Dear Sir,
Sub: Complaints against Reliance Life Insurance
Ref: Contract Number:10575822
Client Id No. 01229035

With reference to the above policy with Reliance Life Insurance, I had invested RS.100,000/- on 02 March 2007, based on the below information provided by their Sales Manager Mr. Sreejith ( Kollam Branch, Kerala).

1) I can withdraw this amount after completing 3 years ( 3 Years Locking period).
2) This is the one time investment. Not compulsory for the subsequent premium payment/ or it’s optional

But when I visited their branch office at Kollam on 10 June 2010 ( After three years, He (Mr. Sreejith) had informed me that, I can surrender this policy only after 5 Years, otherwise 50% will be deducted from the policy amount, and he had promised me that I ‘ll get 100% payment after completion of 5 years. Hence I was waiting to complete 5 years. Last month when I visited Kollam branch office, Mr. Sreejith had left the company and in his position Mr. Sree has been joined, he told me that my current fund position is Rs. 123,000/-, and I’ll be paid only RS.62,000/- ( after 50% deduction) and I don’t have any other choice except to surrender the policy, On last week I’ve received Rs.53,000/- credit on my NRO bank account. When I asked about this deduction, they had informed me that there is service tax involved in this. Finally I’ve received only RS.53,000/- (after six year) against my investment of RS.100,000.

I am really disappointed about this type of cheating, and I want to proceed with legal action/ complaints to consumer protection Authority, please guide me how to go about this.

Best regards,

Santhosh. J. R
santhosh@ target-oman.com