Subject – Reference Policy Numbers: 1) 521538843 2) 564742724 3) 564860930 4) 568364889

Dear Concern,
In reference to the Policy Numbers stated above, I Ms. Nivedita Chakraborty, am writing to you to make a complaint about the way I was mis-sold Life Insurance Policies by the sales department of ‘Max Life Insurance Company Limited‘, where I had joined as an Agent-Advisor in the month of November 2018; a strategy taken by the Company’s employers to generate my ‘QR Code’ (‘MAX753296’, valid till November 2019) along with a lack of transparency in policy matters. During the three months of my tenure as an Agent- Advisor, I received training in IC 38 (with a touch up on mis- selling under FCS), Sales Skills (SSW), Product and Taxation (BCS) and Form Filling Process (Friday School), but never a detailed training on ‘Mis-selling’, and so was never aware of it, else I would have been cautious.

However, after my departure from the Company as a proactive agent, I grew anxious about the purchases of the policies, because I was neither getting any positive feedback, nor any kind of updation from the management on changes in the rules and regulations of the Company. Hence I started to make inquiries on the Policies that I bought or was rather forced to buy. I found out that the modus operandi taken by the Sales Department for selling policies to me was nothing but mis-selling. I was manipulated in several ways in purchasing an Insurance Policy by the company’s sales department but not for once was I informed about the company’s policy (agent compensation to be provided after the Sixth separate Life’s as per IRDA Rules). I invested my hard earned money in purchasing three more policies, four in totality in the subsequent months of December 2018 and January 2019 (the last one done under sheer coercion), because I was made to believe that I would be provided with Agent Compensation, once I complete selling six policies (four under my name and two more to be gathered, taking the help of the managerial department of the Company). Kindly note that I had already sent a formal complaint via an email to Mr. Rabindra Jha, the Office Head of Kolkata -02 on 14 April 2019, but till date I have not received any feedback for the same. I have also complained about the issue to Mr. R. Krishnakumar, the Chief Customer Officer of the Grievance Redressal Cell on 24 May 2019; follow up done by Mr. Sourabh Mishra of ‘Max Life Insurance Company Limited’, but have not been provided with any justifying decision or solution. I believe, for the reasons set out below, that I was mis-sold those policies and am requesting you to investigate the sale. The reasons I am complaining are as follows: The policies under ‘Savings Advantage Plan’ were not suitable for me (long Premium Paying Term, with a locking period of minimum 5 years with lump sum premiums). The Sales Department did not properly establish my attitude to risk. No fact finding was completed during the sales process and therefore the sales department did not have full knowledge of my financial situation, irrespective of the fact that I being new to the company (as an advisor), was misguided and knew nothing about the policies. This is why different Annual Incomes were mentioned in the Proposal Forms, viz- Rs. 3 Lakhs P.A and 2.5 Lakhs P.A without my knowledge. I was unemployed and had just resigned from my previous job, and hence had a corpus that was not suitable for such a huge investment. Neither was I fully explained about the terms and conditions of the policies (small print), nor was I asked whether I hold other Life Insurance Policies or not. The employers of ‘Max Life Insurance’ at Kolkata- 02 branch knew well enough that I am the only child of my aging widowed mother (Mrs. Depali Chakraborty , 82 years as per AADHAR Document) and that I am single. Yet they forced me with a Policy, whose premium is of worth Rupees 50,000 a year, with my aging mother as the nominee, the Premium Paying Term being 12 years. Three of my other policies include nominations of my two cousin nieces (Ms. Tanya Bhattacharjee, 15 years and Ms.Tatyana Bhattacharjee; mis-spelt as ‘Chakraborty’ and later changed, 13 years and that of a boy cousin, Mr. Bidyut Bhattacharjee, 56 years respectively) who are neither related to me by blood, nor are they depended on me. I was asked to provide a declaration by the Front Desk Operations notifying the reason behind nominating my nieces (kindly note, that as minors, their parent/guardian was not appointed as the ‘appointee’ in the proposal form), but was never dealt with when it came to the nomination of my cousin. I was not even questioned by the Company, the reason behind providing third party names as my nominees from the angle of insurable interest. A Premium mounting upto 1 Lakh per year for Policy Nos. ‘564742724’ and ‘564860930’, was roped in by the Company; siting the reason that my Agent Code would be valid for a year: namely till November 2019. I was denied a Free Look Cancellation of my last policy (nominee: my boy cousin), which was my right as a bonafide customer.

In this context, I would like to inform you, that the cancellation form along with the application that I had prepared to provide to the Company is still with me. My mobile number could not be used to generate OTPs for the Four Policies (mentioned in the Policy Bonds), as it was already registered under the Agent Code, and hence three different mobile phone numbers were used by the managerial staff to generate them, none of those were mine, (but belonged to staff members of ‘Max Life Insurance Company Limited’, Kolkata -02 Branch). I had later filled ‘The Policy Amendment Form (Section A)’, to update my own mobile number. No Medical Information was taken from me; I was not even aware what the Proposal form contained. Had I been asked to fill the form myself, I would have informed them about my Medical conditions. Sir, I bring this to your notice as it will be impossible for me to carry on paying such lump sum premiums for the four policies (that I was duped into purchasing) for the next 5 to 12 years, for reasons stated above. I would be highly obliged if I am granted a reduced premium or a cancellation of all the four policies under your guidance. Attached herewith are documents of previous emails sent to the Grievance Cell of the stated company. Please do also find attached the photographs of my application along with the Free Look Cancellation form that the Employees in the Company denied taking up from me for the Policy Number- ‘568364889’, for reasons, best known to them.

Thanks and Regards Ms. Nivedita Chakraborty Kolkata- 700 017.

Regards
niveditachakraborty711@gmail