A big fraud being run by the insurance brokers along with the Birla Sunlife staff who clearly are hand-in-glove with them.
I was sold a policy by their sales agent(someone named Sania Gupta apparently working for Sridhar Brokers) with the following key features:
Supposed to be a fixed return instrument
Supposed to have a bundled cashless medical insurance covering both the proposer & the insured
The bundled medical insurance was supposed to cover maternity as well
The term was supposed to be 5 years after which I was supposed to get Rs.4, 45, 000 by paying Rs. 50, 000 every year
I paid Rs. 50, 000 for the policy to the agent who visited my house as the first installment.
To my utter shock, I received a policy which was more like a ULIP promising no returns, 21 years in duration giving Rs 9, 25, 000 after 21 years, nothing to do with the proposer and having no maternity benefits
Logged a corresponding complaint call with their customer service helpdesk, who advised me to submit the policy document at the nearest branch for cancellation.
Once the complaint was filed at the branch, the agent contacted me again promising me that some error has occurred and they will send me the revised policy but promptly disappeared after that - not picking up any of my calls.
The company staff on the branch has refused to cancel/correct the policy and is now trying to sell me another policy for the same amount telling me otherwise the Rs. 50000 will be lost!(To add to it they are telling me not to approach a consumer court saying nothing comes out of it). Despite all the fraud committed by the broker & agent, the Birla Sunlife staff are taking the agent’s side instead of taking stringent action against them. Clearly they have a big stake in all this fraud.
Overall a company full of frauds and scamsters. Steer clear of them at all cost unless you want to throw your hard earned money in trash.