Home Loan insurance charged with EMI each month , please help

POSTED BY subashinirajan ON January 8, 2014 9:59 am COMMENTS (11)

The life insurance was taken along with homeloan. And within a few days, before even the request was processed I had given the order for cancellation. I am being charged for the insurance I cancelled along with home loan emi. This issue with the SBI has reached 2 years without any solution. Is there any use going to banking ombudsman now? If not what is the solution, noone in bank is responding.

11 replies on this article “Home Loan insurance charged with EMI each month , please help”

  1. ashalanshu says:

    Dear Subash, first file a written appeal within SBI to get back your own money with interest.

    Thanks

    Ashal

  2. subashinirajan says:

    Should I complain to any ombudsman with the available information, or go for first appeal since they have not given any photocopy of records, or should I contact a lawyer and file a case?

    Thanks,
    Subashini

  3. ashalanshu says:

    Dear Subash, if there is no policy, where is the money? Please ask SBI to return not only the prem. amount but the interest also charged on you although you did not avail this insurance.

    Thanks

    Ashal

  4. subashinirajan says:

    And they accepted there is no such insurance policy existing with the insurer.

  5. subashinirajan says:

    Hi all,

    I got the reply from SBI. No photocopies of any records are given. They are saying, the cheque sent to SBI Life was lost. They said 32000 was debited from my account for paying SBI Life insurance. But they have not provided any calculation for the above amount. Should I contact a lawyer or should I file first appeal?

  6. ashalanshu says:

    Dear Subash, please file RTI with SBI bank to know the details.

    Thanks

    Ashal

  7. subashinirajan says:

    I called customer care of life insurance, there is no such insurance number and there is no record of the proposal form. I am planning to file a RTI with SBI bank, but SBI life does not come under RTI. How do I get written information from SBI life.

  8. ashalanshu says:

    Dear Subhash, please check again from SBI Life for current status of the said policy. if the policy was indeed cancelled, where is the money? If now cancelled, Why so, even after you requested for the same within free look period.

    Thanks

    Ashal

  9. ashalanshu says:

    Dear subhash, did you ever tried to contact the insurer in this case regarding your willingness to close the policy?

    Thanks

    Ashal

    1. subashinirajan says:

      I had taken loan in July 2011 and within a week sent the request for cancellation to the insurer. SBI life had also sent a letter on Aug 2011, saying that they are returning the proposal documents since the customers(i.e us) are not interested in insurance. But it is not reflected in SBI.

  10. Raja says:

    If its a significant amount, you can try, else it may not be worth your time and effort. Make sure you have proof of all communication you have done with the bank over the past 2 years before approaching ombudsman. It does not matter if 2 yrs have gone by, a wrong is still a wrong.

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