[Resolved]  Bajaj Allianz Unit Gain Plus Sp — Hidden Charges

Address:

Nashik, Maharashtra

Dear Friends, जागो ग्राहक जागो
Through this complaint I am appealing to all of you that all o[censored]s should avoid to invest our money in bajajallianz. I am making this appeal from the experience which I had taken. I am giving the details below.

Three Years ago I had invested Rs.25000/- in bajajallianz's unit gain policy( or I may say that Unit loss/rob Policy). I was being told that only 2% fund as admin charges will be deducted and 98% fund will be invested. But when I saw the status of my policy after three years I was shocked. Bajajallianz had deducted about 13.98% fund as hidden charges. And now they are giving very cute explanation that the charges are deducted towards i) Mortality Charges

The mortality charges depend on
(a) The amount of Life Insurance Cover.
(b) The attained age of the Life Assured
(c) The occupation of the life assured
(d) The health of the life assured
The mortality charges under this policy per Rs 1000 of Life Insurance Cover for varying ages is given in Annexure I.

Now I want to show you the cheating of bajajallianz please see below:
Amount I invested: 25000/-
Allocation Rate %: 98
Allocated Amount: 24500/-
on date: 21-FEB-08
Unit Price on date 21-FEB-08: 15.0360
Allocated Units: 1629.4227

Now I show you Deduction:
Deduction First:
On Date: 31-MAR-09
Policy Admin Charge Adjustment Single: 5.00
Unit Price On Date: 31-MAR-09: 8.8640
Deducted Units: 0.5641

Deduction Second:
On Date: ?(Not Given in fund summary)
Charges:? (Which?)
Net Amount Deducted: -3490.90
Unit Price On Date(?): ?(not given)
Deducted units: -262.3652

Remaining Units: 1367.6216
Now when I checked the historical NAV rates of this fund I saw that the highest rate of this fund was 17.99 on date 13/10/2010.

Dear Friends if you see that if I multiply my remaining units with the highest rate of this fund still the amount will be less than the amount which I had invested. see below
see that when I calculate( remaining units x highest NAV) the amount is less than the amount I had invested.

1367.6216 x 17.99 = 24603.512584 < 25000/-(the amount I invested).

So now it is time to awake and be aware from such type of cheating. जागो ग्राहक जागो. Say No to BAJAJALLIANZ (MISALLIANCE)
I appeal to all those who read this to pass this appeal to all your relatives & friends.



--
Pawar Yogesh A.
SRES's K.B.P.Polytechnic
Kopargaon