Guaranteed Pension Plan

2 years ago

Sub.: Guaranteed Pension Plan.
(Industry: Insurance & Banking)

The insurance company sold me Non-Guaranteed Pension Plan by confirming & convincing me it as 100% Guaranteed.

All terms & conditions mentioned in the policy documents are in their favor. One condition is mentioning, "The word GUARANTEED is only a company's Brand Name & does not guarantee the quality of the policy", it's future prospects or returns".

That means, "they have directly changed the Dictionary meaning of the word GUARANTEE on their own".

They are selling Non-Guaranteed Pension Plan by using the word GUARANTEED under IRDAI's permission for the Policy UIN 142N052V01.

The plan is with 5 years deferment period & now the Annuity rate applicable is prevailing at current date, which is much lower than what they had given me in illustration.

I had objected the conditions & clauses within free look period, but they asked me to IGNORE them & convinced me that the company needs to mention it as Standard Wording in order to meet IRDAI's Statutory Requirements, whether the Plan is Guaranteed OR Non-Guaranteed. I listened to them & bought their stories, in good faith & trust, because they are sitting in Nationalised Bank & the entire Sales & Marketing activities are carried out from & within Nationalised Bank's Branch offices, as the Nationalised Bank itself is their Corporate Selling Agents.

On the other end, I am possessing 15 Audio Voice Records (as 100% Crystal Clear Proof) of Tele-conversation with their Senior Managers convincing & confirming from time-to-time in the last 14 months that, it is a Guaranteed Pension Plan & the Amount of Pension is Guaranteed. Also, I received an official E-mail from their Assistant Customer Service Manager confirming the Amount of Pension is Guaranteed (as Documentary Evidence)

I have written a 63 page Letter to the company with full-detailed explanation with supporting evidences & proofs in the form of Audio Voice Records & E-mail communication to the company. They have taken their hands-up & asked me to approach Insurance Ombudsman, so that the matter can be dragged on for a few more years. (They are trying to buy the time)

Please advice the possibilities through legal action (either consumer court or civil court) &/ Or Non-legal action in any other way. (Is this a case of consumer court or criminal, as this is a kind of Indirect Act of misleading, cheating & fraud, by directly changing the dictionary meaning of the word "GUARANTEE" & jumbling the policybuyer by taking Advantage & UNDUE Advantage of IRDAI's permission to use the GUARANTEED under UIN: 142N052V01)