[Resolved]  Bajaj Allianz — Wrong policy admin charged by the company

Aug 18, 2016

Updated by think2javed Hi Team,

We have taken policy from the Bajaj Allianz life insurance company on year 2008. But both the policies admin charges has charged by the company wrongly.

Policy number - [protected], Premium - 25000

As per company policy administration charge will be charged only for first five policy years at the rate as follows:

If single premium is less than rs.25, 000, then policy administration charge is rs. 300 p. A. Inflating at 5% p. A.
If single premium is greater than or equal to rs.25, 000, then policy administration charge is rs. 600 p. A. Inflating at 5% p. A.

Policy Administration Charge will be charged only for first five policy years but as we seen the detail fund statement and found that deduction of policy admin charges still continue after the first five years.

Also check the policy admin charges as the deduction is more than 600 Rs per annum. Policy issued on Feb’08 and the policy admin charges start for deduct ion on the same month as we check Feb’08 to Nov’08 policy admin charges had deducted 50 Rs/ month but Dec’08 and Jan’09 deduction charges more than 50 Rs.

Service Tax on Policy Admin Charge: As the same is start for deduction on 19th Dec'08 however policy has been issued on 20th Fed'08. Why these charges are applied after 10 months of policy issuance?

Please look into this as the my fund value is less against the paid premium in 8th years running policy.

Regards
Javed Khan