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.