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Anoop Prasad (Corporate Employee)     13 December 2019

Insurance policies with false promise.

Hi All,
I purchased a policy from a Bharati AXA agent in November 2017. And at the time of policy purchase, the agent told me that the policy is single premium policy. But once the policy was issued I came to know that the policy was not not single premium. And I had to pay the premium annually. As I was not in position to pay the premium, I did not pay it and was trying to get the policy canceled from Bharti AXA.

During that period, I got call from someone saying that he was calling from Bharti AXA and he was trying to sell another policy to me. When I told him about my previous policy, he connected me to another lady who was the senior of the agent called me. When I told the issue to the lady she told me that the old policy can't be canceled immediately, but if I purchase a new policy of same amount then I'll get a Loyalty bonus of the amount equal to both the policies as I have purchased two policies from Bharti AXA. and then I can cancel both the policies later on.

I trusted her and purchased two more policies in December 2018. The lady told me that I'll get the bonus in April 2019.  After some time I got a call from another person who told me that I have purchased two policies from Bharti AXA and if I purchase one more policy the amount of loyalty bonus will be double as this is the scheme wherein the company pay the bonus from the money which is not claimed by any person.  I couldn't trust him and checked with the lady who sold previous two policies and she confirmed that I shouldn't worry and the person is saying right. I purchased that policy also.

I followed up them after April 2019 for the bonus and they told me that due to some technical issues my old policy can't be considered for the Loyalty bonus and therefore I'll have to purchase another policy. I was scared of loosing my money and therefore emotionally purchased one more policy because I though if  I don't purchase the new policy, they will have reason to say that I won't get the money as I didn't purchase the policy.

After following up for few months, They again told me to purchase a new policy from another insurance company as IRDA rules have changed for paying the Loyalty bonus. And then I was forced to purchase a policy from Reliance Nippon.

So, I have purchased 4 policies from Bharti AXA and One from Reliance just to cancel my old policy which I purchased mistakenly in 2017 and have invested around 360000 including my old Policy from Bharti AXA.

I am getting calls from Bharti AXA to pay the renewal premium but I am not in position to pay the premium.


Please suggest if there is any way to cancel these policies.


Thanks and Regards,

Anoop Prasad


 4 Replies

Adv Vinay Mathur + 8447131770 (Advocate)     15 December 2019

term policy you can stop in that there is no payback

and for policies where you have paid premiums for 3 years you convert these policies to paid up policy and then discontinue ask about it the conversion from insurance company itself.
1 Like

Anoop Prasad (Corporate Employee)     16 December 2019

Thanks for your suggestion



Anoop Prasad

Raj Kumar Makkad (Adv P & H High Court Chandigarh)     07 March 2020

It seems that anyone can cheat you. When are you available for further cheating???? Lost huge amount just for getting loyalty bonus  (which is still in the air and has not moved in ouratmosphere) of Rs. 4 or 5,000/- You are really very brave person. 


Keep on losing your money. I can't say it hard money which can be lost so easily. 

Allen Archer   08 March 2020

Insurance provides financial support and reduces uncertainties in business and human life. It provides safety and security against a particular event. There is always a fear of sudden loss. Insurance provides a cover against any sudden loss.


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