False promises by Insurance Company

I am holding the following insurance policies with Exide Life Insurance Company. Policy No. Commencement Date Amount 03241255 23.12.2015 25,000 03260030 20.01.2016 46,000 03279900 09.02.2016 21,000 03305977 31.03.2016 20,000 The above policies were issued to me with a false promise. The happenings are mentioned as below in brief: 1. I received numerous calls from their Kolkata office in the month of October, November and December, 2015 regarding my existing policy of Reliance Life Insurance bearing Policy No. 51318733. I have already paid the premium for three years. I was told that this policy is low-benefited and should not continue this policy for such long term. I said if I surrender now then the fund value will be less. I’ll be at a loss. They said they have a good offer for me but will not be a good idea to discuss the offer over telephone. They proposed to send their representative to my hometown (Contai, Purba Medinipur, WB) about 200 km far from Kolkata. 2. Their representative, Mr. Sumit Roy (fake name????) (Mob – [deleted], [deleted], [deleted], [deleted], [deleted]……….……. Landline - [deleted], [deleted], [deleted]…………….., email - [deleted]) came to my hometown on the scheduled date. I was told that this policy shall be surrendered from Reliance and a fresh deposit account shall be opened with Exide Life at 13% guaranteed interest plus additional bonus. I’ll not be at loss for surrendering the policy if I allow Exide to handle this with Reliance. He briefed me about the procedure. As per him, I had to issue a power-of-attorney describing that Exide Life can handle the Reliance Policy on behalf of me. I was also told that they have internal tie-up with Reliance. I need not to worry about this. The amount shall first deposit to my savings account and then I have to transfer to Exide Life for further processing. This was the point where I convinced agreed for this. After that, he requested me to invest in Exide Life. I clearly told him “I am working as a Clerk in School. Neither I am able to invest further in long term policies due to my earnings nor I am interested in traditional insurance policy. If you insist me I can only invest in term deposit for a shorter period (not longer than one year)”. After a long discussion, I was assured that the fresh investment shall initially be used for traditional insurance policy but later will be converted to fixed deposit account along with the Reliance fund. After getting his assurance, I thought after one year I'll get this amount so I agreed for a new policy as well. Then he took power-of-attorney and a fresh policy proposal from me. 3. After a few days I received several calls from their office regarding further investment. I was told that to en-cash the Reliance policy, Exide has huge revenue loss, if not invested further then there will be a problem to open fixed deposit account etc. etc. Every time I was assured that all amount shall be accumulated in my fixed deposit account. I was forced to invest further believing on the fact that the whole investment shall be converted to single fixed deposit account. Keeping in mind that I'll get returned all the money after one year, I forcedly agreed for all these policies. The same thing happened for further three policies. 4. Every time I was trained / taught by your Kolkata office representative how & what to tell on verification calls for these policies. Each and every process to realise these policies was governed by Exide’s team. I did exactly what I was told to do. 5. I was continuously chasing for the policy bond for Fixed Deposit account since inception of the first policy. Whenever I asked the same, I was told every time that the en-cashing of Reliance policy is taking time, let all the policy bonds to issue and reach me, year ending works are going on etc. etc. I need not to worry. It'll be issued shortly. Not a single instance, they refused for fixed deposit account. Now I can understand, they were consuming time to strong their soil from legal point of view. These all are their marketing policy. 6. In June’16, when I asked for further investment, I simply refused. I told clearly to issue the fixed deposit bond first and then I'll invest further. After my firm decision, they stopped calling me. Then onwards I was trying to contact them over phone and mail but failed. Phone was ringing but nobody was answering to my calls. 7. Lastly, I lodge the grievance to Exide. Their grievance cell simply closed the matter that they cannot cancel the policy saying “Policy is out of Free lock period”. I told them clearly that I am not asking for cancellation of these policies but to convert these to deposit account of one year duration what I was promised for. I clearly told all these happenings to them but nobody is listening. I am available at [deleted]