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.