financial investment dispute
SWARNENDU SARKAR
(Querist) 23 January 2011
This query is : Resolved
someone had invested his money in some market linked insurance fund through some agent, the person is not financially very sound & don't understand English well, he had been informed by his agent that he has to paid the amount in one time, so, he has signed all the papers & handed over rupees 1 lac to that agent and after 1 year, a letter from the insurance company urging him to pay rupees 1 lac as second installment, reached him. finally it is found that the policy was made for investment of rs. 1 lac per year for 3 consecutive years. he is not in a position to invest another 1 lac rupees. then he aproached the company's executive to get the justice, but the company had denied to do any justice with his invested money & also denied to pay back any amount to him.
--is there any hope for him to get back his money?
abhishek
(Expert) 23 January 2011
Sir, the chances of getting the repayment is next to zero. Its better to continue it to three years if possible and get it surrendered after completion of three years.
Advocate. Arunagiri
(Expert) 23 January 2011
Give a formal complaint to the insurance company, against the agent. Try to change the policy terms.
