My DOB 28thMarch1947. I was already over60 years when the policy proposal was brought up. Since the Sales Executive was smart enough to be acompanied bythe daughter of tenant of my close friend, I only explained that you can give me a plan suitable for my age. I was assured unambiguously that I shallhave to pay only for 5 years, & then I can withdraw. They told me that they will fill-in all my details as already with them from my other existing policies with MNYL; and that I can simply sign the proposal form; which I did in good faith
The application/proposal form is not filled in by me. Nor did they ever showed or even discussany other annexures or repayment table. As it is known now, they seem to have written WLP just to earn higher Sales Commission. Since every thing was on trust and goog faith, I did never suspect anything fishy, and did not bother to look into policy docs received subsequently--not even for 5 years believing that to be the payment schedule as discussed. I kept paying premium regularly-- like all my other policies, & as planned, proceeded to encash the Policy after 5 years. I was flabbergasted and shocked to know that this was a WLP. How could a sane person at the age 60 be consenting to pay premiums for 40 years, till age 100years. Clearly, a gullible, unsuspecting person is cheated and taken for a ride. Poicy 321444416 has been mis-sold by MNYL reps for their petty personal gains.
I have protested and laid out all the facts via e-mail dt 17th Sept to MNYL, and followed it up vigorously with subsequent mails 27th Sept, 28th Oct, and 02 Nov attached hereto. MNYL rep Mr. Sunil Singaria visited, discussed, and assured to initiate resolution of the issue, and take care of my concerns.
I am shocked that instead of granting me relief or punishing the guilty, the MNYL at Gurgaon, via e-mail dt 02Nov yesterday, have simply WASHED THEIR HANDS OFF by stating that I should have taken it up during Look-in period that was 5 years back when i was suspecting nothing. Had there been an iota of doubt in my mind, I could surely have seen papers and pointed out the error and disputed the nature of policy requiring a man 60 years to continue paying next 40 years, be alive, financially sound to pay till age 100. Had there been any inkling of doubt, I surely would not have paid and waited for 5 years prima-facie. It is only now I realized what actually happened. A victim initiates action and seeks relief only when he knows he has been conned. Inaction until then cannot deprive him of his right to seek relief and remedial action, nor can the person committing fraud be condoned of his crime for delay under these circumstances. Even Judiciary allows re-p-opening of time barred cases, so does the IT Dept.
PRAYER
Since this is clearly a case of Policy MIS-SOLD to a gullible, unsuspecting man 60 years already while agreeing to take policy in I seek your kind intervention in the matter of my seeking relief on humanitarian ground also, apart from the facts of the case elaborated hereinabove. The policy thus mis-sold should be allowed to be cancelled, and money refunded to me,
MNYL now stating that Look-in period has lapsed, & nothing can be done now tentamounts to abatement & condoning a crime, a fraud committed by their Sales .rep. They should not be allowed the liberty of punishing me with financial losses as a reward of reposing faith in their Sales Executive.
N.M.SINGHVI
Mob--9829139096
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