I am convinced that this’insurance company’ is not really one. I am one gullible guy in that I set up not one but 4 policies with them. In each case, I was given a rosy picture and I was shown huge benefits. I have yet to come across anyone that has actually benefited from their claims! I will not divulge how stupid I am but sufficient to tell you that it is in 10s of lakhs!
To start with, they put in a wrong address in their system for me and as a result, my original policy documents went to some unknown person. When I tried to surrender one policy, they said I had to have the original document. In order to fix THEIR mistake, I paid Rs. 2, 500 and signed a bond. This was 2 months ago. Till now, no response! When I inquired about the surrender value before maturity, they said that realistically not to expect anything more than 60% of the moeny I’ve paid! I have made no less than 10-12 inquiries and each time the answers change.
I think the way this company works is as follows- get some poor bakra to sign up. IMMEDIATELY take a bunch of’service fee’ out and give a good commission to the person that brought the bakra in. Then if the bakra does not pay policy premium, deduct 16-20% in’penalties’. If they do pay, wait till the end, then give them 0% to 5% over their total amount and claim that the fund did not do well and get the money to pay from.another bakra!
I am fed up with these people. They give you the run around and RBI is doing NOTHING about it. It is so sad and frustrating!
IF YOU HAVE NOT BOUGHT ANY POLICIES, PLEASE DO NOT! IF YOU HAVE, GOOD LUCK!