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My experience with Policybazaar (for awareness)
Sharing my personal experience with Policybazaar for awareness and transparency. Posting this after repeated private follow-ups did not result in any response or resolution.
2/
In July 2021, I purchased an investment plan through Policybazaar. The sales representative, Swathi Singh, explained a ULIP-based illustrated plan with long-term projections up to 2042.
Based on the illustration, the expected corpus was around ₹XX Cr, with a monthly SIP of approx. ₹31,000+.
3/
At the end of the process, instead of a single plan, two separate policies were issued:
One market-linked ULIP
One capital guarantee plan
The capital guarantee plan was not something I had specifically asked for during discussions.
4/
The key terms, conditions, maturity benefits, and return structure of the capital guarantee plan were not explained in detail to me at the time of sale.
When I asked for clarification, I was verbally told that both policies together would help achieve the projected corpus by 2042.
5/
Based on the trust I placed in Policybazaar as a reputed platform, I proceeded with the purchase. In hindsight, I acknowledge that I did not review the policy documents in sufficient detail at that time.
6/
In July 2022, I again contacted the same sales representative to clearly understand the maturity benefits and fund allocation. I was informed that a callback would be arranged.
Unfortunately, no callback or written explanation was ever provided.
7/
Much later, after reviewing the policy details on my own, I realized that the capital guarantee plan offers significantly lower returns compared to the market-linked component.
I also noticed that a larger portion of my monthly SIP had been allocated to this low-return plan.
8/
As a result, the actual benefits I am likely to receive appear to be very different from the illustrations that were discussed verbally at the time of purchase.
This realization has been extremely concerning.
9/
For the past one week, I have been trying to reach Policybazaar again to seek clarity, correction, or guidance on possible options.
I have made multiple calls and follow-ups through customer support.
10/
Customer support representatives including Chesta Gotham (BPW43209), Jyoti, Khalid Sheikh (BPW68998), and Pranjal Tyagi have informed me that they are awaiting a response from the sales team.
However, no response has been shared so far.
11/
On multiple occasions, calls were disconnected when I asked further questions or requested timelines. No written communication or callback has been arranged.
12/
What is concerning to me is that while Policybazaar’s sales teams proactively reach out for new investments, there seems to be no urgency in addressing issues raised by existing customers.
13/
I am sharing this only for awareness and transparency. My intent is not to accuse, but to seek clarity, accountability, and a fair resolution.
I hope Policybazaar reviews this matter seriously and responds appropriately.
#Policybazaar #ConsumerRights #Insurance #ULIP #Transparency #CustomerExperience #PBHelpDesk #IRDAI
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