- Can you get Personal Loan against Insurance Bonds?:
Ans: No, don't waste your time and money on that.
I have been cheated by this company's agents on a false promise of providing me loan against insurance policies. They sold me policies only and never provided loan.
My Suggestion: Don't fall in their trap. Your trouble will go deeper and deeper if you wait more in hope of the loan.
Be aware of the paid agents of this company who sells Insurances only on false promise.
Who are the Fraud Agents:
I came across 3 fraud agents of this company from the Delhi Region. Their Name(It is their fake name) are
Rahul Goel: Phone number 837693xxxx
Manish Agarwal: Phone Number 837397xxxx
Aditi Sharma: Phone Number 953084xxxx
They have different agents for different regions and they use the picture of the famous God or Goddesses from that region. Some will use a photo with a child too. They will never share their details with you.
I have been cheated by the background agents recruited by Aditya Birla Capitals and Aditya Birla Sun Life Insurance. They have sold me 2 endowment insurance bonds in the name of providing personal loan in very low interest rate. I am sharing my experience here so that others must not get cheated.
How they approach?
These background agents are very good in getting friendly with you so that you will trust them. That is there first line of action. They will wash your brain and make you believe that such type of Loans are available. You will forget to ask their identity(Like their Company ID, Agent Code, AADHAR, Their own Photograph, etc.) while proceeding with buying the life insurance plans. In this stage they will get your documents like PAN, AADHAR, ITR1 for the last few years, Salary slip etc.
How they make you purchase the Insurance Bonds?
They will send you links to purchase the insurance bonds. Remember, these links are the referral links from the fraud agents. When you buy the Insurance bond through that link, they will get the direct bonus from the insuring company. The insuring company, also benefited of selling more and more bonds through this procedure.
Beginning of the Loan Procedure
Once you have the bonds in Hand, they will send you a loan application form. You have to fill the details and send the scanned copy of the application, scanned signed copy of the insurance bonds. They will tell you that you will get the loan in less than 10 days.
The start of the waiting period
10 days will pass by and there will be no communication from their side. They want to check whether you realized that you had been cheated or still have trust on them. When you call them from your side, then they will play another trick.
They will tell you that, very soon you will get a call from the Aditya Birla Capital Accounts section. ON the same day or next day, one fellow will call you and ask few questions regarding your KYC. Once you replied, they will send you a fake message that your non-agentship loan has been approved(Dear Dr. Biswaranjan Pradhan your Non Agentship File Amount Has Been Approved Rs. xxxxxx By ABFL. Your Transaction ID ABFL0958748569 Has Been activate. Kindly complete Your KYC After That Your Amount Will Be Transfer in your a/c xxxxxxxx Within 72 Working hours. For More Query Kindly Contact Your File Manager- Saroj Kumar majhi).
On getting this message, you will be happy that you will get the loan disbursed soon. But here they have played with your psychology again.
The nightmare starts Now
On next day, you will get a call from the account section(a fraud from their nexus) that, your loan can not be disbursed now. Because ABCL did not approve the tax at the rate of 18%. They have approved some percentage of tax, and the rest of the tax amount has to be paid by the client which will be refunded later. The tax will be paid in the form of purchasing another insurance plan. If you are very mush in need of the money, you will again go to purchase another insurance bond. Initially, they will say that you will get the disbursement within 2 days after the payment. But once you have paid, they will tell you that you will get the loan amount disbursed to you after you will get the bond document in hand. It will take another 30 days. They will keep you calling in between and ask whether you have received the bond. If yes, please send the signed and scanned copy to them. If you follow the similar procedure, they will again find another problem and sell you another bond…………………….
Result
You will never get a loan against Fresh Insurance Bonds. Don’t ever, trust on any of these fraud.
How You can Get Rid of this situation?
The moment you realized that you have been cheated, you have to cancel the Insurance bonds within the freelook period(Within 15 days from the receipt of the hard copy), so that you will get your money refunded back. For faster cancellation, do it in a physical branch nearer to you, don’t do it online as it will take lots of time.
Is there any taxes on loan?
There is no tax on loan amount. There is no tax on the insurance maturity amount also if your annual premium is below 5 Lakh. You should understand that you have been cheated, the moment they are asking for tax.
Free advice and counselling
I am available(pradhan.biswaranjan09@gmail.com) for free counselling if anybody fall prey to these frauds.
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- Thank You! We appreciate your effort.