Bajaj Allianz — : My Capital Gain Size One Policy No. [protected]

Address:

Central Delhi, Delhi

I purchased the above policy on March 28, 2007.

When I purchased the policy I was assured of handsome returns after the lock-in period
of three years.

It is unfortunate that when I wanted to surrender the policy in April 2010, I was informed
that surrender charges equivalent to 60% of my first premium amount would be
deducted out of the current fund value of the policy. I was really shocked because this
fact was not mentioned at all in the Rules & Regulations which accompanied the policy.
Some mathematical formula beyond common man’s understanding was mentioned in
the clause relating to surrender charges. I would have never accepted the policy, had I
known this regulation while purchasing the policy.

I am sure you will appreciate that such clauses should be clearly mentioned in customer friendly and easily comprehensible phraseology. The policy documents also didn’t include any ‘benefit illustration’ which could have given me an idea of the risk factors involved. It seems that these glaring blunders prompted the IRDA to term the policy as ‘complicated and not customer friendly’ in its communication dated 16th August 2007 which I came across only today while surfing over internet. Vide this communication the Company was asked by IRDA to withdraw this particular product. I do not know what happened thereafter.

I believe deduction of any surrender charges after the expiry of lock-in period is unjustified and the amount of premium paid by me i.e. Rs.30,000/- (10,000/- per annum paid by me for three years) should be refunded to me along with interest accrued thereon as per prevailing market rates at the earliest.

While making the above submission, I reserve my right to approach IRDA and/or any legal court/authority to seek justice.

Thanking you and with all good wishes,

Yours truly,


ANUPAM MISHRA
Policy Holder