Fraud by Reliance Nippon & DSA

vinitrana

vinitrana

New member
Policy Name
Guaranteed Money Back Plan
Company Name
Relaince Nippon
Customer Care Number
18001021010
Loss Amount
126000
Ratings
1.00 star(s)
Opposite Party Address
Reliance Nippon Life Insurance Company Limited, Unit Nos. 401B, 402, 403 & 404, 4th Floor, Inspire-BKC, G Block, BKC Main Road, Bandra Kurla Complex, Bandra East, Mumbai - 400051. India. T +91 22 6896 5000.
To,
The Hon’ble Consumer Disputes Redressal Commission
New Delhi

Subject: Complaint against Reliance Nippon Life Insurance Company for mis-selling and unfair trade practices

Respected Sir/Ma’am,

I, Vinit Rana, resident of 1005, Bijwasan near Century Public School, New Delhi 110061, would like to file a formal complaint against Reliance Nippon Life Insurance Company for misrepresentation, mis-selling, and unfair trade practice in relation to the “Reliance Nippon Guaranteed Money Back Plan” purchased by me.

Details of the Case:

  1. Four Years back, I was approached by a Direct Selling Agent (DSA) of Reliance Nippon Life Insurance who convinced me to purchase the “Guaranteed Money Back Plan” on the assurance that:
    • The plan could be surrendered after 3 years.
    • I would receive 100% of the bonus/returns.
    • Supporting calculation sheets and emails were shared with me, confirming these commitments.
  2. Based on these representations, I purchased the said plan and have been regularly paying premiums for 4 years, amounting to a total of ₹2,40,000.
  3. Upon initiating surrender of the policy after 4 years, I was shocked to learn that the surrender value is only ₹1,16,000 – resulting in a direct financial loss of ₹1,26,000.
  4. When I raised this issue with the company, I was informed that:
    • There is no guaranteed return on investment in this policy.
    • The DSA who sold me the policy provided false information to many other customers and their license has since been cancelled.
  5. This cancellation of the DSA’s license does not compensate me for my financial loss. I have been misled by false promises and deceptive practices, and my hard-earned money has been wrongfully withheld.
Grounds for Complaint:

  • Misrepresentation and fraud by the company’s authorized agent.
  • Violation of consumer rights under the Consumer Protection Act.
  • Unfair trade practice by selling policies under false commitments.
  • Severe financial loss and mental harassment caused.
Relief Sought:

  1. Refund of my total investment of ₹2,40,000 with applicable interest.
  2. Compensation for financial loss and mental harassment.
  3. Directions to the company to take corrective measures against such mis-selling practices.
I humbly request the Hon’ble Commission to kindly take cognisance of this matter and provide me justice.

Thanking you,
Yours sincerely,
Vinit Rana
9911113378
vinitlavazza@gmail.com
 
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