Bonanza Corporate Agency
Renewal premium used to issue a new policy

I took 1 SBI Shubh Nivesh policy of term 5 years in Sept by paying 1st 6 monthly premium of Rs.12500/- only. I purchased this policy through Bonanza corporate agency Vashi, New mumbai. I got a call from this agency and they sent their agent at my home for collecting premium and for filling the policy form 1st time. In Feb I again got a call saying this call is from SBI and I was asked to make payment towards my due premium which is actually due in March. I enquired why should I pay it a month before as my due date is in March? I was told that this is a procedure and as per which customer has to pay premium in advance. This is applicable only in the 1st year of the policy as per the person on the call. I agreed and they sent 1 person at my residence. He asked me to fill the form and took 1 passport size photo of mine and again asked me to submit identity and address proof documents. I was surprised but assumed if it is formal procedure of SBI, I signed that form and gave him the required documents and one cheque towards renewal of premium. He assured me this procedure is for payment of premium renewal.

On 13the of Feb I got the new policy documents from SBI but I assumed it as a renewal premium paid receipt and kept the documents in my drawer without opening the envelope.

On 1st March I got a call from SBI customer care stating I haven't paid my renewal premium and same needs to be paid asap. I was shocked to hear that and when I checked the envelope, I discovered a new policy has been issued in my name.

As per procedure one can cancel the policy after 15 days from receipt of the policy documents however I came to know about this fraud on 17th day.

I want to file complaint against that Bonanza corporate agency and would like to know the procedure.

Can I file a complaint and get the justice?

Yogesh Arun Dhadnekar

yogeshay@rediffmail.com

Company: Bonanza Corporate Agency
Country: India
State: Maharashtra
City: Thane

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