Complaint Details

Status	:	Closed
Complaint No	:	0001957/2012
Category	:	Insurance
Date	:	21-03-2012
Subject Line	:	Unethical Business Practices
Complainant	:	Jagdish Kumar Mutreja
Address	:	A-3/269, Janak Puri
Complainee	:	Aegon Religare Life Insurance Company Limited
Address	:

Complaint Details
Dear Sir,

During early October 2011 I had received a telephone call from someone claiming to be calling from the IRDA. He told me that, M/s Aegon Religare Life Insurance Company Limited had invested money in the Commonwealth Games held in Delhi in 2010 and gained a huge amount as profits from this investment. He further told me that, if I took out an insurance policy with M/s Aegon Religare, I stood to gain a tidy sum as my share from the profits that the company had made from the Commonwealth Games’ investment.
I fell for it and took out a Life Insurance policy (Policy no. 111013275963 dt. 7.10.2011) of Aegon Religare Life Insurance Company Limited for which I paid an initial premium amount of Rs. 35,000. After a few days, I received another call from the same person claiming to be calling from the IRDA asking me to pay some more money to M/s Aegon Religare as TDS on my share from the Commonwealth Games’ profits accrued by them. Sensing something fishy, I wrote to M/s Aegon Religare on 01.12.2011 asking for the cancellation of my policy. However, they refused to do so taking the plea that I could have opted to cancel the policy only within 15 days from the date of receipt of policy as per IRDA guidelines.
I have no evidence to support my above contention. Neither am I going to pay any further premiums on the insurance policy as I’m extremely sceptical about my investments being safe with a company that resorts to such unscrupulous means in securing business for themselves. I have, for all practical purposes, lost the Rs. 35,000 that I have paid as the initial premium amount.
My sole aim of writing this letter is to warn gullible customers into falling for such traps that companies like M/s Aegon Religare resort to, to secure business for themselves.
I would also request IRDA to look into their name being dragged into such frauds perpetrated by companies like M/s Aegon Religare Life Insurance Company Limited.

Thanking you,

Yours sincerely,

J. K. Mutreja
(M) 9810121017

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