Officials assured them it’s a better plan than fixed deposits and misrepresented their annual income in order to fulfil the eligibility criteria
Business Standard: Pensioners from Udaipur have registered complaints against SBI Life Insurance Company Limited for fraudulently selling them life insurance policies worth lakhs of rupees. They allege company’s officials assured them the policies work like a fixed deposit schemes but ensure higher returns, concealing payment of the premiums.
Bhopal Singh Ranawat, a retired forest guard from Gajpura village of Udaipur in his complaint letter to SBI Life in October this year narrates how the officials converted his entire savings to manage the SBI lIfeinsurance policy. Just a month after Ranawat’s retirement benefits worth Rs 800,000 were transferred to Udaipur’s treasury bank in August this year, the company officials approached and convinced him to invest in the ‘SBI life – Retire Smart’ plan – promising it would be more profitable than a fixed deposit (FD) scheme.
“They had repeatedly convinced me that I was investing in a better plan than a fixed deposit. Later, I found they had issued me an insurance policy worth Rs 200,000 without informing me the details,” his complaint letter, accessed by The Wire, reads. In an duplicitous manner, the officials also issued him three fixed deposits of the remaining Rs 600,000 – Rs 200,000 each – for a maturity period of one year, two years and three years respectively so that they could be used to arrange for the annual premiums..
Read Source: BS
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