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Manoj Kumar Swain on 04 November 2011
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Reliance life insurance policy cheating

This is manoj kumar swain, working in an it company. Its been above 2 months time I started getting calls from the following 4 phone numbers 011 2604 011 3448 011 1691 they were claiming that they were from citi bank and they were offering me a personal loan at a very attractive interest rates. At the same time they said that they also need to do an insurance of that loan so that in case of an unfortunate event of my death they can recover the loan amount from the insurance company (in a way that will became a 'secured loan').Hence it will be easier to get loan, to which I readily agreed as there was no harm in that (I bought a reliance life insurance money multiplier plan). I was getting calls from mr. Ajay and ms. Sweta (they claimed these names). One day they confirmed me that my loan of rs. 5000 is approved and now they need to do the insurance. A person came and collected all the documents from me to do the insurance and in some days I got the insurance copy from reliance life insurance. The policy number is 223. The copy of the policy form is also there in the policy document where the name of the advisor is written as sharad shukla and the advisor code is 829. The cheque number which was given for the insurance is 1621 from axis bank.There is no advisor's contact detail mentioned on the policy. When I asked why we have this much of delay they said that, the citi bank verification department is trying to find out details for the loan amount transfer from citi to axis. Almost everyday I call citi bank people (as it was claimed to be) on the above mentioned numbers but most of the time the phone is busy (perhaps trying to trap some more chickens)and when not busy nobody picks up the phone. I tried on internet to search the address from the phone number but for security reasons phone companies do not provide this information. Initially I was told that the nominee of the insurance would be citi bank but it is nowhere mentioned on this policy document. I do not want this insurance policy and not even the personal loan now. So please help me to get my money back which I paid for taking the insurance. Thanks and best regards manoj kumar swain - a victim ( I would like to come together with the other victims and work together to find a solution)

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Good that you were saved anyways I went to the reliance life insurance office in mumbai and got my policy cancelled. I was in the free look up period so they said my complete money will be returned in 15 days after deducting some 100 rs. I wrote a complaint but it seems it is useless effor. They are already aware of the issue and are least bothered in going behind these bullshit agents who are doing the fraud. I also met a guy whose uncle got cheated of 8 lacs rupees. Never never buy any policy from them. They are doing it big time. Somehow I believe this reliance guys are involved too because no one seems to be bothered enough. Save your hard earned money guys. And if you want to a take personal loan through a bank too then first meet the representative take everything in written and then proceed. Keep posting your responses here so we all are well informed

Yogesh Badhe

Be aware...!

not only reliance life insurance now they started calling on behalf of royal bank of scotland and citi bank also. Rest all same story...

Upendra Savani

Dear All i have got similar call from reliance capital but thanks to you all i am saved. just today only i have attained this type of call and was searching the genuity of the same.

Genuine Guy

This is a big fraud and a lot of citizens continue to be duped. If you are vicitm pls join the google group below. I am a victim too and lets unite and raise a fight against these reliance life insurance agents and the company too


Adarsh Hoizal

I also got a call from Citibank offering me a personal loan for Rs. 4 lakh at 0% interest for 10 years. They only asked me to pay Rs. 400 per year as insurance premium.

I agreed to the same and even offered to pay the entire insurance premium amount for 10 years i.e. Rs. 4000 in advance. My only condition was that the entire insurance premium amount must be deducted from the loan amount itself. So instead of Rs. 4 Lakh I requested them to disburse only Rs. 3.96 Lakh.

I explained to them that I am not a greedy person. I have no issues in accepting a lesser amount of loan. My only point was that I need their money to pay their first insurance premium. But they did not agree. I even offered to pay double the insurance premium amount i.e. I was willing to pay them Rs. 8000 ten years in advance and accept a loan of Rs. 3.92 Lakh only.

I explained to them that I completely trust them. And it is only fair that they trust me too. I am capable to pay a premium of Rs. 4000 in advance. But I am not comfortable paying before receiving their money. The only question in my mind was "Why should I pay from my pocket?". I'll pay them from the money I receive from them

I think my offer was fair. It has been 2 years but I haven't heard from them yet.

Anyway's its Citibank's loss not mine. They lost such a valuable customer like me.

Milind S

Thanks to all for sharing their experiences.

I also got the same call. Initially I was excited as it was reliance name and the loan was offered against policy so can believe the offer. But when I thought what if nothing happens to me to claim against reliance how they will get benefited by giving me such a huge interest free loan.

At the same time the caller was saying you can decide the term to return the loan as max as 20 years. There I realized this is fake offer and as a practice googled for the information and found your feedbacks. Same thing I told the caller. But the guy was excellent in marketting. He told me that these are old cases (two years back) and now it is not there. There were some agents who did the fraud and blah blah blah. I told him some recent dates of post and believe me he could not answer anything. He was thinking of telling another story but could not think of any and put down the phone himself.

I request everyone not to trust these people. Just think what are you paying for. In this world nothing comes free.

Very importantly you are paying just trusting the caller over the phone and nothing in written.