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Tata AIA Life Insurance - Wrong plan sold to noneligible customer

Mohona Banerjee filed complaint against Tata AIA Life Insurance on Sep 25, 2021

I am writing on behalf of my father, Shri Sailendra Nath Banerjee, Age - **.
I want to raise a severe grievance and complaint against HDFC Agent Bhagyashree Basak (B****) and TATA AIA Agent Onker Bose (Employee ID -*******)
who together misguided & trapped my father in my absence and sold * wrong policies C********* and C********* last year in July during lockdown.
My father happened to open an account with hdfc Bank last year during corona time for convenience of online transaction and ease of banking by closing account
from Bank of Maharashtra and depositing sum of INR * lacs rupees in his new account. At that time, Ms. Bhagyashree Basak gave this brilliant idea to him,
who is a senior citizen to instead invest his * lacs out of this * lacs instead of FD into Tata AIA plans.
Then both Onker ( Tata AIA Agent) and Bhagyashree ( Hdfc bank agent) came to our house to sell these policies communicating false information &
completely misguiding him that within next year he will get a full return plus good interest out of these investments and then he can withdraw and
deposit in FD showing value out of the investment.

My father was so confident that it is great investment he didn't even realise or know that he is supposed to continue paying instalments for * and * years
and will only be getting full return and value upon its maturity after ** years! Such was the conviction of the seller!
Because of corona and lock down I couldn't travel to my parent's house in **** .
This year **** when I came in February, I happened to know about this policy while discussing with father and when I went through the plan details I was SHOCKED!
Below are the policy details:

Policy number C*********
(Plan Name - Tata AIA Life Insurance Value Income Plan
Premium amount - INR ******

Policy number - C*********
Plan Name - Tata AIA Insurance Smart Income Plus
Premium Amount - INR ******

The policies are value income policies for people who are still having running income & for their retirement planning being sold to a person who is
long back retired and nearing ** years completely keeping him in dark!
Wrong policy plan sold to person in wrong age bracket!!

Moreover, the plan requires KYC of customer's eligibility criteria, documents required - PAN, AADHAR , SALARY SLIP, BANK STATEMENT (LAST * months),
INCOME TAX RECEIPT.
None was verified by the bank or TATA AIA about my father's income and wrong & different income value was stated in * policies (in one it was mentioned * lacs
and in another * lacs) which is a proof absolute no KYC was done about my father. and infact about nominee , my sister PIU BANERJEE's income is also not verified
and are stated differently (in one document it is * lacs , in another * lacs) and she is not employed. So on what basis was a verification done for my father or
for my elder sister regarding their financial status and capability of carrying off this plan?
And my sister was also not communicated that she would need to pay the installments , (how will she?) or else we are losing this money.
And if TATA AIA's policy is that nominee needs to pay then nominee's financial verification and video recording should be published.

This is all crap of a system and totally unethical means of trapping customers and looting their hard earned money and few savings. Shame on them!

I want to file the complaint against HDFC BANK and TATA AIA and demand my father be returned his *LACS money.

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Complaint Status

Resolution Demanded:

Refund / Credit for purchase

Tata AIA Life Insurance

2

Total Complaints

1

Total Resolved

50.00%

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