IDBI Federal — Cheating by IDBI Federal Sr. Manager Chandar Shekhar Singh and Miss-selling

Address:

New Delhi, Delhi

My complaint is regarding IDBI Federal Insurance company and its Sales Sr. Manager Chandar Shekhar. He miss-sold me a policy whose details did not match with one that I received at home. Policy Description at the time of Sale ******************************************** He offered me a policy, which returns double than the invested money within 5 years term. He gave me an example of INR 50, 000 premium/year. The benefits discussed were - Sum Assured Value (INR 650000), Death+Accident Benefit(INR 13, 00, 000) and 5% bonus of Sum Assured (5% of 650000) every year up to 5 years. He also added when premium is paid above INR 50000, we will fall under IDBI's premium customers. Therefore, our queries and concerns will always be treated on high priority. So, I agreed to pay INR53, 000/year and corresponding figures of Sum Assure, Death+Accident benefit and bonus should also get increased but it did not happen. Rather figures mentioned on the policy were drastically small. At Sign-up time ******************* At the time of signup, I did not give him my Residence Address and told him that I will send him scan image soon. I also told him not to put my check on clearance without my permission. I do not know how he managed to file my application without my address proof. And, he cheated on me by putting check on clearance without my consent. He phoned my husband saying that I have approved him to put my check for clearance. Later on, we did not take it seriously because I was supposed to invest these funds for tax savings and policy was supposed to be very good as detailed by the agent. Receipt of Document ************************** After receiving policy document, the story turned to be different. None of the above figure matched on the policy docs as described at the time of sale. The policy does not give above benefits. MOREOVER WE CANNOT EVEN GET OUR FULL MONEY AFTER 5 YEARS OF TERM (THE SURRENDER VALUE AFTER 5 YEARS WILL NOT BE EQUIVALENT TO INVESTED FUNDS VALUING INR2, 50, 000). HE MADE THE PREMIUM PAYMENT TERM OF 15 years without my consent. Complaint Escalation and Cancellation Request ******************************************************* Seeing this fraud, I requested my husband to escalate this issue with CUSTOMER CARE via email. Meanwhile, Mr. Chandara Shekhar Singh phoned us compelling that we should not escalate issues to customer support. He will take care of the matter and will get our policy cancelled. He took our documents personally and signed on my Xerox cancellation application request that documents received by him. Now, more than a month has passed but I have not receive my funds in my account yet. When I contacted him again, he told me that the free-look period of 15 days has crossed so policy cannot be cancelled. When I shouted on him, he disagreed of having my document collected. And, he started using sarcastic and foul language. I escalated this issue to Support, Senior Customer Care Manager and Grievance but nothing turned to be helpful. The issue seems to be so simple based on following grounds: 1. I received my policy document on March 13th, 2014 and sent my consent for policy cancellation via email on March 14th, 2014. However, customer care did not care to provide me a resolution on this matter. 2. On March 23rd, 2014, Sr. Manager Chander Shekhar Singh collected Policy document from my place in person. I took his signature of receipt on Xerox cancellation application as a proof. The day when he took my document falls within freelook period. Now, I have provided all these proofs to IDBI Federal Support team, Sr. Manager (Customer Support) and IDBI GRO (and respective grievance team) but there is no fall on deaf ears. 1. Is not it enough that I have given a consent via email to cancel the policy and they should refund our money back? 2. Is not signed copy of Sr. Manager Chander Shekhar Singh act as proof of receipt of my documents? Why they are acting so lazy on this issue? My Recent Action 1. Now I have lodged a complaint in a Police Station against Sr. Manager Chander Shekhar Singh (IDBI Federal) for cheating me. However, he is reacting fearless. He is not attending Calls. Can complaint be turned to FIR? 2. I have raised the issue of refund with IRDA yesterday, however, it seems things are so slow. I am not very optimistic as IRDA is again dependent on IDBI Grievance that has not given me any resolution to my problem yet. Support Team is saying that payment cannot be refunded back as Freelook period has crossed and I have not yet submitted docs. However, I have submitted docs to Sr. Manager and he has signed on Xerox Copy stating that documents received. Please help me what should be the course of action now. Your inputs will be of great help. Regards, Rinku Sinha Burma.