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Bajaj Allianz Century Plus Complaints - cheat by agent |
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Bajaj Allianz Century Plus |
| Posted: 16 of May, 2011 by Sheela Wanti |
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cheat by agent
Dear Sir,
I bought a Bajaj Allianz Century Plus Life Insurance Policy on 05 Feb, 2009.The policy details are hereunder:
Policy holder’s Name : Sheela Wanti
PolicyPlan: Century Plus
PolicyNo: 0118826525
DateofBirth: 18/11/1971
Nameofthenominee: Surinder Kumar
I had expressly told the Insurance Advisor and the Sales Manager that I intended it to be a Single Premium Policy. Since such dealings are based absolutely on trust and faith, I believed what the duo assured that they had drawn a single premium policy as I desired. The Premium amount was Rs. 1 lacs. It is fairly understandable that no one, much less an humble govt. servant like me can afford to buy a policy involving such huge recurring premiums .I quite admit that I did not study the policy document which I ought to have done and avail myself of the look-on grace period .But then, as I have already stated, such dealings are done on faith and trust and I had no reason to think that that the intentions of the officials associated with so reputed an Insurance Company could be otherwise than noble and honorable. I had thus been beguiled into putting my life’s entire humble savings into an investment that has proved to be a disaster.
Naturally I was sitting pretty with the assurance that I had made a wise investment and all I had to do was to wait for the maturity to reap the benefits. It was terribly shocking and surprising when on the expiry of the first year I received a premium notice. As it was impossible for me to pay such a huge premium, I contacted the local Bajaj Allianz branch office and was advised that to save the policy from being lapsed. I have also been advised that as against my total deposits to the tune of Rs 1,00,000/-with the Bajaj Allianz, the fund value has dwindled to somewhere around Rs.85,000/-.I understand that Unit linked policy plans are market based but even though there was a bad crash in the year 2008-09, the market has picked up steadily since and not only all the earnings of the units allocated to me but a sizeable chunk of my deposits also is being eaten up by mortality and policy administration charges based on the sum assured that is Rs. 500000/- the first year and, what is more ,these charges have continued to be outrageously high during the second and the third year also even though the sum assured in the second and the third year has fallen from Rs. 100000 to a pathetic 85000.It is neither judicious nor logical to grind remorselessly into the hard earned deposits of the policy holder. This is no short of the breach of the basic principle and spirit of the Insurance plan, namely, to provide financial security to the policy holder. Why, if I continue the policy, at the rate at which the company is making outrageous deductions from my deposits, at maturity I might end up having to pay much more than I deposit and may be, still owe something to the company. Can you, sir, call it a fair deal?
Surely, the Company has earned on my deposits and if the company does not, for reasons best known to it, intend to make me a sharer in profits it can at least cut my losses. It is about time the Company reviewed my case in less commercial and more humanitarian spirit so as to foster and restore trust so essential for an insurance company.
I request you kindly to look into the illogical deductions and advise me as to the courses open to me, the rectifications to my account, if any, already made or planned to be made and the wisdom or otherwise to continue the policy. I am looking up to you as a sincere financial advisor and a noble custodian of my funds and shall be deeply pained if I am eventually made to think otherwise. An early response is eagerly awaited.
Sincerely,
Sheela Wanti,
H.No.21687, ST.No. 9,
Power House Road,
Bathinda.
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