[Resolved] Bajaj Allianz, Capital Unit Gain — surrender charges | |||
I bought a Bajaj Allianz CUG policy, on 17th january, 2007 for a period of 20 years from 17 January 2007 to 16 January 2026 and till date I have deposited total 3 premiums of Rs. 10,000/- each for the year 2007, 2008 and 2009. Now, I want to withdraw the said policy. In this regard when I visited the office of the Bajaj Allianz, Branch Preet Vihar, Delhi and I asked for the procedure of withdrawal of my policy, then they told me that Rs. 5800/- approx. will be deducted as surrender charges for withdrawal of policy, which is about 20% of the principle amount deposited as premium i.e. Rs. 30,000/- which is higly execesable and not mentioned anywhere in the policy conditions and imposing now the charges which is not menitioned in the policy condition and are discretionary which is unfair trade practice and deficiency of service from the part of Bajaj Allianz. This is for your necessary action at your end. With Regards Rajesh Dwivedi Advocate Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
2 Comments | |||
Comments
Bajaj Allianz/Capital unit gain — Deduction of surrender charges
I took this policy on 28 Mar 2007. My annual premium is Rs. 10000 per year. Till now, I have paid Rs. 50,000.At the time of entry, the agent of the insurance company told that the fund will be locked for three years and after you can withdraw the amount either partially or fully.
Recently, if I enquire, the branch manager is telling that there will be some surrendering charges, which was not informed to me by the agent at the time of joining.
I think this is nothing but cheating the people. Can you take any action on this. If yes how much time it will take to settle? Or advise may i go to Local consumer forum/court of Law.
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