Team Life Care Insurance is a corporate agent of Bajaj Allianz Life Insurance Ltd. As a corporate agent it should train insurance selling agents to sell the insurnace policies. But it indugles in multilevel marketing scam. One has to delve deep into the activities of this type of fraudulent companies to find their real face.
One of the readers asked whether Team Life Care business is legal. It sure is illegal. A criminal case was filed against that firm along with Bajaj Allianz Life Insurance Ltd for indulging in money circulation schemes in the guise of selling insurance polices. Instead of letting the police investigate and find its innocence, both the companies moved the High Court of Andhra Pradesh and got interim stay orders over the investigation.
The modus operandi is simple. They approach a person to buy an insurance policy and ask him to rope in more members to earn good commission. If he could rope in six more members he is assured of a sizable income. And if he could bring in more members he is offered a trip to Andaman Islands and luxury cars and so many rewards. Again it is chain marketing and they call it referral marketing. The question again is how could anyone find so many people on earth to sell policies.
Now where does the money come from? The insurance policy is a unit-linked policy. That means the company would invest the money in the stock market and distribute the dividends to the insured persons. Now how much amount is deducted from the first year policy? They are deducting a whopping 70 per cent from the first year policy amount without informing the insured and moreover induce him that he could earn milliions if he brings in more people. What is the justification of deducting 70 per cent? How the insured person is going to get back his amount from the mere 30 per cent investment in the stock market. Now the stock market collapsed its value is peanuts. So the insured lost all his money. These companies must reveal who is sharing the 70 per cent of the first year policy amount.
This is how the multilevel marketing companies are hoodwinking people and making themselves rich over night. In all these activities the main beneficiary is the company.
People should realise that it is a scam and not fall prey to these frauds.
28 comments:
I think the person above is a fool and has got incomplete
knowledge about the insurance market..he doesnot know where the money come from. he doesnt know from where the LIC agent gets the commission from when money has to be returned back to investors then LIC agent must be doing some charity according to him...
he thinks all the high courts of india and ISO 9001-2000 certifiers are all fools to give legal permissions to TLC to extend its business..
what a fool he is!!! he asked some one and that fellow told its illegal itseems..i wonder how this fool could believe in some lay man words rather than knowing to its depth of the legality..
he says criminal case is filed on TLC and bajaj allianz life insurance co ltd...if so then get me the case number...status of every case can be known online at http://hc.ap.nic.in/apcnic/
TLC INSURANCE INDIA is doing insurance revolution in india. It spreads insurance concept in remote village of this country which lic could not do. Regarding the commision aspect TLC distributes its corporate agents commision to its coordinator by keeping some percentage as profit.Even companies like BLUECHIP ASSOCIATES, BAJAJ CAPITAL and other corporate agents are doing the same business with their business associates they also happens tobe non IRDA licence holder
Yes, that person is not having the complete knowledge of insurance market. First of all, he has to go through the basics of insurance agents commission and only after that he could write his comments. And i am sure that after knowing the basics, he will comment on his own words, "Oh.... WHAT FOOLISH I HAVE WRITTEN."
These fools are not aware of the recent controversy over the insurance business and IRDA's guidelines regarding the corporate agents.
Hello all,
I think everyone should be aware that none of the insurance companies are doing any charity work and even its agents too. But the reality in this type business is that falsifying people with intensified spread of desire about money. This is also a type chain business. chain business or referral business are allowed even in other countries like USA ( ex: Amway, BRIT world wide something).
In this type business Early comer always gains more money than late comer. It is just like referring items in computer language or storing data in data structure.
I have seen these guys in Bellary, chitradurga district, they go to some villages and will stimulate with worldly philosophical words and stories to gain their confidence instead of telling how really it works. Recently I had been to USA where I found similar people too. In fact they took me to a big hotel and offered me front seat to hear about there achievement in money making in Amway business.
I don't certainly claim this as a scam but I bet about the instruments and tools of methods which they use to do marketing is really odd. These business doesn’t run in big cities much, because of awareness. In rural areas many are not aware of reality, that is why it runs. I know many teachers (in chitradurga) are hopped in to this business, but finally failed because of its real difficulty.
I would like to give 1 small example: once a seller with all special goods came to a village and offered villagers to buy any one goods worth of 1000 rs at once just with 1 rupee but with 1 condition. the condition is they have to pay double the amount what they have paid on previous day till 16 days. nobody reanalyzed how much they could pay to complete the loan. if anybody calculates it goes to around 64000 rs.
Now lets make similar analogy to this type of marketing
Even this chain business is also like that. let me tell you one thing if 1 person refers 2 people it just requires around 30 steps below it to cover entire India population. At 30th step there will be half of our nation means 50 crore people will be left out without any single benefit of commission , at 29th step there will be around 25 crore people with almost no benefits of commission from your agent or insurance provider.
neither TLC nor Bazaz or LIC can cover insurance to the poor people of India and secure their life.
tell me how will ensure that tomorrow India will be insured in this way doing insurance business.
These in Economic terms named as Ponzai schemes.
No insurance company can make you rich but all insurers can make company rich. Please remember this.
If you claim this business is legal then tell right and real thing.
manjunatha n
Team life care is a great opportunity and is 100% legal. Lot of lawyers and ias officers have joined in here via buying a great invest plus premiere.
dont waste time in spittin venom instead join the team and make money as much as you can.
Several lawyers and doctors and other professions who have joined the GoldQuest International scheme are now repenting. Instead of contesting the case in the court of law, why these people cry hoarse over the blog. Prove it in the judicial court that your business model is legal.
This is what the Supreme Court of India said in Kuriachan Chacko case in 2008.
"Prima facie case had been made out in absence of better explanation by the
accused. The High Court also upheld the argument of prosecution that the
Scheme was a "mathematical impossibility". The promoters of the scheme very
well knew that it is certain that the Scheme was impracticable and unworkable
making tall promises which the makers of the promises knew fully well that it
could not work successfully. It could work for some time in that "Paul can be
robbed to pay Peter" but ultimately when there is a large mass of Peters, they will
be left in the lurch without any remedy as they would by then have been
deceived and deprived of their money. If it is so. It could be said to be a case for
application of Section 420 read with Section 34 IPC."
Now can anybody that chain scheme is legal.
Hallo everybody
First step to understand why we have to take insurance, and where we have to take
In India we have 23 insurance companies, and all major banks tied up with insurance coms. to promote business as well as get more revenue. In India Lacs together agents and so many corporate brokers are there. U can buy insurance any where, then u become a customer of the co. But u by the Policy through Team Life care then u become BUSINESSMAN AND in part time u can earn crores with in a span of few years legally by helping others. If any body want to know in detail pl call me 09844096882
How do you justify deducting 70 per cent of the premium amount as PAC?
And offering to enroll more members into buying policies by offering commission is not justifiable under the Insurance Act.
These two mistakes resulted in criminal case against Team Life Care.
I want to speak to Mr. Shyam Sunder personally. Mr. Shyam pliz check manjunath.n's comment first and study to learn more about what is going on in referal marketing. If you are still confused let me help you. If referral marketing is illegal and a fraud why 50 years old amway working so progessively. Again look at companies like TLC, TIENS, AVON, HEBALIFE etc. etc. Why can't stop them. May be some cases are filed against them but cases have been filed against innocents. A case is filed that doesn't mean someone is guilty. Well, look at every system; in selling...... company-agents/brokers-whole sellers-retailors- customers, in govt..... President/prime ministers-parliament-assembly-district heads-municipal councils-public,in edn.....minstry of edn- university/college heads-teachers-students etc. etc. Would you say all them are pyramid scheme or chain or illegal. And there is no guaranty that someone with power (or not) knows everything about anything. They are all human beings not GOD. Only GOD knows what is right and what is wrong. Even Gandhiji was wrong in the eyes of Nathuram Gotse. And if people are accepting and if it is moving forward that is right because it is GOD's rule. I am not underlooking some frauds but you can't blame the referral marketing system for that. Mistakes are OK if they are corrected. And frauds they never last.Not all the govt. officials, judiciaries, are right and honest because they have their own limits as they a ll are human beings. Think about LOK PAL BILL man, why is it for. But will you blame everyone for someone is doing bad. I think , that won't be so wise. And about those doctors and lawyers who joined and repented, pliz tell me Mr Shyam will you blame the examination board when you fail to pass the examination for not putting the right effort. You just can afford to be so ignorant my friend. The world is changing and now it is time to change the way we all look towards the world and towards our own life. If I do not go with the revolution, I will be lagged behind and my loving kids will blame for not being aware of which way the world is moving towards. I am not trying to criticize or make you feel inferior but I am telling you that you remind me of what I used to think before I read forty books to be able to understand what actually is going on.
Hope you are ready to think before you speak ill of something which is not inside the boundary of your full conviction for sure.
Regards
Surendra Philem
Mr Surendra,
At the outset let me clarify that I am not all confused and am clear in my thought and action.
Referral Market or network marketing or direct selling or multilevel marketing whatever name you call them it is a prohibited activity under the provisions of Prize Chits & Money Circulation Schemes (Banning) Act, 1978. Why the Government is not action? Because generally nobody comes forward to file a complaint against such companies. That is why they are flourishing.
I think you could understand what is mathematical impossibility. Joining two persons and they joining two persons each is an infinite chain and there is nothing like an infinite chain. That is why it called mathematical impossibility.The Supreme Court stated in Kuriachan Chacko case that knowing fully well that the chain is going to break, these companies are inducing people to become members. That is why Section 420 IPC (cheating) is also applicable.
Then the question arises why the government is not stopping these companies. As long as there are no complaints against these companies police or the government would not do anything. That is how these crooks are flourishing all these years in all those countries.
tlc today has changed the life of thousands of people i wish tlc live long and free from any hassles and sir plz...think twice to comment on any company
You are Nirankar only in the name. Shed your ego you would understand how TLC is cheating people. It is collecting Rs. 500 while selling policies. Don't you think it is illegal and cheating. It is encouraging the policy holders to enroll more members to buy policies instead of selling through trained agents. Isn't it against the Insurance Act?
How could you shamelessly support such fraudulent companies?
Mr. Shyam Sunder you need some accessories to start a business. TLC gives accessories to start selling insurance which you can't buy for rs. 500.Even you pay some fees to apply for a nauker...ry. I am so aware of price chits and money circulation scheme (banning) act 1978. But my fren did you inquire about the High court order protecting TLC from this act. I think instead of reasoning and understanding you are simply sticking to your point just to protect you goddamn ego. But my fren if you dig out mud u get water in a well that quench ur thirst and gives u life. Just take out your ego you will find beauty and love and happiness everywhere. You don't care calling someone or something a fraud which is outside your understanding.Baat karneki tamijhi nahihe aapko(sorry, kahena para). That simply shows you are immature and you will never understand anything.You are going to ruin not only urself but also ur generations. Instead of fooling around why don't you just wait what time tells us. Because whatever that doesn't follow God's rule and nature's law time doesn't permit. For me I am signing of from this site forever because I don't find any good reason to hang around with people like you who spend all of the time in finding some negatives in everything and who don't know negatives are in everything including themselves. wat a waste of time... c u no more..ta..ta
Surendra,
Your argument holds no water. A corporate agent should give proper training to the agents and sell insurance policies. Instead, the TLC is inducing the policy holders to rope in more members with offering commission on enrollment. This is the banned activity under the Prize Chits & Money Circulation Schemes (Banning) act, 1978.
Mind it, the High Court has not given any nod to the TLC and the quash petition is being heard by Andhra Pradesh High Court.
This type of crooks are the real danger to our economy.
I don't understand why you are trying to convince me instead of presenting the same in the High Court.
One of our readers BK wrote an elaborate point over the illegality of Team Life Care. It has been published as a post in the Blog of the Corporate Frauds Watch.
Thank you BK for your information. Now the apologists of Team Life Care should come out with their explanation.
After reading all the comments i find that Mr. Shyam Sundar has said the genuine facts but other guys who are opposing it rather than focus on the facts like "why deducting 70 per cent of the premium amount as PAC?"...etc.....only taken care of here n there....so plz guys If u are true n your company TLC is true so just....give true facts regarding this.......
I have gone through the blogs pro and against tlc i dont know what is the practical experiences of those people but i 100% agree with mr shyam sundar argument and information. It is mear cheating the middle class people who has their own financial struggles and induce, lure them in to their trap with all false promises. One agent by name MR. B R L SWAMY of tanuku west godavari, unfortunately happend to be in the same school during 73-74 with which reference he called me and contacted me and some how convinced me that your principal amount is inintact and from 8.5 to 17.5 will be yeild and within 5 years the amount will be doubled with such words he indulged me and my family members and throu me he cheated 23 members for about 5 to 6 lakhs and after some time he disappered and not answering the phone and their uplines and the company heads all promised us that they will settle our issue and asked us to come to bangalore but they are with one mind that. TLC IS A BIG FRAUD IT IS NOTHING BUT CHEATING THE COMMON MAN.AS LONG AS CORRUPTION IS NOT ELIMINATED NO BODY CAN STOP SUCH LML BUSINESS SCHEMES. BUT ONE DAY EVERY BODY CHEATING OTHERS HAS TO PAY A HEAVY PENALITY WHICH COSTS MORE THAN WHAT THEY GAINED.
A PERSONAL VICTIM BY FALSE PROMISES
MEEGADA VENKATA RAMANA
The nameless anonymous says that we should not do anything or stop a single scam since we could not stop all the scams. This type of crooks we come across all through our life.Let us stop at least one scam if we cannot stop all the scams.
Do we need to answer these senseless blabberings? Not necessary.
Now you come out with true colours. Do you want me shut down my blog because it is hurting you? Or do you want me delete the comments on this particular post because I am exposing the misdeeds of TLC?
Even if I delete the post, what about the writ petition in the AP High Court filed by TLC and Bajaj Allianz. You cannot wish that it would go away.
Shyam, what is the status of the case in the courts?
After Corporate Frauds Watch filed the criminal case against TLC and Bajaj Allianz, they filed a writ petition in the AP High COurt. It is pending disposal. All these crooks employ the same old method of filing writ petitions seeking stay. But in this case the high court did not give any relief.
recently this company has changed its name as Global Finsol P Ltd.,
Meegada venkata Ramana said that he was a victim by false promises, When he has sufficient time to write paragraphs and blame the agents who are his friends, in social media for misguiding him ,now when he received the complete amount from TLC where is he hiding now.
After receiveing the entire money may be he is feeling despicable to comment.
And moreover people have time to comment the negativity.TLC changed the life styles of many lower and middle class people.Instead of feeling thankful to TLC and its agents,people like Meegada venkata ramana tried to discredit TLC.
And people who are more interested to know the status of those cases ,if they put those efforts in their respective careers will definitely reach great heights in life.
Truely mentioned my dear friend, We were in the down line of Mr B.R.L.SWAMY Sir,
Because of him today we are able to eat our 3 day meal that to richly.He is a great leader,inspiration to me .Because of him 70% of peoples lives in TANUKU and surrounding villages have been changed.People who couldnt have money to buy bicycles, now driving their own luxary cars. May god bless him and his family from all evils of the society.He is well known as TLC SWAMY GARU rather with his surname.
I know Meegada venkata Ramana personally , he himself is a big corrupt and speaks so much on corruption.Being a central government employee, he does several other businesses and jobs which are against the law and i pity him how he can speak all the above nonsense.
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