Sir,

SBI Life insurance had published a plan (in print and online) named "Unit Plus 3" with UIN: 111L056V01. The plan ws sanctioned / Approved by IRDA on Nov 20, 2009. Summary of plan which I wanted to take was:

Life Insured - my child (age 1)
Proposre - me (age 34)
Term - Whole-life [90 years]
Premium Frequency - monthly

The plan included 3 riders as detailed below.
Criti Care 13 (CI)- UIN 111A018V01
Accidental Death Benefit (ADB)- UIN 111A019V01
Premium Waiver Benefit (PPWB) - UIN 111A017V01

I have opted for PPWD as CI and ADB is not applicable for 'life insured'.

Details of PPWD - age of proposer 18 or above, age of life assured - 0 or above

I have made proposal on Aug 6, 2010. However the agent in concern indicated that 'proposal' is not being accepted by system with PPWB. He raised this with various of his authority - however he failed to get appropriate resolution.

On Aug 31, 2010, the plan is withdrawed. I think this is unfair practice followed by SBI Life for the reasons mentioned below:

1. The plan is advertised on company's website as well as printed broucher with above details.
2. Company did not give any time for people to take this plan before withdrawing it.

As per illustration shown by the agent which is attached to proposal the policy would have earned huge amount with 10% possible returns. I think the action of company is loss to me and my child in big way. An illustration show that premium of 100,000 per year would have fetched 50-80 crore in 60 years.

I would like to know why did company not have this rider enabled in its system if the plan was approved by IRDA.

I would like to know proper way to handle this complaint.

Thanks and Regards,
amit rangari

Attached - plan's approval on IRDA site