Axis bank had sanctioned the loan of Rs 13 lacs for purchasing a BPTP Plot in resale. on this sanctioned letter when I made a huge amount to seller from my pocket, then before disbursing the loan axis bank unnecessary compelled me to take a Met life Insurance policy for which Rs 50000/ will be paid by Axis bank as One time premium to Insurance and they will recover in EMI with Interest, that time my given amount to seller was at risk of forfeit, so i had no other alternate to accept this unnecessary condition as when my plot have to be mortgaged with them then where was the risk of their loan amount, Secondly what is the use of given one time premiumand load the burden of interest of Rs 50000/=when the all insurance policies premium can be paid quarterly or yearly.
Secondly Axis Bank got my sign on Blank Insurance application. The application from Font is too small that i was not able to read andon the trust of banker i signed the application. At that time Isurance person explained that this is a term insurance plan with rider premium, Before maturity the loan term, incase any type of misshappening arise in my life (permanent disability or death) then Met life will pay the balance loan amount on that day to Axis Bank and rest amount will be given to my nominee
But after getting my policy I am shocked to see that Rider column premium shown Zero as well as there is list in which year to year reduced assured sum shown . form that day I am trying to contact with bankers and insurance person but they are not giving reply
It is a complely cheating by Axis Bank & Met Life Insurance.
0 comments