Location/place: JODHPUR, RAJASTHAN
Name of company/service: SBI LIFE INSURANCE COMPANY
I am registering the complaint on behalf of my grandfather Shri Ram Narayan Upadhyaya (Aged 85 Year) as he is not
tech savvy.
In the month of December 2011, an SBI Bank representative named Ravi Sharma whose mobile number is 09636675208
gave a call to my grandfather Ram Narayan Upadhayaya on our landline number 0291-2437979. He came with the lucrative
plan of offering Fixed Deposit with high return and additional free insurance up to 1 Lakh for senior citizen
people. The terms and condition explained by him on telephone were as follow
1) Fixed Deposit Plan of Rs 50000 with lock in period of three years
2) Additional Insurance cover of Rs 1 lakh .
3) Guaranteed Return of 9.5% per annum.
The next day Ravi Sharma sent representative on behalf of him. He told my grandfather since his age is more, the
SBI Life insurance company can’t provide insurance to him, but he can take the plan for some other family member. My
Grandfather decided to take that fixed deposit plan in the name of his granddaughter Sangeeta Upadhyaya.
Representative did the formality by taking her sign on the form. While leaving from our home he assured that we
would receive the Fixed Deposit Receipt in two weeks.
In the Month of January we just received the insurance policy. We were shocked and disappointed to find that Ravi
Sharma has misguided / misselled to us. Instead of providing the fixed deposit plan he has sold us just the
insurance product. The terms and condition of the policy document were as follow
1) Policyholder needs to pay Rs 50000 per annum for 10 years.
2) No Guaranteed return was mentioned.
On receiving the policy “Flexi Smart “we immediately reacted by writing the letter to local SBI branch. We also
called Ravi Sharma. He told that there has been some mistake by the agent in the filling the form and he has entered
the incorrect plan name. He would soon rectify the problem and we will get fixed deposit receipt in two weeks. He
also requested us not to write any letter to local branch as it would affect his services. On the ground of humanity
and trust we did not posted the letter to the local SBI branch.
After waiting for two weeks we found that neither had he called us back nor we got any fixed deposit receipt. In
this way we got again cheated and we realized that he just wanted that free look in period of that insurance get
passed away and he can get his hefty commission. Now I can wonder how much of misspelling of insurance product is
happening. Thanks that Ombudsman is there to protect the middle class investor.
As per the IRDA guidelines we have already wrote the letter to SBI Life Insurance. They replied stating that
we regret for the incident but since we did not replied during the free look in period they can’t help us. The free
look in period was of 15 days. By the time an investor realized that he has been cheated the free look in period is
over and he has bound to pay the premium for rest of his wife. The most important thing is that even though Sangeeta
Upadhyaya (Policy holder) is housewife they (Agents) have mentioned her annual salary of RS 2 lakh. In this way
already the information in the policy is incorrect. There is again a question mark of availing the benefit out of
that? Insurance company can anytime reject the claim stating that information provided by the policyholder is
incorrect.
I request New Delhi Ombusman authority to look seriously into this matter. We want our money back. An
serious action company and it’s insurance agent, would rebuild the invetor confidence on Ombudsman. I hope that you
would not shatter our hopes.
Regards
Ritesh Upadhyaya
Behind Floor Mill
Kabutroon Ka Chowk
Bhajan Chowki
Jodhpur
Rajasthan-342001
Mo: 9611744221
Landline 0291-2437979
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