[Resolved] Bajaj Allianz — Cheating by company sales officer & agent | |||
Dear Sir, I have taken bajajallianz capital unit gain policy in year 2007 & My policy no is 3966475. I have opted for maximum exposure to share market option. The return till date is less than 4%, which is very very low. When I expressed an interest for withdrawal, company informed me that they will deduct around 54% of my premium amt as a surrender charge (which is very big amt in comparison to the return from this policy). This really surprise me as while taking the policy Bajaj Allianz agent & sales officer told me that there is no surrender charges on policy after completion of three years of policy. Also, when i asked them to give me a copy of policy before taking a policy so that i can read/understand all the term & condition & then think to invest, they told me that they can;t give me policy document before purchasing the policy. I trusted their words & taken the policy. Now, I feel that I have been cheated by company sales officer & agent. I have submitted a complain on company website regarding the cheating by Bajaj Allianz sales officer & Agent & requested them to waive of the surrender charges (my complain no is[protected]. In reply they inform me that agent has been terminated & they can;t waive the surrender charges. They didn’t utter anything abt the false information given by company sales officer & they feel that Bajaj Allianz is not responsible for such kind of cheating by Bajaj Allianz’s sales officer & agent. Request you to do the needful. Looking for a solution and waiving off the surrender charges (which were never told at the time of selling the policy). Regards Mehul Gandhi [protected] Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 14 Comments | |||
Comments
Dear sir,
I think there is some confusion in understanding my complain. I have already written to you that while selling this policy to me, your sales agent & sales officer told me that there is no surrender charges after three yrs. When I asked them i want to read your policy document before investing, they told me that policy document is given to the customer only after he/she purchase a policy. Also, at that time nothing was written abt the surrender charges on your leaflet/catalog. I trusted their word & invested in policy.
Can you please explain what kind of proof you want? Already, your customer care officer told me that you have terminated that agent by seeing so many complains against agent. I really don;t know where is your sales officer mr. sandeep (who came to me with agent for selling this policy). Have you discussed with him? Can you please arrange a meeting with him?
Regards,
Mehul Gandhi
I think there is some confusion in understanding my complain. I have already written to you that while selling this policy to me, your sales agent & sales officer told me that there is no surrender charges after three yrs. When I asked them i want to read your policy document before investing, they told me that policy document is given to the customer only after he/she purchase a policy. Also, at that time nothing was written abt the surrender charges on your leaflet/catalog. I trusted their word & invested in policy.
Can you please explain what kind of proof you want? Already, your customer care officer told me that you have terminated that agent by seeing so many complains against agent. I really don;t know where is your sales officer mr. sandeep (who came to me with agent for selling this policy). Have you discussed with him? Can you please arrange a meeting with him?
Regards,
Mehul Gandhi
Dear Sir,
Yet I haven;t received any reply from your end on my previous post.
Will appreciate your quick reply
Regards
Mehul Gandhi
Yet I haven;t received any reply from your end on my previous post.
Will appreciate your quick reply
Regards
Mehul Gandhi
Dear Sir,
After verifying the matter we would like to confirm you that, the policy has been issued based on the proposal form wherein you have opted for “Capital Unit Gain” with regular premium and frequency selected as yearly. A copy of the terms and conditions of the policy was sent to you along with the policy documents and you were given an option to review the terms and conditions of the policy.
On review of the terms and conditions of the policy if you were not satisfied with any of the terms and conditions and if you found that the terms and conditions of the policy did not contain the representations made to you at the time of purchase of the policy you had an option to return the policy within 15 days of the date of receipt of the policy documents by you.
It is further informed to you that the insurance company is bound by the terms and conditions of the policy which is approved by the Insurance Regulatory and Development Authority. Since all the grievances raised by you are not in accordance with the terms and conditions of the policy the Company is not in a position to redress your grievances and waive the surrender charges as applicable. The detail of the applicable surrender charge is mentioned in the terms and conditions of the policy. The method of calculation of surrender value is also mentioned in the terms and conditions of the policy. In all unit linked policies the surrender value is dependent on the NAV of the units in the policy account as on the date of surrender. The NAV of the units is dependent on market conditions and the same is beyond the control of the Company.
Also the agent is terminated and no more working with us hence we will not able to able to ascertain the facts which were told to you before 4 yrs.
In the facts and circumstances as mentioned herein above the Company is ready and willing to pay the surrender value in accordance with the terms and conditions of the policy.
The same has been communicated to you earlier and this is our final stand.
Regards,
Bajaj Allianz
After verifying the matter we would like to confirm you that, the policy has been issued based on the proposal form wherein you have opted for “Capital Unit Gain” with regular premium and frequency selected as yearly. A copy of the terms and conditions of the policy was sent to you along with the policy documents and you were given an option to review the terms and conditions of the policy.
On review of the terms and conditions of the policy if you were not satisfied with any of the terms and conditions and if you found that the terms and conditions of the policy did not contain the representations made to you at the time of purchase of the policy you had an option to return the policy within 15 days of the date of receipt of the policy documents by you.
It is further informed to you that the insurance company is bound by the terms and conditions of the policy which is approved by the Insurance Regulatory and Development Authority. Since all the grievances raised by you are not in accordance with the terms and conditions of the policy the Company is not in a position to redress your grievances and waive the surrender charges as applicable. The detail of the applicable surrender charge is mentioned in the terms and conditions of the policy. The method of calculation of surrender value is also mentioned in the terms and conditions of the policy. In all unit linked policies the surrender value is dependent on the NAV of the units in the policy account as on the date of surrender. The NAV of the units is dependent on market conditions and the same is beyond the control of the Company.
Also the agent is terminated and no more working with us hence we will not able to able to ascertain the facts which were told to you before 4 yrs.
In the facts and circumstances as mentioned herein above the Company is ready and willing to pay the surrender value in accordance with the terms and conditions of the policy.
The same has been communicated to you earlier and this is our final stand.
Regards,
Bajaj Allianz
Dear Sir,
Please see below the conversation with amit (your customer care officer, kindly check my email dated 26th March'11) regarding the copy of term & condition & return of policy within 15 days.
quote
" First email :
Dear Praveen/ Pawan,
My name is Mehul Gandhi. I have taken bajajallianz capital unit gain policy in year 2007.
My policy no is ******
Current value is ******
Amt paid till date is ******
At present, I badly need a money so want to surrender this policy. When i contacted you customer care & agent (who has given me this policy), they inform me that i have to pay around **** to ***** thousand rs as surrender charges. This really surprise me as while taking the policy your agent (ms. Shah) & your sales officer ( mr. Sandeep) told me that there is no surrender charges on policy after completion of three years of policy. Also, when i asked them to give me a copy of policy before taking a policy so that i can read/understand all the term & condition & then think to invest, they told me that they can;t give me policy document before purchasing the policy. I trusted their words & taken the policy . Now i feel that I have been cheated by your agent & also sales officer of Bajaj Allianz.
I have also submitted a complain on your website (complain no. is[protected] & also by phone on your company customer care service.
I request you to waive off this surrender charges.
Your prompt reply will be appreciated.
Regards,
Mehul Gandhi
Second Email :
Dear Amit,
I have not received copy of policy before purchasing of the policy. About the return of the policy within the 15days of receipt, yes i have made mistake. Actually i was out of town when i received the policy so could not get the chance to review terms & condition within 15days.But when i discussed this with your agent after 1-2 month, he told me nothing to worry & ensure me that i will get my money without any deduction of surrender charges.
I think your company should waive of the surrender charges as both your agent & sales officer ( mr. sandeep) had given wrong information & cheated me. I think bajajallianz is also equally responsible in this cheating as agents & sales officers are part of your company.
Request you to kindly waive off the charges. Otherwise i have to go to consumer forum & other agency who will bring such kind of mal practices by company (through company sales officer & agent) to public.
Regards
Mehul Gandhi"
Unquote
You have terminated the agent. But you can verify the matter with your sales manager mr .sandeep. Can you please arrangement a meeting with him?
Do you really think customer should pay for the mal practice of Agent & sales officer who are part of company (as they are appointed & trained by company to sell product)?
Regards
Mehul Gandhi
Please see below the conversation with amit (your customer care officer, kindly check my email dated 26th March'11) regarding the copy of term & condition & return of policy within 15 days.
quote
" First email :
Dear Praveen/ Pawan,
My name is Mehul Gandhi. I have taken bajajallianz capital unit gain policy in year 2007.
My policy no is ******
Current value is ******
Amt paid till date is ******
At present, I badly need a money so want to surrender this policy. When i contacted you customer care & agent (who has given me this policy), they inform me that i have to pay around **** to ***** thousand rs as surrender charges. This really surprise me as while taking the policy your agent (ms. Shah) & your sales officer ( mr. Sandeep) told me that there is no surrender charges on policy after completion of three years of policy. Also, when i asked them to give me a copy of policy before taking a policy so that i can read/understand all the term & condition & then think to invest, they told me that they can;t give me policy document before purchasing the policy. I trusted their words & taken the policy . Now i feel that I have been cheated by your agent & also sales officer of Bajaj Allianz.
I have also submitted a complain on your website (complain no. is[protected] & also by phone on your company customer care service.
I request you to waive off this surrender charges.
Your prompt reply will be appreciated.
Regards,
Mehul Gandhi
Second Email :
Dear Amit,
I have not received copy of policy before purchasing of the policy. About the return of the policy within the 15days of receipt, yes i have made mistake. Actually i was out of town when i received the policy so could not get the chance to review terms & condition within 15days.But when i discussed this with your agent after 1-2 month, he told me nothing to worry & ensure me that i will get my money without any deduction of surrender charges.
I think your company should waive of the surrender charges as both your agent & sales officer ( mr. sandeep) had given wrong information & cheated me. I think bajajallianz is also equally responsible in this cheating as agents & sales officers are part of your company.
Request you to kindly waive off the charges. Otherwise i have to go to consumer forum & other agency who will bring such kind of mal practices by company (through company sales officer & agent) to public.
Regards
Mehul Gandhi"
Unquote
You have terminated the agent. But you can verify the matter with your sales manager mr .sandeep. Can you please arrangement a meeting with him?
Do you really think customer should pay for the mal practice of Agent & sales officer who are part of company (as they are appointed & trained by company to sell product)?
Regards
Mehul Gandhi
Dear Sir,
Also, request you to reply to below question :
1. Can you please explain me whats my fault if the agent is terminated ?
2. Who appointed sales officer & agent ? me or company ?
3. Who will gain from the mal practice by agent & officer ? me or company?
4. Do you really think company is not at all responsible for the mal practice by agent & sales officer ( who are part of company & represent company) & customer should pay the charges?
Regards
Mehul Gandhi
Also, request you to reply to below question :
1. Can you please explain me whats my fault if the agent is terminated ?
2. Who appointed sales officer & agent ? me or company ?
3. Who will gain from the mal practice by agent & officer ? me or company?
4. Do you really think company is not at all responsible for the mal practice by agent & sales officer ( who are part of company & represent company) & customer should pay the charges?
Regards
Mehul Gandhi
The facts of the Case
1. Policy issued year 2007
2. Policy received by the customer on time
3. Surrender Charges mentioned in the Terms and condition of the policy document
4. Freelook Cancellation (FLC) period available to the customer and mentioned in the policy documents, however the customer has not approached the company for FLC.
5. Number of Premiums paid is for 3 years and a Topup premium in 2007.
Answers to the quires asked:
1. You had the opportunity to review the terms and condition when you received the policy documents.
2. The agent is not a employee of the company.
3. The policy bond which is provided to the customer with the terms and condition is to ensure that they cross check with the representation made by the agent, if any discrepancy found you could have approached the Grievance Redressal officers which was not done.
Companies Contention:
You have given in writing (via email dated:26/03/2011) that you have received the policy bond on time and you have not approached the company in the freelook cancellation period
After the completion of 3 yrs you have raised a query that the agent has not explained the surrender charges, which is clearly mentioned in the policy document, and as per your mail communication you have clearly stated that you had asked the agent to provide the policy wording while the proposal was pitched in for, hence it is very difficult to accept that the above Policy holder (Mr. Mehul Gandhi) has not gone through policy terms and condition when he received the policy documents.
As you have paid three premiums and one topup it is proved beyond doubt that you were aware of the policy terms and condition.
Conclusion:
We would not be able to waive of the surrender charges.
This is a life insurance policy and we would want our customer’s life to be insured and safe, hence we request you to pay the premiums and continue the policy, however the company has given the option of partial withdrawal which can be exercised by you.
1. Policy issued year 2007
2. Policy received by the customer on time
3. Surrender Charges mentioned in the Terms and condition of the policy document
4. Freelook Cancellation (FLC) period available to the customer and mentioned in the policy documents, however the customer has not approached the company for FLC.
5. Number of Premiums paid is for 3 years and a Topup premium in 2007.
Answers to the quires asked:
1. You had the opportunity to review the terms and condition when you received the policy documents.
2. The agent is not a employee of the company.
3. The policy bond which is provided to the customer with the terms and condition is to ensure that they cross check with the representation made by the agent, if any discrepancy found you could have approached the Grievance Redressal officers which was not done.
Companies Contention:
You have given in writing (via email dated:26/03/2011) that you have received the policy bond on time and you have not approached the company in the freelook cancellation period
After the completion of 3 yrs you have raised a query that the agent has not explained the surrender charges, which is clearly mentioned in the policy document, and as per your mail communication you have clearly stated that you had asked the agent to provide the policy wording while the proposal was pitched in for, hence it is very difficult to accept that the above Policy holder (Mr. Mehul Gandhi) has not gone through policy terms and condition when he received the policy documents.
As you have paid three premiums and one topup it is proved beyond doubt that you were aware of the policy terms and condition.
Conclusion:
We would not be able to waive of the surrender charges.
This is a life insurance policy and we would want our customer’s life to be insured and safe, hence we request you to pay the premiums and continue the policy, however the company has given the option of partial withdrawal which can be exercised by you.
Dear Sir,
The Company is ready and willing to pay the surrender value in accordance with the terms and conditions of the policy.
The person who has sold this policy is no more with our organization and same has been communicated to you earlier.
We have reviewed the case; our stand would remain same as we have conveyed, in case you are not satisfied with the response of the insurance company to your grievance, you have an option to approach the Insurance Ombudsman.
For your reference address of the insurance ombudsman is given below:
Insurance Ombudsman,
3rd Floor, Jeevan Seva Annexe,
S.V. Road, Santacruz(W),
MUMBAI-400 054.
Tel:[protected]
Fax:[protected]
Email [protected]@gmail.com
Regards,
Vishal Agale
The Company is ready and willing to pay the surrender value in accordance with the terms and conditions of the policy.
The person who has sold this policy is no more with our organization and same has been communicated to you earlier.
We have reviewed the case; our stand would remain same as we have conveyed, in case you are not satisfied with the response of the insurance company to your grievance, you have an option to approach the Insurance Ombudsman.
For your reference address of the insurance ombudsman is given below:
Insurance Ombudsman,
3rd Floor, Jeevan Seva Annexe,
S.V. Road, Santacruz(W),
MUMBAI-400 054.
Tel:[protected]
Fax:[protected]
Email [protected]@gmail.com
Regards,
Vishal Agale
Dear Vishal,
Company has never told me that sales officer is not working with company. This is a surprise for me. First you told me that agent is terminated & now you are informing me that sales officer is not working with your company.
What is my fault if your agent & sales officer are terminated? Why are you considering me responsible for the fraud done by sales officer & agent? is it a ethical practice?
Regards
Mehul Gandhi
Company has never told me that sales officer is not working with company. This is a surprise for me. First you told me that agent is terminated & now you are informing me that sales officer is not working with your company.
What is my fault if your agent & sales officer are terminated? Why are you considering me responsible for the fraud done by sales officer & agent? is it a ethical practice?
Regards
Mehul Gandhi
Dear Sir,
Your policy of insurance was issued as per the details mentioned in the proposal form. A copy of the proposal form was sent to you along with the policy documents and you had an opportunity to review the terms and conditions of the Policy within 15 days of the date of receipt of the policy documents by you. The terms and conditions of the policy clearly mentions the effect of non payment of Regular Premium and also the details of the Surrender charges as applicable under the policy. Since you have never opted for free look cancellation of the policy and continued to enjoy insurance cover also, we have no other option but to presume that you were satisfied with the policy as issued.
Regards,
Vishal Agale
Your policy of insurance was issued as per the details mentioned in the proposal form. A copy of the proposal form was sent to you along with the policy documents and you had an opportunity to review the terms and conditions of the Policy within 15 days of the date of receipt of the policy documents by you. The terms and conditions of the policy clearly mentions the effect of non payment of Regular Premium and also the details of the Surrender charges as applicable under the policy. Since you have never opted for free look cancellation of the policy and continued to enjoy insurance cover also, we have no other option but to presume that you were satisfied with the policy as issued.
Regards,
Vishal Agale
Dear Vishal,
Kindly relook my communication. Part of it mentioned below. it seems you are not reading my complain. Request you to go though all of my communication.Hope from that it will be clear to you that i have already informed your agent & sales officer abt the surrender charges which was not told during purchase of policy.
Quote
""I have not received copy of policy before purchasing of the policy. About the return of the policy within the 15days of receipt, yes i have made mistake. Actually i was out of town when i received the policy so could not get the chance to review terms & condition within 15days.But when i discussed this with your agent after 1-2 month, he told me nothing to worry & ensure me that i will get my money without any deduction of surrender charges."
From above para it is clear that your agent has cheated me. It is really a surprise to know that agent is not a part of company.
In all of my communication, I have mentioned that your sales officer mr sandeep was also there during my purchase of the policy . Based on the words given by your company sales officer Mr . sandeep & agent i have taken the policy & also after the receipt of the policy i had conversation with agent regarding the surrender charges. Agent ensured me that there is no surrender charges by having meeting with your sales officer mr. sandeep.
I have mentioned many time that your sales agent was also involved in this But surprise to see that you have not utter a single word on the promise/ words given by your sales officer. Hope you are considering sales officer as a part of your company."
Unquote
Regards
Mehul Gandhi
Kindly relook my communication. Part of it mentioned below. it seems you are not reading my complain. Request you to go though all of my communication.Hope from that it will be clear to you that i have already informed your agent & sales officer abt the surrender charges which was not told during purchase of policy.
Quote
""I have not received copy of policy before purchasing of the policy. About the return of the policy within the 15days of receipt, yes i have made mistake. Actually i was out of town when i received the policy so could not get the chance to review terms & condition within 15days.But when i discussed this with your agent after 1-2 month, he told me nothing to worry & ensure me that i will get my money without any deduction of surrender charges."
From above para it is clear that your agent has cheated me. It is really a surprise to know that agent is not a part of company.
In all of my communication, I have mentioned that your sales officer mr sandeep was also there during my purchase of the policy . Based on the words given by your company sales officer Mr . sandeep & agent i have taken the policy & also after the receipt of the policy i had conversation with agent regarding the surrender charges. Agent ensured me that there is no surrender charges by having meeting with your sales officer mr. sandeep.
I have mentioned many time that your sales agent was also involved in this But surprise to see that you have not utter a single word on the promise/ words given by your sales officer. Hope you are considering sales officer as a part of your company."
Unquote
Regards
Mehul Gandhi
Dear Sir,
The surrender penalty is part of the policy document, which was available with you. As there is no proof submitted by you as such to prove the frauds committed by the IC/SM against you. Since you have never opted for free look cancellation of the policy and continued to enjoy insurance cover also, we have no other option but to presume that you were satisfied with the policy as issued. In the facts and circumstances as mentioned herein above, it is stated that the Company is not in a position to redress your grievances as the grievances raised by you are not in consonance with the terms and conditions of the Policy.
Regards,
Vishal Agale
The surrender penalty is part of the policy document, which was available with you. As there is no proof submitted by you as such to prove the frauds committed by the IC/SM against you. Since you have never opted for free look cancellation of the policy and continued to enjoy insurance cover also, we have no other option but to presume that you were satisfied with the policy as issued. In the facts and circumstances as mentioned herein above, it is stated that the Company is not in a position to redress your grievances as the grievances raised by you are not in consonance with the terms and conditions of the Policy.
Regards,
Vishal Agale
Dear Vishal,
I have written many times that
1. before purchase of policy i have asked your agent & sales officer abt the surrender charges they told me there are no charges . And as at that time policy document were not available i have trusted words given by your agent & sales officer ( who i consider a part of your company)
2. After receipt of policy document when asked them abt the surrender charges they agian told me don;t worry i will get my money back without any deduction of surrender charges. As i am seeing both agent & sales officer as a part of company & words given by them are the words of company, again I have trusted the words given by agent & sales officer.
Now when i needed money I contacted your customer care dept for getting the value of my policy & from there i came to know that company will deduct the surrender charges ( which was not applicable as per agent & sales officer)
What kind of proof do you want from me? Do you need proof like video recording of my meeting with agent & sales officer??
I have told you that you can verify the matter with agent & sales officer. But surprise to see that first you said agent is terminated because of seeing too many complains against agent.. & then after almost a month, yesterday u told me that you have terminated sales officer .. Now what is my fault if agent & sales officer are terminated?
I don't have contact detail of person, if you have kindly arrange the meeting you will get the proof.
It is surprise to learnt that when company is getting business from agent & sales officer, both are part of company. But when company has to pay the amount due to cheating done by agent & sales officer, they are not a part of company. isn;t it double standard ? do you think it is ethical?
Regards
Mehul Gandhi
I have written many times that
1. before purchase of policy i have asked your agent & sales officer abt the surrender charges they told me there are no charges . And as at that time policy document were not available i have trusted words given by your agent & sales officer ( who i consider a part of your company)
2. After receipt of policy document when asked them abt the surrender charges they agian told me don;t worry i will get my money back without any deduction of surrender charges. As i am seeing both agent & sales officer as a part of company & words given by them are the words of company, again I have trusted the words given by agent & sales officer.
Now when i needed money I contacted your customer care dept for getting the value of my policy & from there i came to know that company will deduct the surrender charges ( which was not applicable as per agent & sales officer)
What kind of proof do you want from me? Do you need proof like video recording of my meeting with agent & sales officer??
I have told you that you can verify the matter with agent & sales officer. But surprise to see that first you said agent is terminated because of seeing too many complains against agent.. & then after almost a month, yesterday u told me that you have terminated sales officer .. Now what is my fault if agent & sales officer are terminated?
I don't have contact detail of person, if you have kindly arrange the meeting you will get the proof.
It is surprise to learnt that when company is getting business from agent & sales officer, both are part of company. But when company has to pay the amount due to cheating done by agent & sales officer, they are not a part of company. isn;t it double standard ? do you think it is ethical?
Regards
Mehul Gandhi
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We would like to inform you that surrender penalty is part of the policy document, which was available with you. As there is no proof submitted by you as such to prove the frauds committed by the IC/SM against you.
Regards,
Bajaj Allianz