[Resolved]  Bajaj Allianz — Complaints against online policy

Address:122004

I had taken a Bajaj Allianz unit gain plus gold policy
Policy No. [protected]
from Varanasi branch, on 17.02.2009. Yearly Premium was Rs 60000/- to be paid annually .I had paid 2 Premiums regularly totalling Rs 1, 20, 000/-, after which due to financial problems I could not pay the remaining premiums. On visiting Bajaj Allianz insurance office, I was told that the policy has been foreclosed on 30th April 2011, so nothing is payable to me. This was a rude shock to me. During the last few years, neither I received any letter to my postal address nor any email from them regarding the foreclosure of the policy. Frustrated I contacted their Grievance Officer, and the Officer too confirmed that nothing is payable to me. The authorities have been very rude to my complaint and I have not even received a reply to my complaint.

As per the terms and conditions of the policy contract and as stipulated by the insurance regulatory and development Authority vide circular No.032/IRDA/Act/Dec-2005 21st December 2005, if the policy is not revived within the minimum revival period as mentioned in the policy contract, the policy will be terminated at the end of the revival period and surrender value if any will be payable at the end of the revival period or on completion of 3 policy years which ever is later.

Going by the above clause, they are bound to pay my money after deducting their administrative and other charges.

I would be grateful if you kindly look into it and help me get my money back at the earliest.


With best regards,
Vishal Singh
[protected]@rediffmail.com
[protected]
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Complaint marked as Resolved 
Bajaj Allianz customer support has been notified about the posted complaint.
Verified Support
Mar 02, 2016
Bajaj Allianz Customer Care's response
Dear Vishal, We regret for the inconvenience caused to you. Thanks for sharing your details with us. Please give us sometime, our representative will get back to you at the earliest. Regards, Bajaj Allianz Life Insurance
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