Birla Sunlife and ULIP based Insurance policy fraud: 

 On returning to India, first case I dealt with was Insurance policy sold to my mother by DCB bank. This bank sold ULIP policies of Birla Sunlife in April 2009. The policy was sold with an oral condition that money can be withdrawn at any time. However fact was that under ULIP policy money can not be withdrawn for 3 years. This was lie by sales person of DCB bank Ms. Dharti.

We made complaint to IRDA and Birla Sunlife but it was of no use and received negative reply from both place.

After a while, I study all the Rules, Regulation and Act related to insurance industry in India. I first try to talk to my insurance agent who has 16 years of experience in insurance industry but no clue how licensing for insurance agent works in India.

Once I read all the law, I study the site of Birl Sunlife and I got my lucky break.

This web site describe that you can withdraw money at any time but PDF brochure of same policy clearly mentioned that you can withdrawn money after 3 years.

Due to this discrepancy I filed a criminal complaint against Adity Birla, its CEO, DCB banks chairman, CEO and insurance broker and bank manager of DCB bank. I also included Sunlife, Canada executive responsible for India.

I send this complaint's copy to  all 146 brokers of Birla Sunlife in India.

with 4 days of my letter, executive flew from Mumbai to Ahmedabad to meet me.

I received all my policy payment with interest in 9 days.

This is only and last case in the Indian Insurance history where full payment with interest is paid after 2 years of insurance policy purchased.

History of consumer protection in India;

Indian consumer rights have come long way in last 30 years but still lot to be done and most importantly I do not see real willingness on the part of the company to provide services or product so there is less to complaint about.

I see that due t large number of consumer base, most company do not care about once product is sold or service contract is signed.

After living out of India for 22 years, now I am living in India since 2010 and had to do business with several 

service and product providers, starting from small company to biggest company in India. 

In short I can say my experience was not pleasant. 

I will be sharing my various experience on this page.

Let me share some links with you to start with: 

http://www.consumerrights.org.in/law.htm

http://ncdrc.nic.in/

http://www.consumerlaw.in/

http://consumeraffairs.nic.in/consumer/index.php

http://www.consumercourt.net.in/

http://www.nationalconsumerhelpline.in/Legal.aspx