indiafirst life insurance feeling cheated

#1
I just bought indiafirst life insurance and the agent told to pay Rs 2 lakhs for 7 years and 7 yrs would be grace period @ 8% per annum fixed interest and after 15 yrs u shall get total 28 lakhs upon maturity. The money was deducted 10 days back like on 21st nov 2019 but I haven't received any documents of payment from 11th Nov 2019 when explanation was done till current date. So I asked them to cancel the policy yesterday as on 7th dec 2019 because the sum assured amount shows guaranteed 16 lakhs after 15 yrs and they told me i will get 28 lakhs so y is it showing 16 lakhs sum assured then my question was that and also since the documents were not sent till date. I feel that its a lie what they said and what they showed online and hence have asked them to provide me a full refund of the amount i paid 2 lakhs
 
#2
I just bought indiafirst life insurance and the agent told to pay Rs 2 lakhs for 7 years and 7 yrs would be grace period @ 8% per annum fixed interest and after 15 yrs u shall get total 28 lakhs upon maturity. The money was deducted 10 days back like on 21st nov 2019 but I haven't received any documents of payment from 11th Nov 2019 when explanation was done till current date. So I asked them to cancel the policy yesterday as on 7th dec 2019 because the sum assured amount shows guaranteed 16 lakhs after 15 yrs and they told me i will get 28 lakhs so y is it showing 16 lakhs sum assured then my question was that and also since the documents were not sent till date. I feel that its a lie what they said and what they showed online and hence have asked them to provide me a full refund of the amount i paid 2 lakhs
you might have singed some document or agreed some terms online such that if cancellation of policy then cancellation charges might imposed. have a check ..
 
#5
For all insurance products there is supposed to be a mandatory look-in period where the customer can cancel the purchase within first few (7/15) days for full refund, no questions asked. This was done specifically for your kind of miss-selling, which sadly is quite common in insurance+investment products.


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#6
@Happy_Singh So I havent filled up any form or anything for cancellation. I have told them via email only to cancel the policy as they deducted my money on 21st Nov and I told them on 4th dec to cancel my policy and I have the proof that they have acknowledged it within 15 days only after making the payment. So I hope that is fine right?
 
#7
I just bought indiafirst life insurance and the agent told to pay Rs 2 lakhs for 7 years and 7 yrs would be grace period @ 8% per annum fixed interest and after 15 yrs u shall get total 28 lakhs upon maturity. The money was deducted 10 days back like on 21st nov 2019 but I haven't received any documents of payment from 11th Nov 2019 when explanation was done till current date. So I asked them to cancel the policy yesterday as on 7th dec 2019 because the sum assured amount shows guaranteed 16 lakhs after 15 yrs and they told me i will get 28 lakhs so y is it showing 16 lakhs sum assured then my question was that and also since the documents were not sent till date. I feel that its a lie what they said and what they showed online and hence have asked them to provide me a full refund of the amount i paid 2 lakhs
I first 7 years you will be getting 4% only.
Then in grace period insurance companies gives returns from 4% to 8%. Agents fool clients by showing them 8% and as per irda they have to show calculation of minimum amount which client will get. So in policy it will be shown as per 4% to 8%.
Before signing documents did you get in writing that you will receive this much minimum amount? Visit their office and confirm how much is free look period and try to cancel the policy ASAP or you will lose 2 lakhs (in case you discontinue it after free look period).

Best part is agent who sold you will receive 10 to 15% commission.
 
#8
I first 7 years you will be getting 4% only.
Then in grace period insurance companies gives returns from 4% to 8%. Agents fool clients by showing them 8% and as per irda they have to show calculation of minimum amount which client will get. So in policy it will be shown as per 4% to 8%.
Before signing documents did you get in writing that you will receive this much minimum amount? Visit their office and confirm how much is free look period and try to cancel the policy ASAP or you will lose 2 lakhs (in case you discontinue it after free look period).

Best part is agent who sold you will receive 10 to 15% commission.
@i_xion no I didnt received anything in writing but we had just spoken it for 10 mins in which the agent came and she said that I shall receive 28 lakhs after 15 yrs if I invested 2 lakhs for 7 yrs
 
#9
@i_xion no I didnt received anything in writing but we had just spoken it for 10 mins in which the agent came and she said that I shall receive 28 lakhs after 15 yrs if I invested 2 lakhs for 7 yrs
Please visit that company office and give complaint in writing.
Also complain to IRDA incase they don't refund your money.
 

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