ki soch raha hun...All recordings are available...

neeraj kothari

2 months ago

I also received call from 7987442956 for loan but ask some questions so they cut the phone only fake calls ............

REPLY

neeraj kothari

In Reply to neeraj kothari 2 months ago

+911409304352

Amit Kumar

2 months ago

Also i got call and said reliance capital providing loan against Bharti-Axa life insurance,
then i took one policy from them of 25k half yearly.
After few days they said loan is declined due to some internal process and the solution for the same is you have to take another policy of 25k on ouyr wife name.
Then i called to reliance capital customer care and said same things they explicitly said that was the fraud call and we are not doing any policy on behalf of Bharti-axa life insurance.
They are still calling me from this number (9711012105)

ram sahu

4 months ago

Dont believe reliance capital lone against life insurance free of cast this is fake &froud company i also received call and talking about tHis & offering 500000 lone approved against life insurance and fast EMI 25000 half yearly and 500000 transfar to my account within 20 ,30 days i searching about tHis company this is totaly fake & froud so please care full about this

Bhavin Suhagiya

4 months ago

10 lakha

REPLY

ram sahu

In Reply to Bhavin Suhagiya 4 months ago

Froud compny

Vivek Sharma

5 months ago

mere sath bhi froud kiya inhone last year 20k aur 25k ki 2 policy karwai aur bola 21 days me apko 450000 ka loan mil jayega
par kuch bhi nahi hua ye bat ko ajj 1.5 years ho gaye

Prafulla Kolhe

7 months ago

Pl.call me as regarding o unstres lone

Riaz Ahmed

7 months ago

I got similar calls from a person called Arvind from Reliance finance assuring loan up to 28lakhs after seeing my CIBIL score. Please don't share anything with them like DOB, PAN NO. AADHAR NO etc which I have done. Can they misuse it. How can I take any preventive action now ? Arvind was calling from 9211764807, 9910576098

Varun Prajapati

8 months ago

If you have doubt please click on below link

http://www.reliancecapital.co.in/pdf/Reliance_Life_Spurious_Calls-July_24_2013.pdf

Varun Prajapati

8 months ago

RELIANCE MONEY MULTIPLIER LOAN SCHEME IS A FAKE, DON'T BELIEVE ON IT.

REPLY

Varun Prajapati

In Reply to Varun Prajapati 8 months ago

Mobile Number : 9718705561 (Ms. Sakshi) & 7053931850 (Mr. Gaurav)

Varun Prajapati

8 months ago

Hi everyone, I got call from same (Reliance Capital), they are providing me PL interest free for 10 years. My friend suggested me they totally fraud, please ignore that type calls or proposals. Now I am safe and relax........ Thanks

Chavda Tarun

8 months ago

Mije 8 February ko paisa milne vala he

REPLY

vinit kaushik

In Reply to Chavda Tarun 8 months ago

Pls apna no bhi share karna
9718831593 Ye mera no hai
Pls call

vinit kaushik

In Reply to Chavda Tarun 8 months ago

Bhai jab mile to batana

Varun Prajapati

In Reply to Chavda Tarun 8 months ago

Please see below link : http://www.reliancecapital.co.in/pdf/Reliance_Life_Spurious_Calls-July_24_2013.pdf

Attin Abohria

8 months ago

Mere ko 10 din se bol rahe hai or aaj phir aaj karvne laga tha. Tu maine aaj vase he google se sarch karke dekhta hu. Tu aaj mere ko clear hu gya ye froud hai thanx god main bach gya

Chavda Tarun

8 months ago

Mene abhi do din pahele 40000 ka polity banaya he to kya Karu censal karva du kya plz reply sir 9601384908

Devendra Singh

8 months ago

Han ye such me fraued he..
inke call delhi se aate he
ye log reliance ya kisi bhi company ka naam bataker or uske form ki copy bhejker
logo ko ye paisa transfer kerne ko kehe he... or reliance ke baare me to ye log 4.5% ka
loan dene ki baat kerte he....
inke mobile no true caller per check ker sakte he...
7302727954
7455938803
7464911809
9990128038
8744836396
9105966063...
bechara mera dost 70000/- se lut gaya...

Toxic ULIPs: Less than 2% return after 8 years!

Insurance policy holders trapped in ULIPs are still paying the price for products approved by IRDA and then banned in September 2010. Should you continue with the policy based on long-term benefits propagated by the insurance company?

Insurance company spokespersons, their incentivised agents and financial planners have always been saying that while ULIPs (Unit Linked Insurance Plans) don’t offer great returns in the short run, staying with it long term will fetch you great returns. Millions of ULIP buyers are finding out that this is a blatant lie.

 

How will you feel if your investment gave less than 2% p.a. return on investment after staying with the policy for eight years? Suresh Kumar (name changed), father of the managing director of a Fortune 100 company for Asia-Pacific,  approached the Moneylife Insurance Helpline regarding Birla Sun Life Classic Life II ULIP policy purchased in 2005 to cover his son for Rs1 crore. The funds were equally split between equity and debt investment.

 

He paid a premium of Rs1.82 lakh for five years and paid Rs30,000 for another three years. The account statement shows the total fund value to be Rs9.23 lakh. The total premium payment over the period of eight years was Rs9.98 lakh. Should Mr Kumar still believe in insurance propaganda to keep paying premiums long-term to get benefits? It seems that the insurer is getting benefitted and the insured is trapped in a loss-making proposition.

 

In the case of Mr Kumar, we have calculated the mortality charges for providing a cover of Rs1 crore and hence the return on the investment, which is different than the return on premium, will give less than 2% p.a. return. Mr Kumar is lucky that the product did not have any surrender charges after completing five years, but some toxic old ULIPs have surrender charges up to the end of policy term.

 

Many of the Moneylife Insurance Helpline queries are related to similar cases. The insured person is ensnared between the high front loaded charges of an old ULIP and steep surrender charges which prevent them an easy exit. The solace of the insurance product being long-term disciplined savings seems ludicrous with these policyholders who are ready to throw in the towel.

 

Moneylife’s message of keeping insurance and investment separate seems to resonate with these policyholders, but there is little that can be done for the existing policy unless the surrender charge has come down to zero, based on number of policy years completed.

 

Even though the Insurance Regulatory and Development Authority (IRDA) has banned old ULIPs since September 2010, what is the recourse for the policyholders who have been already trapped? It is time IRDA takes stock of the situation and offer relief to policyholders who are trapped in products it approved only to be banned later. It is especially true for old ULIPs which continue with atrocious premium allocation, policy administration and surrender charges even after completion of three policy years.

 

Read - Are you trapped in toxic ULIPs? Blame IRDA - I

 

Anita Borges (name changed), an employee of an international NGO, wrote to Moneylife Insurance Helpline on a query about Life Invest ULIP from Max New York Life (now called Max Life). Ms Borges, writes, “On a recent review of the policy statement, I find that from April 2009 till date, I have paid Rs2,08,333 as premium. The current NAV is Rs33.51. The total administrative charge, premium allocation charge, mortality charge and service tax amounts to Rs21,000. I find that I am not benefiting with any increase in the NAV which I am told is due to the share market not doing well. Even if I had invested in a Recurring Deposit (RD), I would have got some amount of interest, whereas in this case, I am losing as the various charges are a huge amount. I would greatly appreciate your advice to me on this so that I can at least get back my money that I have paid without undergoing loss due to the various charges, which were not made clear to me at the time of investment.”

 

Are you trapped in toxic ULIPs? Blame IRDA – Part II

 

In a ULIP, a policyholder can see the performance and make judgements. But, it is wrong to evaluate returns on premium as the mortality charges need to be excluded. An insurance company is providing the service of risk cover against the mortality charges you pay. In a child plan, there is additional feature provided by the insurer which is Waiver of Premium (WoP) in case of your unfortunate death. Due to this, there are additional charges to provide WoP feature. Just calculating returns on premium paid is inaccurate.

 

It is not just queries about ULIPs, but also traditional products like endowment, money-back and whole life that have steadily coming to the helpline. People are buying long-term products of 25-30 years and suddenly want to surrender. Traditional products offer low guaranteed surrender value and hence it’s not best option. Read Moneylife cover story (8 March 2012)
 

Life Insurance: Surrendering policy? Think again

 

Traditional products are opaque on charges which keeps the insured blissfully ignorant about their actual returns. The bonus declared every year is an indication of it to some extent, but many traditional policyholders do not keep track of bonuses. Moreover, the final addition bonus can only be known at the time of maturity.

 

In case you have an insurance issue, please write to Moneylife Foundation. Click here

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COMMENTS

Sunil Kumar

2 years ago

Sir.I need a loan
Sir please accept my request
contact number 9891 757 629

Ravi Narayana Rao

2 years ago

Surely an organised scam

Tushar

4 years ago

I do not Understand, Why IRDA does not take any initiatives to educate investors?

ABHIK DE

5 years ago

BANK ASSURANCE MEANS MISSELLING OF ULIPS IN CONNIVANCE BETWIN THE BANK&INSURER.CORPORATE,FOR THAT MATTER ANY INSURANCE AGENTS ARE SUPPOSED TO BE ADVISORS.SHOULD PROVIDE AFTER SALES SERVICES I.E. TIMELY RENEWAL PREMIUM PAYMENT BY CLIENTS.BUT,THEY ARE ONLY INTERESTED ABOUT SELLING NEW ONES,EVEN AFTER WITHDRAWING FUNDS AFTER PAYING CHARGES,WITHOUT BOTHERING ABOUT EXISTING POLICIES.HOW CAN INSURER LIKE BAJAJ ALLIANZ SELL POLICIES,EVEN EHEN EXISTING POLICIES IN LAPSED STATE,WITHOUT REVING IT.HOW CAN THEY SELL NEW ONES WITHIN 3YS.OF SURRENDERING EXISTING POLICIESTHATS THE CONNIVANCE BETWIN BANK&INSURER.

ABHIK DE

5 years ago

CAN A NEW ULIP POLICY SOLD WITHIN 3YRS OF SURRENDERING A ULIP POLICY?

ABHIK DE

5 years ago

MAX LIFE/BAJAJ ALLIANZ/ALL ONLY CONTACT CUSTOMERS YEARLY FROM THEIR RENEWAL VERTICAL TEAM FOR PAYMENT OF PREMIUMS.THEY DONT BOTHER TO CONTACT IN BETWIN ,FOR FREE SWITCHING ETC.WHEN THE MARKET REACHES ITS PEAK,TO BOND FUND/AND SWITCH BACK TO EQUITY ,WHEN MARKET BOTTOMS OUT.I.E. NO AFTER SALES SERVICES BY THE AGENTS ,AGAINST IRDA GUIDELINES.WHO CARES!IT HAPPENS MAINLY WITH THE BANKASSURANCE/MIS-SELL AND DISAPPEAR!

Debaprasad

5 years ago

Excellent revelation, but who'll bell the cat?

NAGARAJA KAULAGI

5 years ago

It is wonderful to read about the ULIPs sold by all the insurance companies. Insurance came to India through LIC and GIC which are since 57 and 40 years respectively. I am still not able to understand how many policy holders have knowledge of insurance and the industry was managed till IRDA came into existence. Even after IRDA came into existence insurance still has to find the "actual" or "real" meaning in India. "Kya woh din aayega jab bima, bima ke roop me bikega".

Khubir

5 years ago

Even I had an Investment of Rs15000p.a Now its valued at 59700 after 5 Years..........

ABHIK DE

5 years ago

M.F.s ARE NOT ONLY SUBJECT TO MARKET RISKS,BUT MORE SO FROM THE DISHONEST PORTFOLIO /FUND ADVISORS,AND THEIR TOXIC CONNIVANCE WITH AMCs.THEY ARE NOT WARY OF REGULATORS'CODE OF CONDUCT/GUIDELINES.THEY ARE NOT SATISFIED WITH THE ADVISORY FEES/WILL CHURN YOUR FUNDS LIKE CHALK OUT OF CHEESE/MIS-SELL ULIPS/EARNING REVENUE FOR THE BANK THROUGH COMMISSION DRIVEN MALPRACTICES TO ACHIEVE TARGET TO EARN INCENTIVES/PROMOTION/FOREIGN TRIPS.IT ONLY ALLOWED TO HAPPEN HERE.

sachchidanand

5 years ago

NDTV appears to be a classic example of "How to lose others money". I am sure if some one researches on IBN & TV18, similar things will be found. My only worry is : who is funding these loss making ventures & WHY some one wants to lose money ? I suspect a serious case of money laundering. Please enlighten me on this.

Pandharinath Prabhu Rajivadekar

5 years ago

Why should you blame the Insurance Company? It was made ample clear in scheme documents about the charges of the scheme. Indian Investors have no habit to read anything they sign on the dotted line and then keep on cursing the company. They cant say company has cheated them , How far they are honest in their job? A person selling goods will always talk only good about his product its duty of the buyer to check the authenticty of sellers claim.

REPLY

NAGARAJA KAULAGI

In Reply to Pandharinath Prabhu Rajivadekar 5 years ago

Perfect.

NAGARAJA KAULAGI

In Reply to Pandharinath Prabhu Rajivadekar 5 years ago

Perfect.

ABHIK DE

In Reply to Pandharinath Prabhu Rajivadekar 5 years ago

WHEN ULIPS ARE SOLD/MISSOLD BY BANKASSURANCE,WHO IS THE (THE BANK),INVESTMENT ADVISOR TOO,CHARGING FOR INVESTMENTS.THE ADVISOR CAN NOT MIS-SELL ULIPS,WHEN EXISTING POLICIES IN LAPSED STATE.CAN NOT SELL POLICIES AFTER SURRENDERING RUNNING POLICIES.I AM NOT TALKING ABOUT SINGLE POLICY,THAT SMALL PRINTS TO BE READ CAREFULLY.INTENTION OF THE ADVISOR TO SELL ULIPS AT HIGH UPFRONT [email protected]%ALLOC.CHARGES.TALKING ABOUT 2006-2009.AS SOON AS LOCK IN PERIOD IS OVER NEW ULIPS SOLD TO EARN MAXIMUM COMMISSION BY THE BANK ADVISOR/INSURER IN CONNIVANCE.

S BHASKARA NARAYANA

In Reply to Pandharinath Prabhu Rajivadekar 5 years ago

do u advocate the insurance company to black mail its investors, on presumption that every investor is not honest at all in his life?

sachchidanand

In Reply to Pandharinath Prabhu Rajivadekar 5 years ago

Very sorry to point out that giving false promises , amounts to cheating and is an offence under Indian Penal Code. If Insurance Policies are mis-sold, the onus is on the Insurance Company. In my own case, I had taken out traditional Endowment Insurance policy with Profits, at the tender age of 20 and at maturity when I received final maturity amount, I realised that my savings earned just 2.75% compounded return. If I had placed the same money in RD, I would have received 11% return. My only fault is that I did not die within 10 yrs from taking the policy ! Fortunately, I have taken Term Insurance policy for which I pay just Rs. 8000 per year and I am covered for Rs. 1 crore. I am quite happy that as long as I am alive , I do not have to worry about my family.Why such policies are not sold in India ! The only reason is that Commissions on such policies are very low & Agents do not want to popularise such policies where they earn low commissions

ABHIK DE

5 years ago

CAN A CORPORATE AGENT ADVISE TO SURRENDER EXISTING RUNNING POLICIES AND ADVISE AND SELL NEW ULIPS WITHIN 3 YS.OF SURRENDERING ULIPS ?AS PER IRDA GUIDELINE,NO ULIPS CAN BE SOLD WITHIN 3 YS.OF SURRENDERING RUNNING ULIPS.CAN ULIPS BE SOLD/MISSOLD ,WHEN EXISTING ULIPS ARE IN LAPSED STATE?CAN THE INSURER ACCEPT THOSE POLICIES?ITS ALL ABOUT TOXIC MIS-SELLING OF ULIPS BY BANK ASSURACE/CONNIVANCE BETWIN THE BANK AS PORTFOLIO MANAGER &THE INSURER.2006-2009.IT CAN ONLY HAPPEN HERE.

Anil Agashe

5 years ago

i believe there are thousands who have bought these products. I have also heard stories where a client on being to go for a traditional insurance product demanding a ULIP saying so and so has benefited so much and that the returns are so great. No need to cry for such fools. Most people who bought this product had no idea of how markets work. They were convinced by an Excel sheet showing 15% 18% 29% returns and they believed all that! They must suffer, no one can help them! Majority of investors are from IT and then professionals like doctors! No sympathy needs to be showed to them!

REPLY

ABHIK DE

In Reply to Anil Agashe 5 years ago

C.R.M OF A BANKASSURANCE!

sachchidanand

In Reply to Anil Agashe 5 years ago

Only SADIST people can think like this. It is the Agents who , out of greed , cheat the innocent public only to earn heavy commissions. High time some one who has time & some money starts prosecuting Insurance Company & Agents for cheating.

NAGARAJA KAULAGI

In Reply to sachchidanand 5 years ago

Very good. You are right. Insurance companies should be shut down. Your words ".the Agents who , out of greed , cheat the innocent public only to earn heavy commissions." are appropriate. No one blames the manufacturer and the licenser of the product.

ABHIK DE

In Reply to sachchidanand 5 years ago

NO FAITH ON REGULATORS!?

ABHIK DE

In Reply to Anil Agashe 5 years ago

THEREFORE MIS-SELLING SHOULD GO ON!

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