Agent made the false assurance by misrepresenting the facts tantamount to cheating

Grievance Status for registration number : DEAID/E/2020/04733

Grievance Concerns To
Name Of Complainant-Yogi M P Singh
Date of Receipt-01/08/2020
Received By Ministry/Department Financial Services (Insurance Division)
Grievance Description

Financial Services (Insurance Division) >> Misrepresentation by Agents >> Mis-selling of Policy

Insurancy Company : Other / Private Insurance Company.
Branch/Name of Insurance Company & Branch(If other) : MAX LIFE INSURANCE COMPANY LIMITED Registered office -419, Bhai Mohan Singh Nagar, Rail Majra, Tahsil –Balachaur, District-Nawan Shahar, Punjab PIN Code 144533 Head office- 11 th and 12 th floor, DLF Square Jacaranda Marg, DLF City Fase –II Guru Gram 122002 Proposal number-342469947 Customer ID -837688917
Name of Agent : Assistant manager axis bank Beltar District Mirzapur
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Prayer-Refund the amount paid as a premium to the account of the applicant in the insurance sold by the company through an assistant manager detail is herein given.
The matter is concerned with the fraud committed by Assistant manager axis bank Beltar District Mirzapur in the name of insurance. Here cheating committed by the Assistant manager axis bank Beltar District Mirzapur who has assured on the maturity of the insurance, the company will provide the applicant 13 Lakh 9 thousand but whateve

Grievance Document
Current Status-Under process
Date of Action-01/08/2020
Remarks Auto Forwarded
Officer Concerns To Officer Name- Shri T.S. Naik
Officer Designation-General Manager CAD
Contact Address
Poppalguda Rajaendra Naga Development Authority of India, Sy. No. 115/1 Financial District,Nanakramg uda,Gachibowli ,Hydera
Email Address- tsnaik@irda.gov.in
Contact Number-04020204806
Reminder(s) / Clarification(s)
Reminder Date Remarks 01/08/2020
An application on behalf of Keshav Pratap Singh name of the father Rajendra Pratap Singh. Prayer-Refund the amount paid as a premium to the account of the applicant in the insurance sold by the company through an assistant manager detail is herein given. The matter is concerned with the fraud committed by Assistant manager axis bank Beltar District Mirzapur in the name of insurance. Here cheating committed by the Assistant manager axis bank Beltar District Mirzapur who has assured on the maturity of the insurance, the company will provide the applicant 13 Lakh 9 thousand but whatever documents made available by the company concerned is disclosing fraud committed by the concerned assistant manager. Insurance policy detail is as follows. Name of the company MAX LIFE INSURANCE COMPANY LIMITED Registered office 419, Bhai Mohan Singh Nagar, Rail Majra, Tahsil Balachaur, District Nawan Shahar, Punjab PIN Code 144533 Head office 11 th and 12 th floor, DLF Square Jacaranda Marg, DLF City Fase II Guru Gram 122002 Proposal number 342469947 Customer ID 837688917 Vide attached document for more detail.
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Vandana Singh
Vandana Singh
3 months ago

प्रार्थना-वापसी राशि का भुगतान किया सहायक प्रबंधक विवरण के माध्यम से कंपनी द्वारा बेचे गए बीमा में आवेदक के खाते के प्रीमियम के रूप में यहां दिया गया है।
मामला सहायक प्रबंधक बैंक जिला मिर्जापुर द्वारा बीमा के नाम पर की गई धोखाधड़ी से संबंधित है। यहाँ सहायक प्रबंधक अक्ष बैंक बेल्थर जिला मिर्जापुर द्वारा धोखा किया किया गया है जिसने बीमा की परिपक्वता पर आश्वासन दिया है, कंपनी आवेदक को 13 लाख 9 हजार देना था लेकिन कंपनी अब मुकर रही है

Arun Pratap Singh
3 months ago

Agent made the false assurance by misrepresenting the facts tantamount to cheating. Undoubtedly to conceal the fact or misrepresenting the fact to mislead the customers by the agent of the insurance company is equivalent to cheating the customer. In this post company agent falsely lured the customer that after maturity of insurance company will provide the applicant 13 Lakh 9 thousand but whatever documents are saying is quite troublesome.

Preeti Singh
3 months ago

It seems it is era of cheating and to get success, every tricks are being used by the people whether it may be legal or illegal. Our society has lost ethical values because of uncontrolled growth of corruption in the government sector. Undoubtedly it is illegal to misinterpret fact to customer with view to cheat the customers.

Yogi M. P. Singh
3 months ago

They must refund the paid amount as matter is concerned with cheating. Whatever amount was told /assured after maturity will not be made by the insurance company according available documents. This implies that concerned agent / assistant manager axis bank Mirzapur either could not understand the policy language or cheated to lure the customer.