Good morning Mr. Subramanyam, this is Mr. A Saxena from Metlife Insurance company, can I speak to you for 5 minutes?

Me: Yes please go on…

Saxena: Sir you have 3 policies of Metlife which has expired, and ML has returned only Rs. 25,000 to you. Actually you have paid Rs. 125,000. We found that out in an IRDA audit, and actually ML has to pay you more.

Me: so what can I do?

S: Sir please send a cheque/ draft for Rs. 23,545 in the name of METLIFE……LTD.

Me: Then what will happen?

S: Sir ML will give u a refund of Rs. 125,000.

Money sent. I receive a cover with a wrong address….- after chasing. Mr. Saxena says ‘Sir there is a mistake, do not open it, just send it back’…..

The truth is he collects 2 photos, pancard, identity proof….and ISSUES a new policy…..and makes sure that I do not get the policy for at least 30 days..

So my free look in is gone. Fraud class 1.

Questions for Metlife – which tells me -Sorry sir you have to go to our Grievance cell or the Ombudsman……

1. Who is Mr. A K Saxena? How did he get my policy details?

2. Who is the agent who has got a commission on this policy?

3. Is this the ONLY policy that Mr. Saxena has lodged (or should i say application?)?

4. Address is written wrongly, but you still did not take the address from the complaint letter…

5. IRDA has zillions of such complaints, but neither IRDA nor the Life Council have spoken about this to the press…

6. Priyanka Sambhav of Cnbc Awaaz did a program about this problem….you will hopefully find it in You tube or somewhere in Cnbc Awaaz archives..

If this is a new sales technique, welcome.

PS: pretty obviously except my name everything else is correct…

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  1. HDFC Bank representating HDFC life also does it & I ‘m sure lots of others are doing it. When I complained of malpractice to HDFC Bank,they washed their hand off it. My case was that -just sign here.We will in the form ourselves. Insist on a filled photocopy if you are left with no recourse like that.

  2. Well it seems, metlife & HDFC are not alone. I do have some examples where Birla or Kotak policyholders were also duped in similar fashions. IRDA as usual doing it’s own work. For whom benefit, God knows. 🙂

  3. @ Ashal Jauhari-raises a valid point-who really benefits out of this-RM’s ? Who are banks trying to shield ? Why doesn’t the IRDA take some action against those trying to cheat the people ?

  4. Variation – I get a phone call ” We are from IRDA and are carrying out a survay. You have a policy from xyz insurance co? R u getting service ? ” I say no”. After a few days I get a call again allegedly from IRDA. ” Do you know that there is a bonus for your policy ?” I say ” no It is a ULIP and does not have bonus. If u r from IRDA you should know that” They ” You are ignorant and you do not know it” I ” tell me which IRDA dept is this and where is the office and what is the purpose of this conversation ? ” They ” pl tell me your policy no” I say ” if you are carrying out the survey and have called me, you should have the data. why ask me ? ” then comes the truth ” we will help you to get the bonus by a fresh policy.. etc etc” And mind you the co gives me a ring from a registered mobile number. I guess The insurance industry is turning their eyes away because fresh business is being generated. IRDA is also acting ignorant because insurance business is being generated.

  5. My colleagues Father in law has been “SOLD” more than 10 policies, after his retirement. He has used up his retirement money and gone ahead and borrowed cash from his credit card. All under the guise of One time investment products with huge returns. What happens to medical & financial underwriting ? Only god and the underwriter knows. My own client had been sold a 20 year,70K semi annual premium pension policy at age 62. What the hell is the underwriter doing when the policy is supposed to accumulate corpus to start a pension at age 82 ?

    How is the new Financial adviser registration code going to stop all this ?

  6. The best solution to stop all these nonsense is to avail for DND (DO NOT DISTURB ) facility in your cell which helps in avoiding unwanted calls/sms. It has worked wonders for me at least . As WB says “The best way to solve a problem is to avoid the problem.”

  7. Hi Subra,
    I think the first thing that we should do is to ask Saxena to send an e-mail with all the details written down neatly from his official e-mail address (again this will help only who use e-mails). Two things happen
    1. he never sends an e-mail
    2. you know it is a new policy

    either way we have details and proof.. 🙂

  8. Wonderful article sir… as said earlier as well.. It is the buyers mistake in any product not the sellers… here in India at least 98% are trying to fool the Buyer !

    now that includes Insurance agents, Goldsmith, MF advisors, banks, Ministers, Financial planners, retailers, milkman, a time share holiday co. and so on & on & on…

  9. I surrendered my some ULIP’s sold to my father whose lockin period is over & given my number in surrender form. Got a call from ins companies RETENTION team.

    They say: “Sir you already paid 75k., and if you pay 25k more you can enjoy insurance coverage for 20 years” (instead of talking abt surrender)
    me: what happens if I won’t pay
    they: Then also you will get insurance coverage
    me: then why r u talking about a new premium instead of surrender
    they: but sir this policy is very gud for you and you won’t get this type of gud policy if you stop this

  10. one company by name based in bangalore selling bajaj allianz life insurance policy through mlm method using ordinary people luring TOUR,CAR,PENSION AND PROFIT SHARING. IS IT APPROVED BY IRDA. WEBSITE


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