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UHi everyone,
I’m dealing with a situation that honestly looks like a classic case of mis-selling, and I need some clear advice.
My mother was sold a policy called PNB MetLife Century Plan for 12 years. The agent told her:
• Pay ₹1 lakh per year
• After 1 year, you can withdraw the full amount anytime
• You’ll also get around ₹2000/month credited as some kind of “premium benefit”
At the time, I didn’t question it much. That’s on me.
Now I’ve actually read the policy document, and it says:
• No surrender allowed in the first year
• If we stop after paying 2 years (~₹2 lakh total), we’ll only get about ₹60,000 back
• Basically, a loss of around ₹1.4 lakh if we don’t continue
Right now:
• I’ve already removed money from her account so the next auto-debit in August won’t go through
• We might receive around ₹30,000 as some benefit, but overall it’s still a huge loss
This clearly doesn’t match what the agent promised. Either we were misled or important terms were hidden.
My questions:
1. Is this considered mis-selling, and do we have any grounds to complain?
2. Should I stop paying further premiums and cut losses now, or is there a smarter exit?
3. Can this be escalated to IRDAI or some ombudsman?
4. Has anyone successfully recovered money in similar cases?
I feel like we walked straight into a trap, and I’m trying to limit the damage before August.
Any practical advice would help
Thank you in advance
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