Reliance Life’s corporate agent AB Capital offers to help victims of fraudulent “interest-free loan”

Moneylife Foundation’s Insurance Helpline has solved three cases of life insurance sold with a bait of fraudulent “interest-free loans”. In all the cases, Reliance Life’s corporate agent AB Capital was involved

Moneylife Foundation’s Insurance Helpline has helped three persons to get refunds of Reliance Life Insurance policy premium as the product was fraudulently sold by enticing the customer with a fake “interest-free loan” of 10 times the premium from Reliance Capital. The latest case was of Shailendra Dheer (name changed) who had paid Rs30,000 premium to AB Capital with hope of getting Rs3 lakh “interest-free loan”.
 

With Moneylife Foundation’s intervention, Mr Dheer immediately got a call from head–customer care of Reliance Life who helped to get refund of Rs30,000 within two days. The fourth case has just been reported to AB Capital wherein the customer paid Rs20,000 premium for lure of Rs2 lakh loan. Customers even get a fake loan reference number to make it look authentic. The waiting period for the fake loan is ‘forever’.
 

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

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COMMENTS

Paresh

5 years ago

Same case happen with Me.
A B CAPITAL AND RELIANCE BOTH INVOLVED in this type of fraud.
DO not procure any thing from Reliance as well as A B Capital.
Also dont believe on phone call received from Delhi.
All calls are for cheating purpose.

Deepak Sholapurkar

5 years ago

One ore Great service by money life

Vaibhav Dalvi

5 years ago

I am also one of the victim of them. I have also paid premium of Rs. 50000/-.

Kindly help me out.

-Vaibhav Ramchandra Dalvi.
9892489511

REPLY

Moneylife Foundation

In Reply to Vaibhav Dalvi 5 years ago

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. Click on the link to know more
http://moneylife.in/promotion/insuranceh...

To avail the free insurance helpline. We would suggest you to become a moneylife foundation member. It is FREE and simple. Click on the link to become a member http://www.moneylife.in/register.html

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]

MDT

In Reply to Vaibhav Dalvi 5 years ago

Thanks for your comment.
Kindly use our FREE Helpline for insurance related grievances. http://moneylife.in/promotion/insuranceh...

Regards,
MDT

IRDA bancassurance guidelines put on hold: Will the core issues be addressed?
IRDA guidelines on bancassurance were expected to be released in August 2013, but are now on hold after the Department of Financial Services questioned the rationale of insurers tying up with banks on a geographical basis and asking for wider consultation with stakeholders  
 
The Insurance Regulatory and Development Authority’s (IRDA) guidelines on bancassurance, which were expected to be out by next month have hit a hurdle. The department of financial services (DFS), which works under the finance ministry, has questioned the rationale of insurance companies tying up with banks on a geographical basis. DFS also wants to have a wider consultation with stakeholders. DFS directive has asked for IRDA’s bancassurance guidelines to be put on hold.
 
Bancassurance guidelines specify the rules for insurance companies to appoint banks as their corporate agents to sell policies. Currently, a bank is allowed to sell the products of only one life and non-life insurance company as a corporate agent. The proposed draft divides the country into three zones comprising of 40 regions. A bank could tie up with only one insurer for a minimum of 10 regions and a maximum of 20....
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IRDA removes hospitals’ ‘minimum bed’ condition for mediclaim
A wrong decision by the insurance regulator bites the dust. The requirement of a hospital to have minimum 15 beds for it to be covered under mediclaim has been scrapped. The benefit to include smaller nursing homes far exceeds the risks of any mediclaim fraud
 
Insurance Regulatory and Development Authority’s (IRDA) guidelines on standardization in health insurance defined hospital with at least 10 in-patient beds, in those towns having a population of less than 10 lakh and with 15 in-patient beds at other places. It was becoming a big issue for small nursing homes as mediclaim policyholders would not been covered there. Nursing home owners had termed the move as ‘unreasonable’. In Mumbai, 684 out of 1,200 nursing homes have less than 15 beds. The Association of Medical Consultants (AMC), a body of over 7,500 doctors in the city, had also filed a petition challenging IRDA’s circular on bed restriction for mediclaim cover. 
 
On 5th July, IRDA told the Bombay High Court that it has withdrawn the bed restriction clause. The hospitals will need to be registered with the local authorities under the Clinical Establishments (Registration and Regulation) Act, 2010,...
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COMMENTS

Bhanuprasad Suthar

2 years ago

I had taken the health insurance policy from cholamandalam general insurance Co duly certified by central bank of India for its clients as well as employees including retirees. I am retired staff of the bank. I submitted medical claim as per prescribed format but claim repudiated on the ground of hospital size. If IrDA has withdrawn the stipulation of size of hospital then company would have settled the claim. Guide me how I should proceed. Also if possible please give the circular no and date of IRDA's guideline.



prafulpatel

3 years ago

on 5th july irda told the bombay high courtthat it has withdrawn the bed restriction clause for mediclaim.but insurance companies /tpa r still asking for that.can i get a copy/evidence of that from irda/court or u to produce in front of these companies/tpa.pl let me know.pl tell the year 2013 or 2014.

anand

4 years ago

Dear patients/consumers,

Please bear in mind these following facts which I have understood working as a consultant in a "corporate" hospital.

1)These hospitals are run/owned by big business houses who have only one bottom line i.e"profit at all costs".

2)There is a huge amount of pressure on the doctors working at such hospitals ,especially in hospitals where doctors are attached as full-timers to maximise profits.

These doctor colleagues often complain about the malpractices that they are forced to indulge in so as to generate more revenue without which they may be asked to leave.

The irony is that a so called leading hospital in Mumbai promotes itself citing its full-time consultant system( each department having just one or two full-time consultants) when in fact a having many consultants is always healthy in terms of choice offered to patients and more importantly in ensuring that the doctor is not overworked and always striving to give his/her best.

3)Big hospitals ,more often than not,are CHAOTIC since there are too many "cooks"(read doctors) involved and the personal attention which patients deserve,is lacking. Inadvertently the line of treatment is not always streamlined and keeps on changing each day. length of stay is increased,more number of investigations are ordered and bills get inflated.

MIND WELL,YOU MAY THINK YOU ARE WELL INFORMED BUT YOU WILL NEVER REALISE WHAT IS HAPPENING.

In fact sometimes things sometimes spiral so absurdly out of control that even the doctors cannot control it.

3)Foreign trained doctors are sometimes misfits to cater to the Indian milieu.

Please understand that India can ill afford the defensive system of medicine practised in the west which is algorithm based and depends very heavily on investigations rather than clinical skills.

There is a very strong move afoot to stamp out smaller health care facilities which may not be having the "mall like look " of big hospitals but offer affordable,timely and very personlised treatment,close to your house.

My advice to all patients is

a)to CHOOSE their doctors WELL after understanding their disease condition and the treatment offered.

b)NOT be swayed by reputation of a hospital or a doctor.But rather by the information given and the sincerity which your doctor exhibits
There are well-entrenched marketing ploys being employed to ensure that patients are fooled into going to so called"number one doctors" or "world class hospitals"

c)not be coerced into going only to a certain group of hospitals which have a tie-up with your insurance company.
These tie-ups involve the give and take of bribes and kick-backs and usually consist of hospitals which conform to the diktats/demands of the insurance company/TPA rather than considering what is best for the patient.
Note:the insurance company/TPA is in this business to maximise its profits and not with any philantrophic intention.

You will most definitely hear from me again.

wish you all good health.

anand

vitthal ambike

5 years ago

I agree with decision

vitthal ambike

5 years ago

i m agree with a dicision

suvarnamk

5 years ago

first time the aaam aadaami cries have been heard.the next step is room rent as @ of S.I. 1% ( many policies include room rent+resident dr ch +nursing ch)
OF COURSE IN OUR COUNTRY U CAN FILL YOUR STOMACH IN SAY 1,5,12 RUPEES THEN WITH ESCALATING INFLATION HIGH PROPERTY PRICES AND POOR SALARIES PAID TO HOSPITAL STAFF
1% S.I PER DAY IS ONE RUPEE MEAL.
the people who make law r above law in our mother land;similarly insurers who frame the laws (terms, conditions)have insulated themselves by passing resolution in boards that they get free medical attention here & hereafter (in retirement).
it is not surprising that rulers r far removed from reality
why for each proper understanding the aam aadaami must shed blood to get his proper dues. the person who pays the premium, from which insurers, tpa, public servants employed after retirement receive their lively hood is always at the receiving end begging for mercy ;why the citizen point is always ignored at the behest of corporate giant indian or otherwise

Devendra Gawali

5 years ago

Can you provide me any specification or circular at [email protected] because Insurance company denied my claim for Hospital has less than 15 beds. waiting for your reply. Devendra Gawali- Mobile no. 98810 68756

DEEPAK KHEMANI

5 years ago

Finally an absurd and anti consumer condition was removed as better sense prevailed. What is important to know is where do these hare brained ideas originate and which officer finally decides to give a go ahead to such stupid ideas. Is anyone actually accountable for such actions?

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