Sir, I was entertained and appreciated by the Agent/facilitator cum Branch Manager,(State Bank of India) Mr. Santu Kumar (CIF Code 990048646) Phone No. +91-9450171781, that if I invest INR 50,000/year for 3 years in i.e. SBI Life Smart ULIP and just after 3 years I would be paid minimum 80% of benefits along with my capital. So as I did the same and invested premiums in Total Rs.150000 on 11Feb’2010, 11Feb’2011, and 11Feb’2012 respectively to [Proposal No.333509771, Channel Bancassurance-ID-990037431 and my Policy NO. is 33035930803]. And now in 2013 (i.e.four and half years later of my premium payment)when i wanted to withdraw my amount they said that the policy had been locked for 10 years. Now I got that the agent deceived me with false information and I could surrender if needed. I am in great need of money so I surrendered and they are paying me only Rs. 130000 as my capital amount deducting Rs.20000 of my net invested amount. while they informed me that I would be charged 15% for 1st year surrender, 9% for 2nd year surrender and 2% for 3rd year surrender. But they are not telling in what ground and from which of the charge of mine is applied for. While they used my capital and earned a huge benefit in last 4 and half years, they should have charged from my benefits.And if legal charge should be according to the charge scheduled after 3 years it is 2% and I already crossed 4 and half years. But on the contrary, I have been paid only Rs.130000 deducting my main net amount. Hence I request your goodself, Sir, please help me taking necessary action and please please get them to refund me at least my Net amount (i.e.150000) that I ha invested. With regards and Thanks.

Complainant Information
name- Shaikh