[Resolved]  Bajaj Allianz General Insurance — Surrending policy - 34% penatly is not disccused in policy bond

Address:

Bangalore, Karnataka

Hi, I bought Bajaj Alliance policy when my company gave new Citibank Suvidha salary account in Bangalore. The policy number is [protected]. I paid premium of 2000 rupees for 1 year. Total amount, i have paid till today is 24000. I wanted to surrendered the policy as i saw lot of complaints with bajaja alliaz and found it fake. I was also in need of money. So i called their customer care and told to tell me the process of surrendering the policy. I was asked to send address proof, policy bond, request to cancel the policy and cancelled check. Today i received a call from Bajaja alliaz and they told me that if i surrender the policy now, they will charge 35% of penalty. I will get around 15k back when i have paid 24k. When i bought this policy, their executive told that, i can withdraw the policy anytime and i will get the interest+premium amount paid till the date. Bajaj Alliaz has cheated me and should pay the full amount. I have read the policy doc as well. They can charge with penalty if i haven't paid their premium. Where are the penalty charges came from? Why they didn't tell me before signing the policy doc? if they would told mea before, i never had sign the policy. I want register complaint against bajaj alliaz for this fraud and really want to take legal action on this.