Dear Advisors,

This is with reference to my policy of Reliance Life Insurance Limited. This policy was advised to me by Mr.Soumyadip Basu having advisor code 20287028. I spoke to one of the customer care executives yesterday Mr. Praveen Kumar and was checking out with him how to surrender the policy since the minimum locking period of this policy is 3 years which is ending in Mar-2012.

To my surprise he said me that my policy has lapsed. I told him that the advisor called me in the year Mar 2009 and asked me if I was planning for investment. I told him that I had savings of 5 Lacs which I was saving since last 6 years and wanted to make a Fixed Deposit for three years . He said that we have a super invest plan where you need to pay one time premium. This money will be invested in the commodities and as per the market rates you will get your ROI. He did mention that however the locking period for this policy is 3 years.

Sir can you imagine how can an individual pay 5 lacs/year for 15 years. I have got L.I.C. policies, Birla Sunlife etc where the premium is 12K yearly where I am paying every year since last 5 years. This is something which makes sense. I asked him a lot of time that are you sure that I have to pay the premium once, he said yes.

I gave him a cheque of Rs 5 lacs the receipt of which is 2787064A. Once I got the receipt i called him and said that the receipt mentions 15 years of premium but you said that I have to pay once. I even told him that its not possible to pay 5 lacs every year for me. He said you can keep on paying this premium for max 15 years if you want. The returns will be huge. Even if you dont pay yearly you will get the returns after 3 years sine it is a locking period as you get in Deposits.

Now I am in a situtaion wherein I had kept this money for my Daughter and thought that this money I can use after March.Whenever a representative from companies like Reliance comes to meet us we beleive what they say. Is this the type of faith we can have ???

I am a mid level person whose annual income is 7 lacs/year. How can I pay 5 lacs premium per year and how can an advisor just to make incentives play with any bodies hard earned money. My money is all gone……. and i feel like what ever I have saved is gone.

This is cheating and something which is not acceptable at all.I have written an email to Mr.Malay ghosh at rlife.president@relianceada.com as advised by the customer care executive but still has no response.

Please help me. Looking forward to your quick response and help on this.