An Agency Manager of Birla Sun Life Insurance Company(BSLI) from its Connaught Place, New Delhi branch called on me and requested me to take a BSLI policy. I told him that I am a retied person and wants to invest my savings in FD so that a guaranteed interest return is ensured. He assured me that with BSLI policies, I will get that much interest return, and in addition some more money depending on the market situation. He explained that I have nothing to loose, and he will keep me informed how policy is performing. Based on his assurance, I purchased a policy. True to his assurance he kept in regular touch, and after few months my wife also took a policy. This is how we started with BSLI services.
The trouble started when I received an e-mail from BSLI Mumbai office that my first policy has gone into lapsation as premium has not been paid. I was shocked. I immediately phoned the Agency Manager but his mobile was reported out of service. I sent him an e-mail but it returned undelivered saying that this e-mail ID is no longer working. I replied to Mumbai office that their Agency Manager has taken premium cheque from me and how can it was not deposited. I was informed that this person has left the job.
My last two month’s interaction with BSLI personnl at New Delhi and Mumbai has been the worst nightmare. An officer of BSLI leaves the job and every working system comes to a total collapse. I wanted them to designate another person as my contact point but every person in BSLI was trying to sell another policy to me. I have spent all my life in Management Systems but has never seen such sub-standard customer care service. The young executives are only interested in meeting their sales targets and do not hesitate in painting false rosy pictures and giving false promises. In my language it is worst than cheating.
I am still fighting to get things back on the right track. During this period many more problems have been surfaced created by careless and irresponsible behaviour of BSLI personnel, but I do not want to bore you with those details.
I will say that if you are interested in a guaranteed return on your investments then put them in FD. Never do any business with these private insurance companies. Our time tested LIC is the best.