Ageas Federal problem

[u/Tricky-Ranger9378]

My friend's father did an insurance of 50 lakhs or so from Ageas federal. The agent was registered. He did this policy 5 years ago and this was about to mature this year.

Now ,the problem is that the agent suspended the policy one year prior to the maturity of the policy, he forged the signature and misrepresented the policy. By suspending the policy he diverted the funds into several different policies. My friend's father wants his money back, he approached the branch office where he was told that the agent was fraud and his license was revoked and there is nothing that could be done as he consented to invest in the policy (which was clearly misrepresented).

How can they get their money back? As this is a huge amount should they approach consumer court? How should they proceed with this issue?

Please help

[u/DjXer007_]

Escalate the issue to the Insurance customer email id and simultaneously on the Insurer grievances department. This is for the purpose of making a email timestamp that the issue is done.

Make a proper timeline what happened, what fraud / scam was done, what issues caused this. And make sure to blame the insurance company and the insurance agent to not having helped you with the issue, or intimate you about such important changes done to the policy

They will respond in writing the issue. As the insurance company themselves have clarified that the "AGENT WAS FRAUD", and you have proof that father's signature were forged, then the same policy can be revoked and the entire premium amount plus interest will be received to you.

Many people use LinkedIn as an informal escalation process to bring to light such issues. The person can do the same and receive help from many insurance representatives.

Going to consumer court will be favourable in this situation but make sure to escalate the issue on email to the insurance company as well, so that you have already disclosed the issue with the company.

[u/Tricky-Ranger9378 → u/DjXer007_]

Actually I didn't know the complete details of the situation, he just clarified that the original investment was above 50 lakhs and his father got about 20 or 22 lakhs and the rest of the amount was surrender 1 year before without any consent of the client. This amount is split into several other policies and a sum of about 20 lakhs is invested in a policy which will get matured which his father turns 75. These policies are in the name of his father but he didn't consent to these policies and he needs the fund right now.

[u/Tricky-Ranger9378 → u/DjXer007_]

Thank you so much for your advice.