I have been mis-sold a money-back plan by a private insurance company’s relationship manager. They lied about sum assured and maturity value as well as the periodic money back. They had given a benefit illustration at the time of purchasing the plan, which was made in a spreadsheet to convince me about the returns. I have that in my possession. When I got the documents, there was a mismatch. I visited their office for cancellation but they convinced me that I will get the corrected papers. They deliberately delayed it so that the free-look period would pass. After that they stopped receiving my calls. I complained through their grievance redressal system but they are saying they cannot do anything as my free-look period is over. The relationship manager told me over phone that I will receive the rectified bond and told me to go for renewal. I have a recording of this call. Can I file a case of cheating and fraud through the consumer court? What are the odds that I will get my money back?
—Shashi Bhushan M N
The insurance regulator has established forums by virtue of which consumers can lodge their complaint.
First, if you had made a written request for cancellation of the policy within the free-look period, then the insurer cannot deny this right to you. Second, if they had provided any assurance to you in writing or verbal, which is supported by evidence, then your stand can still be vindicated.
