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Cancellation of misrepresented ULIP

Gohio

TF Select
VIP Lounge
Hi,
My mother-in-law recently got talked into purchasing a ULIP policy by an HDFC agent. I met with the agent back in November and explicitly told them to not sell any Insurance-linked investment to her.
But when she went to the bank for opening a Tax Saver FD a couple of months back they convinced her to buy a ULIP. Her understanding of the plan was as far away from reality as possible which is a clear case of misrepresentation. They even chose a high-risk equity-heavy fund as the investment channel 🤦🏻
I only got to know about this recently, and the free look-in period is over. The policy has a 5-year lock-in period.

What is the best way to get this plan cancelled with a full refund? Directly complaining to the ombudsman or by complaining to the bank. I stay in a different city and can not do any of this in person.
 
Hi,
My mother-in-law recently got talked into purchasing a ULIP policy by an HDFC agent. I met with the agent back in November and explicitly told them to not sell any Insurance-linked investment to her.
But when she went to the bank for opening a Tax Saver FD a couple of months back they convinced her to buy a ULIP. Her understanding of the plan was as far away from reality as possible which is a clear case of misrepresentation. They even chose a high-risk equity-heavy fund as the investment channel 🤦🏻
I only got to know about this recently, and the free look-in period is over. The policy has a 5-year lock-in period.

What is the best way to get this plan cancelled with a full refund? Directly complaining to the ombudsman or by complaining to the bank. I stay in a different city and can not do any of this in person.
Exited is the best solution in my opinion.
She will loose a lot of opportunity cost if she continues.

I don't know if any mis-sell can be make against the agent. You need to ahve some prove.
 
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