Thanks to JAGOINVESTOR – SBI returned my premium which was sold forcefully with home loan !

POSTED BY luckyr18 ON January 31, 2014 3:11 pm COMMENTS (3)

When I took a loan for my second home from sbi, they forced me to purchase insurance policy. And me and my wife bought two policies each having premium of 25000/-. Now after getting through jagoinvestor, i came to know about freelook up period. I visit sbilife office and applied to cancel the policy.

SBI life officials called my loan granting bank branch manager and, told them I have came to cancel the policy, They gave me the phone to speak up with branch manager of my bank. He continuously forced me to stay on policy, then he said since your loan has been disbursed so that you are cancelling the policy..

Then I cut the call.

SBI life officials were not accepting my application for cancellation, they said only with due permission of your loan providing branch manager, they can cancel the policy.

Then I used Jagoinvestor plan, I shouted, asked them where is written that permission of branch manager required for free lookup cancellation, I asked to provide me in written. After 15 minutes of shouting he took my policy provided me with receiving copy of policy.

It happened on 25th jan,

On 29th JAn We both got 25000 in our account..

Thanks to Jagoinvestor. Unless i would have been fooled by them.

3 replies on this article “Thanks to JAGOINVESTOR – SBI returned my premium which was sold forcefully with home loan !”

  1. divya.advisor says:

    Good job, as a consumer it pays to be educated about the process and rights.
    This is a very common problem and I am deeply disappointed to see banks including SBI continue to misell.
    http://divyaadvisor.com/homeloantrap.html

  2. luckyr18 says:

    PFF-COURSE I have told all my friends about free look up, and also advised them to go through jaagoinvestor, whenever they have time..

    Thanks a lot once again.

  3. ashalanshu says:

    Dear Lucky, thanks for your praising words. keep up the good work going. We help you and you help others.

    Thanks

    Ashal

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