Complaint Details

Status	:	Un-Resolved
Complaint No	:	0000856/2011
Category	:	Insurance
Date	:	13-06-2011
Subject Line	:	Non-existent policy sold by Reliance Life
Complainant	:	Manoj Suhas Mokashi
Address	:	a-5, sundarban soc, navi peth
Complainee	:	Reliance Life Insurance Co ltd
Address	:	9th floor/10th floor, Building No. 2, R-Tech Park, Nirlon Compound, Next to Hub Mall, Behind I- Flex building, Goregaon, (East), Mumbai-400 063, rlife.customerservice@relianceada.com

Complaint Details
Hi Sir,

I have been cheated by Reliance Life insurance who had promised me a (fictitious) guaranteed income one-time-premium plan over the phone and actually sold me a 20 year endowment plan.

In december 2010, i got a call from a M/s Neha Sharma, who said she was speaking from Reliance life insurance. The policy that she told me about was a ONE TIME premium of 1 lac, which would cover medical expenses upto 2.5L, + 1.5(surgery) for my family members, and had an assured return of around 2.35L after 5 years. It also provided death and accident insurance of >= 10L. i was also supposed to get back 20% of the amount as commission.

The documents that i received however, were for a Money Multiplier plan with REGULAR PREMIUM of 20 years. When i contacted Ms Sharma she said this was a "base" policy and i would get the "Bond" documents later which would have all the details. i also kept getting "confirmation/check-up" calls from Reliance assuring me that the policy documents were correct, and i would receive the "bond" documents later. However the date for receiving the bond documents was getting pushed ahead every time, and i got suspicious and contacted the customer-care of Reliance.

They replied, saying that there was no such policy, and that i should apply for cancellation quoting mis-selling as the reason. This i did accordingly, only to get a reply that the 15 days free look period had expired, and i could not cancel the policy now. The reasons that i did not cancel the policy earlier was that i kept getting "confirmation/check-up" calls from Reliance assuring me that the policy documents were correct, and i would receive the real documents later. So Reliance is deliberately misselling policies and taking care that ustomers don't cancel within the 15 days period. If i surrender the policy now, i will get only a small amount back.

In the meantime i got a friend to call up Ms Neha Sharma and recorded her selling the fictitious policy. This recording i have. i even sent a CD of the recording to reliance customer care, but they are still sticking to the 15 days limit condition and refusing to give me my money back.
i have addressed all of the grievance mechanism in reliance but to no avail.


Policy details :
-----------------
Contract No : 18302895
Client Id : 78228463.
Policy Date : 22-dec-2010

regards,
manoj mokashi

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