Complaint Details

Status	:	Closed
Complaint No	:	0015165/2014
Category	:	Insurance
Date	:	02-03-2014
Subject Line	:	Unethical Business Practices & non refund of policy premium
Complainant	:	Vivek Mehrotra
Address	:	A-75, Suryanagar
Complainee	:	Reliance Life Insurance
Address	:	9th & 10th Floor, Building No. 2, R-Tech Park, Nirlon Compound, Next to Hub Mall, Behind I-Flex Building, Goregaon(East)

Complaint Details
I was issued a reliance life insurance policy (contract no. 50325024) with a sum assured of Rs. 3,21,000/- against a policy premium of Rs. 50,000/- while the same was intimated as Rs. 10,00,000/- in case of normal death by their marketing executives. The sum assured given to me was much less than that (Rs. 10.00 lac) conveyed to me by the Reliance life's Agency agents (Ms. Manasi and Mr. Raj Singh) for the agency / broker name Mr. Vinay Kumar Gupta with agency/broker code - 21114597.
Agency agents also offered me an incentive of a 2 gms gold coin and till the same is received a post dated cheque no. 516941 for Rs. 5800/- was given as security. No gold coin was issued, the cheque bounced when deposited for encashment due to being stopped for payment, which amounts to fraud.
All this happened when I wasn't keeping well and was not in a mobile state due to excessive pain of slip disk. Matter was brought to the notice of Reliance authorities and refund requested multiple times via emails, physically submitted requests dated October 29, 2012 and April 12, 2013 and a speed post (tracking no. ED082198510IN) on August 20, 2013 to GRO, Reliance life. However, my grievances were not addressed and no communication in respect of refund is received till date.
My money Rs. 50000/- got blocked (not being refunded by Reliance Life Insurance) and couldn't be invested for the security of my family in any other life insurance policy. I also missed some very good Life insurance plans of LIC of India due to non-refund of this policy premium. I lost the interest which could have been earned on this amount or the returns if invested elsewhere.
I couldn't claim any benefit of income tax rebate due to the sum assured being less than ten (10) times the policy premium and as I have requested for the cancellation of policy and refund of premium.
I was made to contact & run to different authorities and offices of Reliance in spite of my ill-health which aggravated my sufferings.
My policy premium of Rs. 50000/- may please be refunded with interest till date. Also, I may be compensated for the sufferings and the loss of income tax rebate that I could have claimed if the sum assured was more than ten times the annual premium.

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