Complaint Details

Status	:	Closed
Complaint No	:	0053551/2015
Category	:	Insurance
Date	:	23-09-2015
Subject Line	:	Malpractices and Misselling resorted to by Policy Bazaar
Complainant	:	Prasad Poojary
Address	:	E-5 Building, Highway Park Chs, Wing C, Flat no.9, Ground Floor, Thakur Complex, Kandivali (East)
Complainee	:	Policy Bazaar
Address	:

Complaint Details
The facts of my case and complaints are as under:

My 9 months pregnant wife Mrs. Amita Prasad Poojary wanted to buy a term plan of amount 75lakhs for herself contacted Policy Bazaar on 11th August wherein Policy Bazaar advised her to buy Aegon Religare Term Plan with cover of INR 75 lakhs for 30 years for a premium amount of INR 5,602/- calculated as per her age which was 24 years as on Aug 14, 2015 since her date of birth is 18th August. She had categorically highlighted him that she was 9 months pregnant and wanted to buy the term plan before August 18, 2015 being her date of birth so that she can get the benefit of lower premium amount as per her age which was 24 years as on August 14, 2015. Policy Bazaar assured her that though she was pregnant she would able eligible to get this term plan and also that if she makes the premium payment before August 18, 2015 than the premium amount proposed to be charged to her would be as per her 24 years of age. Accordingly, She immediately made the premium payment of INR 5602/- to Aegon Religare on 14th August. Policy Bazaar called her on 15th August to inform her that her medical test was to be conducted for the same and that the policy document as on 14th August would be issued to her alongwith the medical test report within 3 - 4 days of undergoing medical test. Accordingly, the medical person visited our place the next day on 17th August and did her medical test. On 26th August she got an email & SMS from Aegon Religare stating that her term plan proposal for Aegon Religare had got rejected/postponed. She called up Policy Bazaar wherein Policy Bazaar informed her that her term plan proposal for Aegon Religare was rejected on account of me being pregnant. Again Policy Bazaar further misguided my wife that she should opt for the term plan of PNB Met Life for INR 75 lakh for 35 years by paying a premium of INR 5,306/- by assuring her that she inspite of being 9 months pregnant was eligible to get PNB Met Life. The premium amount that she was advised by Policy Bazaar to pay was Rs.5306/- which was calculated as per her age on 26th August i.e. 25 years which was due to the misguidance done by the executives of Policy Bazaar that she had to pay a higher premium as per 25 years of age to PNB Metlife which otherwise would have been lesser than Rs.5,306/- as on Aug 14th. Policy Bazaar than informed us that her proposal for PNB Metlife was also rejected on the same grounds i.e. pregnancy. In both the above cases, my wife had clearly mentioned in the proposal forms that she was 32 weeks pregnant but still Policy Bazaar and Aegon Religare made her make the pay the premium and undergo the medical test.

This is a clear cut case of mis-selling by Policy Bazaar and supported by Aegon Religare because of their negligence because of which my wife had to undergo so much of stress and harassment during her critical phase of pregnancy. I have on multiple occasions escalated my case to the senior management of Policy (including Mr. Yashish Dahiya, CEO, Policy Bazaar and Mr. K S Gopalakrishnan, CEO, Aegon Religare) but they have conveniently ignored by grievances and have not bothered to address my grievances.

Such malpractices resorted to by Policy Bazaar in tandem with Aegon Religare is highly detrimental to the public interest and they should be penalized and exposed in public.

Please take the strictest action against Policy Bazaar and Aegon Religare on immediate basis under intimation to me. I am more than happy to provide any further information/clarification and supporting documents as may be required in this regard.

Regards,
Prasad Poojary
(9967892135)

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