Citibank
Misselling policy with salary account in name of investment in govt bond

Today I met an executive from Citibank who came to our office for Corporate Salary account opening. He informed us about a

very unique Investment plan with a guarantee of 8-10% return with tax benifit. As per him the monthly investment I will

make (1500 or 2000 or 3000) will be invested in govt. or infra. bonds. Not just this, we will get a life insurance cover

from Bajaj Allianz too. And all this with no locking period.

When enquired about more details for the plan, it came out to be a insurance policy for which I will be paying a monthly

premium of minimum rs 1500 and my money will be invested in Govt bonds for 10 or 15 or 20 yrs. They even took a standing instruction to get the premium deducted from my salary account.

As per IRDA rules, one cannot sell the policy without giving all the details of charges that will be deducted from the

premium. but the citibank executive didnt even talked about any deductions. When asked if there are any hidden charges or

deduction there answer was NO.

As per them, it was our last chance and we had very less time to decide and go for investment and have to decide about it in few minutes. Through out the conversation, they were stating it as a investment and not a single time they said that It is a policy.

if it is Citibank, who has instructed them to sell the policy

by providing such wrong information then i feel that they are trying to fool the corporate customers as a lot of guys will fall prey to they sayings as it is Citibank they believe. Else if it is they who are personally do it for some gain, then IRDA should instruct the bank to have a check on such persons.

Company: Citibank
Country: India
State: Maharashtra
City: Pune

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