Complaint Details

Status	:	Closed
Complaint No	:	0015311/2014
Category	:	Insurance
Date	:	11-03-2014
Subject Line	:	Fraudulence in respct of Policy no-20409073 & 20409129
Complainant	:	ARUN KUMAR
Address	:	B-1-503, ELDECO ELEGANCE, VIBHUTI KHAND, GOMTI NAGAR
Complainee	:	PNB MET LIFE INSURANCE COMPANY LIMITED
Address	:	HAZRATGANJ

Complaint Details
Dear/Sir,
With ref to the subject mentioned above, I have to submit that on repeated requests& persuasion of Branch manager Mr Anshul Misra &sales manager Mr Piyush Misra (Employee no1047796)stating that the investment with their co will yield good returns, an investment of Rs3.00lac each towards above policies was made. Since relevant plan details were not made available, I could not go into the merits & demerits of the terms & conditions of the Plan. I also requested the officials of the co that the policy to be issued should have option of single pay as at that time I had already retired in July 2010 & it was not possible for me to make regular premium over a pd of time, they assured me that the policies would have one pay option only. One of my officials who was also sitting at that point of time, told me that in view of the haste shown by the co’s officials, he smells something foul. However he assured me that he will find out the actual position. After 2-3 days he apprised me that the plan being offered will do nothing good & advised me to get the plan cancelled. Thereafter I decided not to go for the plan being offered eventually I sent my official to the co with a letter (copy enclosed) stating there in that the money paid be returned to me, acknowledgement was given of Dated 6/9/2010.It is worthwhile to mention that till that time policy bonds were not received by me. I received these two bonds at my residence ,which were handed over by some person to my spouse on 13/10/2010 & during this period no correspondence/action was done/taken by the Co. on the request made by our letter dated 06/09/2010. On enquiry from the co. I was told that policy bonds, have already been received by Mr Manoj & Mr Rakesh mentioning brothers at residence, where as I have no brothers of those names. Perusal of the policy bond handed over at my residence in a conspicuous manner revealed that terms & conditions stipulated in the bonds were totally in contraventions of the terms explained to me in person at the time of taking payment & that the signatures of mine were also forged on few last pages. I immediately sent two different letters in respect of the policies mentioned above to the co through my official for cancelling them on 15/10/10, copy of letter with acknowledgement are attached herewith. Since no heed was paid by the co. Mrs Neelam Yadav , associated in the co either in the capacity of official or agent, when asked, assured me that after completion of 3yrs, I shall get my money back with sufficient profit but I did not agree to this proposal & insisted for the cancellation.From October2010 onwards on enquiry I was always assured that the policies though have been cancelled but as per rules money shall be paid only after 3 years from the date of issuance.On enquiry in mid of September 2013 about the present status of the amount I invested, I was told that co has already sent the payment to the tune of Rs 20000/ approx. on my residential address (which has yet not been received by me ) without informing &hearing me, by way of foreclosing the policies under reference on its end. It is pertinent to inform you that during the entire pd of 3 years no body from the co has ever approached me, neither I was sent any premium notice nor I was reminded on my registered mobile no.& E mail ID. Whereas I have been receiving such notices regularly in case of policies pertaining to other cos. I was highly shocked by the attitude of the co,since I was being paid only Rs 20,000/-approx., against an investment of Rs 6.00lac .I immediately contacted Mr Vivek Bhargava, manager in Hazratganj Branch Lucknow& apprised him with full details along with relevant documents, who after hearing me patiently, assured me to forward my case to the co for onward decision. Also I sent mails to the co & Grievance Redressal team, who have eventually turned down my genuine request &advised to contact your good office in the event of being dissatisfied. Copy of letter Grievance Redressal team dated 19/09/13, downloaded from the mail dated 21/10/13 is attached herewith. . Looking at such unfair practices being adopted by the co, IRDA has already taken a decision in 09/10 in the interest of the investor, where the co is bound to pay minimum saving bank interest to the investor in the event of investor failing to pay the subsequent premiums on the principal amount.
From the above, it is very clear that I have been made a victim of the conspiracy of the officials whose names have been mentioned above, I would obviously like to cross examine them in your presence. The Co has taken decisions in personal commercial interests.
I earnestly request your good office to take immediate action so that a Govt servant ,who is retd is not subjected to such a huge loss ( Rs5.80lacs), also pl take stern action against the named officials who are responsible of cheating a retd. Govt servant.
Thanking You.
Yoursfaithfully

(Arun Kumar) (Raj Bala)

Mo no+919415020613
arun_19june@yahoo.com

Replies