Unnecessary life insurance policy issued by agent – What to do ?

POSTED BY jatin86 ON March 8, 2015 9:28 am ONE COMMENT

My father and I took out a joint loan from DHFL for our new house. After the loan was sanctioned, the agent through which we processed our papers, told us about life insurance policies of DHFL. we refused any such policies, but after a day, i received a call for verification for the policy. I began to tell some info they needed assuming it was from the loan people, but I stopped and asked when he mentioned insurance policy. I said to him that I dont require any policy and please do not forward our application any further.
the agent had asked for a signed check under the assumption of loan, without mentioning the policy and we signed some papers belonging to the loan process.

When rs. 25,800 were deducted from my account, I contacted the agent , who told us that we had signed papers for application of the loan, which he never mentioned. My dad also spoke to him and asked him to stop the application and refund the money. We do not have the cheques for the loan amount in our hand, hence my father is advising against any action until then. But today I received an sms that my policy was approved.
I want to know, how can I cancel my policy, which was issued without my consent and despite saying no to the verification person.

I also want to know how can I recover my money in full.

Thanks and regards.

One reply on this article “Unnecessary life insurance policy issued by agent – What to do ?”

  1. To prevent such fraudulent practices, IRDA had provided 15 day look in period. This period starts after you get policy document in your hand. One way forward will be to get the policy document as early as possible and apply for cancellation.

    This can also be taken up with IRDA, providing all details.

    As such the house loan should not get impacted as both the agencies may be separate. However, if they insist on an insurance, it is better to take it separately after checking the details.

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