Is Reliance Relife India a scam?

@Naxous (974)
India
March 15, 2010 6:48am CST
Yesterday one of my acquaintances showed me a life insurance policy of reliance.The name of the plan is Reliance Traditional Super Invest Assure Plan (RTDIAP).In this plan I am told that I will have to purchase a policy of Rs.30000 which I will pay for 3 years each year 10000 rupees.after six years I will get Rs.50000..uptil this part there is nothing fishy however the next two steps is something that took me by surprise. The individual told me that if I purchase this policy then I will get extra benefit.I will be eligible to get back Rs.63,700 within the first 2 years and if I can intri\oduce two new individuals then I will get Rs.10,24,250..if I can introduce 4 members then I will be entitled to get Rs.20,48,500..and in this manner if there are at least 64 individuals in my group then I will be eligible to a monthly pension of Rs.100000.However,when I contacted Reliance Life Insurance they told me they they don't support this mlm.What should I do?Can you please give me advise which will enable me to get over this problem?Is this a Scam?
2 responses
• India
15 Mar 10
I am pretty sure that the person who is telling you about such unbelievable claims is a fraud or a scammer. No company can give such returns . There are commissions of set benchmarks and a company like Reliance is not going to start this type of MLM . Do make sure to checkout Reliance website and call their customer care for more information. These sales agents these days are very shrewd and can be liars also just to get commissions for themselves.
@Naxous (974)
• India
16 Mar 10
Thank you for your valuable response definitely I am going to follow it..However,please let me know if you come across any legitimate mlm scheme of a reputed finance company.
• India
16 Mar 10
Well its good that you are alert and do not want to take unwanted risks . Regarding Finance companies dealing in MLM business I have no information and even if there would be any I would myself like to avoid such schemes because the uplines which become member at the outset of the scheme tend to profit and the downlines just manage to see the earning cheques of the Uplines and nothing more than that. MLM schemes are going into history now because of their tendency to accumulate commissions or profits for the starters and only the study material or techniques for the late joiners. . I would advice you to not fall for big claims because many small financial agencies which do not have extensive right of carrying out Financial business tend to offer Ponzi schemes which are nothing but circulating the money between members showing that they are generating income but at the end a big scam takes place . Look out for more safe vistas and preserve your hard earned money and grow it through secured and systematic investment plans.
• India
15 May 10
It is not scam,it is a scheme. It is a growth plan. If u r purchasing a Reliance Policy through Reliance relife then Reliance relife can give you this money as EXTRA as per Co. growth.For an e.g. Suppose u r investing Rs.10000 and purchase a Reliance Life Insurance Policy through Reliance relife,your Rs.10000 is secured investment because the money is investing reliance life insurance Co. Ltd., It is highly secused as per IRDA norms and you will get TAX deduction also( 80C, 80D, 10(10D)).Kindly remember that you r not investing the money to the reliance relife. Now reliance reli may give 250-10l as an EXTRA benefite.If you invest money through reliance relife, you can get EXTRA benefite from the profit of the Co. on its total selling, not from your invested money. PLEASE NOTE THAT WHAT EVER YOU WILL GET THAT IS EXTRA.NOT FROM YOUR INVESTED MONEY. BUT IT IS AN OPPORTUNITY TO GET THE EXTRA MONEY.SO YOU CAN TAKE THIS OPPORTUNITY, YOU LOSE NOTHING. To get the detail information you can see company growth plan of reliance relife( Website:-www.reliancerli.com).you also contact to the Co. at info@reliancerli.com