Fake policy - birla sun life has not talen any act. Review on Aditya Birla Sun Life Insurance

Dear Birla Sun Life Insurance /IRDA & RBI,

I treat this my social & moral responsibility to inform the above organizations about the fraudulent practices running in country.

I came across an incidence wherein I have been called by a call center(I believe) who claim to be from Birla Sun Life Insurance and offering Loan with 0% interest. This loan will be on behalf of an Insurance policy for 10 years, the person will require to pay every year 1/10th of the loan amount( which makes it 0% interest against loan). The applicant will need to pay first 10% of the loan premium amount during application by bank check.

Which means the applicant will pay 50, 000 for e.g.( in case applicant applied for 5 lackhs loan) at the beginning along with only TWO documents & a photograph i.e. PAN card copy, current address proof and 2 Pass port size photo graphs.

Scheme name referred to me was - "Birla sun life bachat money back", and interacted with lady name by Alisha Malhotra. She told me that this loan is getting approved by RBI, and they do not have any control over it, (that is reason I kept RBI department in loop, along with IRDA) and they are operating from New Delhi. She called from various numbers, not have track of all those but below are two numbers which I am sure of and were mostly called from:

1)+91913669498

2)+919990211882( this was mentioned in email body -attached FYI & A) [Attached is the email I have received from her - which do not Birla Sun Life Insurance domain name in it, but have name per se]

I cannot & didn't believed any organization can offer loan at 0% for 10 year!

I investigated by browsing through Birla Sun Life Insurance official website and read few posted articles/reviews about this plan and have found there are many such instances wherein people have paid the first premium and then have not got their money back or loan amount. Link below for your reference: Link - https://grahakseva.com/complaints/83321/birla-sunlife-insurance-cheating-by-loan

And misleading article: Link - https://investta.com/viewtopic.php?f=13&t=6007

I have then called Birla Sun Life Insurance toll free customer care number(1800 270 7000) to investigate whether there is such offer exist or not. I have spoken to a person named -Kashyat(Conversation id -031540699, dated - 11th Feb 2013), and been confirmed that there is no such schemes ran by Birla Sun Life Insurance, and by all means this is fake.

In above links, I have read, people have contacted Birla Sun Life Insurance branch, but suffered without resolution. Birla Sun Life Insurance have not yet taken any step to prevent it.

On my conversation again with Alisha(after all investigation), I demanded to have written proof on behalf from Birla Sun Life Insurance(on stamp paper) stating the above scheme valid. -She denied! Again on my request to give me an appointment with Birla Sun Life Insurance branch manager to validate & speak about that scheme - She again denied!

Point she told to me was - This scheme is not running under public awareness and hence no Birla Sun Life Insurance office would take responsibility in public. This might means involvement of Birla Sun Life Insurance in this or may be advantage of the brand name took by third party to cheat public.

I would like to request Birla Sun Life Insurance, to take precautionary measure and issues a public notice to aware public about the fake loan offers(in all language and in all new papers).

And would also like to request IRDA, to take stringent action if Birla Sun Life Insurance found guilty or any third party.

I hope the above information is enough to take any actions, while I am ready to help at any extent further.

Let me know in case I can help you in any way.

In ignorance of this email, I shall report this incidence to consumer forum.

Regards, Rahul