[Resolved]  Bajaj Allianz — Deduction of Miscellaneous Charges

Address:

Shimla, Himachal Pradesh

Dear Sir/Madam,


I submitted my policy surrender request at your local office in Shimla and received an acknowledgment through email showing around 8000 /- as surrender charges . The principal amount has reduced by 12000/- in 3 year.When I asked option of partial withdrawal it was not there. You and your local agent has total ruined our investment plan and misguided us at all levels.

It is surprise to see that after 3 years my fund value is reduced to Rs 47242 /- deposited 3 year back. Infact, your local agent misguided us and told that we can opt this policy for single premium and on lump sum basis. So we thought to deposit the amount as single premium. We have clearly told him that this is to be treated as Mutual Fund after one year as we do not want any insurance benefit thereof. So, we took this policy in the name of our daughter 'Simran Gohan'. But from the statement it looks that you are continuously deducting the charges/units and number o[censored]nits has reduced to great extent.

The whole purpose of this investment is being foiled by your company and your illiterate agents.

1. The local agent told us that after one year the amount will treated as normal Unit fund and no charges will be deducted from it and after 3 years we will get it back along with prevailing unit value of fund at that time.

2. and After one year there will be no deduction, no need to pay premium , no insurance benefit etc.

3. We got trapped in his words and now feel being cheated by your company.

If the process of this deduction goes on then by the end of three years it has reduced well below the principal amount.

You are requested to do the needful and give my hard money back at the earliest.

It's surprise to see that your local agents don't have thorough knowledge of your policies and they misguide many small investor like me. There only aim is to fulfil their targets irrespective of telling policy loopholes.

Looking for a solution and waiving off the surrender charges (which were never told at the time of selling the policy) from your side.

Sincerely,


Encl: Fund Value alongwith Acknowledgement
Surrender Request Letter submitted at your local office in Shimla

Sanjay Kumar
Principal Systems Analyst
National Informatics Centre, 6th Floor
Armsdale Building, H.P.Sectt. Chotta Shimla
[protected]