Never Ever Puchase PNBMETLIFE Policy-FRAUD Company. Review on PNB MetLife Life Insurance

I generally don't write reviews but metlife pathetic service has forced me to write this review. I thought to share with other persons so they don’t go through the same pain by starting a policy with pnbmetlife.

I had an old pnbmetlife policy from July 2009 which I wanted to cancel due to huge policy handling charges by pnbmetlife. The policy return was extremely low during this 6 year period. One can imagine the quality of fund management there.

To initiate the return, One pnbmetlife agent came to my home and suggested to partial withdraw money from this policy. He also recommended to start a different new policy using withdrawl money(he mentioned new policy has very low charges) and processing will be fast on old policy. He told that pnbmetlife refund department will call me to decide partial withdrawl amount before initiating same. I also provided written communication to pnbmetlife that my old policy should remain active. But these folks refunded an amount so that my 6 year old policy got automatically canceled within 2 week in Nov 2015 after partial withdrawal without any information to me. When inquired, pnbmetlife customer service told that policy is automatically cancelled once fund value reaches below a certain amount. Also pnbmetlife charged Rs 53000 to close the policy which I never wanted to close at first place. They sent a cheque(without informing me) which after 2 and half months they informed me. I have never got any cheque. I applied for cheque block a month back in Jan 2016 and till date cheque block confirmation email has not come to me. There is more than 30 email chain on this policy discussion. Now they are saying that I need to reinstate the policy and pay charges. Last 1 month they are not able to figure out the extra premium I need to pay for re-instantiate the policy. They have not confirmed that I will get all my 53000 Rs cancellation charges reverted to my policy account(that is main reason I want to re-instantiate).

I also started new policy as recommended as I was hard pressed for some other commitments and made this hasting mistake of buying this new policy. Soon noticed that I was mis-sold the new pnbmetlife policy mentioning new features and false low charge values etc. As I knew 15 days lookin period was there, following week, I communicated in email to agent that I will be returning the policy in lookin period even before the policy was sent to me

Agent told that he will come and again explain charges with some other financial terms. But II clearly told him that I need to cancel my policy and do not want to meet again. Then he told that my policy will be cancelled and money will come to my account. When I did not received my policy in 2 weeks I again mailed. Then I was told that policy is returned due to address not correct. It will be sent again. And it again returned back due to same address incorrect reason.

After that email/phone response from agent stopped. I realized it is because I was now returning the policy. In effect this agent just delayed my policy return by 2 months.

Then I sent email to central customer support. Since I didn't got policy document, I got the policy number by phone call to their customer care(18004256969) through my mobile and dob verification. They suggested that I have to go to nearest pnbmetlife office without policy doc for cancellation.

I searched pnboffices and saw many pnbmetlife offices are already shut down across locations in the city. One which was close to my home is also shutdown(it also shows shut down status in google map and pnbMetlife Board is also not there anymore.). I only had option to go to MetLife office 19kms from my home and I went on Sat morning to their office for free look-in cancellation.

Finally a month after going to pnbmetlife office, I got the new policy cancelled within looking period condition. Note that policy got cancelled after 3 months of issue, but since I had emails mentioning that I had communicated about my policy cancellation decision within 15 days of policy issue, so I was able to cancel the policy after 3 months of issue date. I suffered Rs 9873 loss in new policy cancellation since they delayed the refund on my new policy by 2 months by misguiding me on refund process. I am checking on my options for the escalation for this issue.

I realized pnbmetlife is mis-selling and cheat customers providing lot of false info. Their agents are misguiding so free-lookin period is consumed and then customers get trapped in close ended fund of 3 year or 5 year lockin period with mandatory renewal OR lose huge sums of money.  While selling policy they will come to your home and if you decide to return they will not even pick phone or email reply and make you run for our own money. I have wasted lots of time and my mental peace chasing these people since last 3-4 months. You need to personally go to their office so many times for simple things. Don't know for how many more months I need to chase them further.

I would suggest people not to buy policy from this company.

Update - 28th Feb 2016-

This issue is NOT resolved yet. I am still following-up with customer care but haven't received the amount to be deposited to re instantiate the policy. customer care is out of sync with backend team. Customer care was telling earlier(around last week of jan) that it will get amount from backend team next week. I tracked that for 2 weeks. Now they are not responding any email or phone call. Last time when I visited Customer care I was quoted 3 different amounts with very different values and hence I need that info clearly before I visit their customer care and travel 40kms and waste minimum my half day for none of my fault.