I was issued a reliance life insurance policy (contract no. 50325024) with a sum assured of Rs. 3,21,000/- against a policy premium of Rs. 50,000/- while the same was intimated as Rs. 10,00,000/- in case of normal death by their marketing executives. The sum assured given to me was much less than that (Rs. 10.00 lac) conveyed to me by the Reliance life’s Agency agents (Ms. Manasi and Mr. Raj Singh) for the agency / broker name Mr. Vinay Kumar Gupta with agency/broker code – 21114597. Agency agents also offered me an incentive of a 2 gms gold coin and till the same is received a post dated cheque no. 516941 for Rs. 5800/- was given as security. No gold coin was issued, the cheque bounced when deposited for encashment due to being stopped for payment, which amounts to fraud. All this happened when I wasn’t keeping well and was not in a mobile state due to excessive pain of slip disk. Matter was brought to the notice of Reliance authorities and refund requested multiple times via emails, physically submitted requests dated October 29, 2012 and April 12, 2013 and a speed post (tracking no. ED082198510IN) on August 20, 2013 to GRO, Reliance life. However, my grievances were not addressed and no communication in respect of refund is received till date.

Immediate refund of my policy premium of Rs. 500000/- (Rupees fifty thousand only) with interest till date. PLUS Rs. 15000/ (Rupees fifteen thousand only) that I I would have saved on Income Tax for a policy having sum assured of more than 10 times the premium amount. PLUS Suitable Compensation for the mental agony and harassment caused by reliance life insurance by not refunding my money.

Complainant Information
name- mehrotra