Important Alert: Ins Fraud by IIFL and Bharti Axa. Review on Bharti AXA Life Insurance

Stay Vigilant Against Insurance Scams - Stay Informed!

Dear Friends and Consumers,

I'm compelled to share an unsettling incident to shield you from potential harm. My aim is to bring awareness to an elaborate scheme that could affect your financial well-being.

On August 2nd, 2023, I received a call from someone claiming to represent BhartiAxa, discussing their insurance plan named "Bharti AXA Life Elite Advantage." This plan was purportedly offering a guaranteed return of 12.5%, which initially raised questions. When I sought clarification, the call was transferred to another individual, who confidently asserted that the investment would be insulated from market volatility.

The proposition appeared enticing, with a meticulously calculated three-component return structure. Over 12 years, my investment of 24 lakh rupees(2 lakh rupees yearly) was projected to yield a substantial 56, 84, 576 rupees. However, the more I probed, the more elusive their responses became, raising suspicion.

So I am paying 24 lakh totally and then after 12 years I will be getting the money in 3 components. First component is, sum assured amount which is Rs.23, 23, 691. Then 2nd component is 90% of the premium paid which is 90% of Rs.24, 00, 000 which comes as Rs.21, 60, 000. The third component is I will start getting 9.5% of Sum Assured which is Rs.2, 20, 751 from 12th year till 19th year. So which comes as Rs.1, 766, 008. But since I am closing the policy after 12th year I will be getting only 8.5% of Rs.1, 766, 008 which is Rs.150, 110 for 8 years which comes as Rs.12, 00, 885. So now if we calculate all the 3 components the amount becomes Rs.23, 23, 691(Sum assured)+ Rs.21, 60, 000(90% of total premium paid)+ Rs.12, 00, 885(8.5% of 9.5% of SA multiplied by 8 years in one shot)= Rs.56, 84, 576. So the total amount of return after 12 years its coming as "FIFTY SIX LAKH EIGHTY FOUR THOUSANDS FIVE HUNDRED SEVENTY SIX RUPEES".

Red flags emerged: Inconsistent communication, evasive answers, and a reluctance to share critical details via email. Alarmed, on August 4th, I requested a face-to-face explanation from Bharti AXA, only to be greeted by bewilderment and lack of clarity from the representative they dispatched.

Troublingly, despite my reservations, I proceeded to make a 2 lakh rupee payment via credit card. The assurance of converting it into EMIs with cashback benefits was tempting. Yet, a call to Bharti AXA's customer care on August 5th revealed a stark reality: I had been misled. The policy details did not align with the official policies of Bharti AXA.

I urge you all to exercise prudence. Don't be swayed by alluring promises without thorough investigation. Demand complete policy details through verified channels, and question any inconsistencies you encounter. If an offer seems too good to be true, it probably is!

Let's unite to safeguard our hard-earned money from these deceitful practices. I've chosen to cancel my policy, despite the potential GST deduction of 9000 rupees, as my faith has been shattered. Together, let's stay informed, protect each other, and stay one step ahead of these fraudulent ploys.

Furthermore, it has come to my attention that the callers identifying themselves as part of Bharti Axa's sales team are, in reality, associated with IIFL. A suspicious nexus between IIFL and Bharti Axa has been discovered, suggesting a new, insidious form of fraud. Be cautious, as Bharti AXA's name might not be directly implicated. They could conveniently blame IIFL for any wrongdoing, as Bharti AXA's communication is limited to a perplexing policy bond sent via email.

#InsuranceAlert #StayInformed #GuardYourFinances