Bajaj Allianz Life Insurance Company Ltd. — Policy sold under fraud & misrepresentation ...Policy no- [protected]

amritsaxena

from Pune, Maharashtra

Mar 20, 2024

Address:	BAJAJ ALLIANZ HOUSE, AIRPORT ROAD, YERAWADA, PUNE 411 006, MAHARASHTRA.
Website:	www.bajajallianzlife.com

Hi Nodal Officer,
Bajaj Life Insurance
[protected]@bajajallianz.co.in,
[protected]@bajajallianz.co.in,
[protected]@bajajallianz.co.in

I have opted for the INVESTGAIN – ECONOMY policy [protected]

which was issued on 23-AUG-2012 with premium of Rs. 98972/- the policy term was for 15 years and premium term was 2 years but this policy was sought from me under FRAUD AND MISREPRESENTATION. I agreed for yearly payment of Rs 98972 and signature was obtained on blank form but later on I was conveyed after seizure of premium that Payment is not Yearly but half yearly. I tried to reach to Bajaj Allianz Life Insurance Operations team, requesting them to unable payment of Policy premium even though the consensus to buy policy was taken under fraud and misrepresentation but operations team refused to open the policy payment so that I could have paid few more instalment to get a guarantee of Refund of my Hard Earned Money.

I didn't even get a copy of the Insurance Policy to know what fraud was done to me by the Agent and officials. I got the policy very late and thereafter regularisation of policy was not allowed even after multiple requests.

Also I was put under darkness again by the Customer Care when I enquired for refund. They told me that you have to wait for 5 years to get a refund but at the time of admission of claim they told me that since you only paid one Half Yearly Instalment hence your entire amount is forfeited???

I have time and again requested Bajaj Allianz either to consider my request for refund of Rs 98972 or allow me to pay remaining one more instalment (rather than 3 instalments) if that is absolutely required with out late payment to unable to get the refund at the earliest but it seems that Bajaj Allianz officials are not in a mood to support at all and only interested in forfeiture of my hard earned money.

Policy no- [protected]
Product name :- INVESTGAIN - ECONOMY
[protected]@bajajallianz.co.in,
[protected]@bajajallianz.co.in,
[protected]@bajajallianz.co.in

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Bajaj Allianz customer support has been notified about the posted complaint.

Verified Support

Mar 23, 2024

Bajaj Allianz Customer Care's response Dear Amrit,

We've noted your concern and your details. Kindly allow us some time to check and update you.

Regards,
Bajaj Allianz Life Insurance Team

Mar 23, 2024

Updated by amritsaxena Sure Thanks Customer Care team Bajaj Life Insurance but kindly help to reimburse me as soon as possible as it is overdue from last 8 years or so. Thanks for your Assurance

Verified Support

Mar 23, 2024

Bajaj Allianz Customer Care's response Dear Amrit,

Our team has reached out to you regarding your concern and has shared the necessary details with you via email. Also, we believe that your case has been addressed as per our company policy and we are discontinuing this thread.

Regards,
Bajaj Allianz Life Insurance Team

Mar 23, 2024

Updated by amritsaxena Do not Unilaterally close the Complaint of Fraud and Misrepresentation. The Customer Care representative Dharni R Rebba was very rude and she was not having any details of the past communications and was abusing me for past 12 years???????

Hi IRDA and Bajaj Team,

Request the IRDA Escalation team to look after this serious lapse and CONTINUOUS MALPRACTICES ADOPTED BY BAJAJ ALLIANZ LIFE INSURANCE & failure to admit even a Fraud & Misrepresentation case. Looking for an immediate Relief as the Bajaj Life Insurance Team has not helping out for the last 10 years or so.

Very strict action should be initiated to CURB THE MALPRACTICE OF AGAINST THE ONGOING FRAUD AND MISREPRESENTATION POLICY ADOPTED BY BAJAJ LIFE INSURANCE MANAGEMENT TO SAVE THE CUSTOMERS FROM THEM.

Policy no- [protected]
Product name :- INVESTGAIN - ECONOMY
PH Name :- AMRIT RAJ SAXENA ( Middle Name is not as per Aadhar, another indicator of fraud)
LA name :- ABHIJEET AMRIT SAXENA ( Middle Name is not as per Aadhar, another indicator of fraud)
HALf yearly premium -106153 ( Premium term was conveyed as Annual but term was changed by BAJAJ ALLIANZ Team without intimation under FRAUD & MISREPRESENTATION. I was not even allowed to regularise the policy)
SA - 655000
policy term- 15yrs.
Premium term- 2yrs
DOC-23-AUG-12
DOM-22-AUG-27
Policy Premium Payment frequency is manipulated later as evident from the proposal form enclosed. Proposal fully filled later. I got the copy of proposal very late after the seizure of the policy. I was placed abroad for 5+ years as evident from records but operations team asked for medical records instead of enabling me to pay the premium

I just got a call from Dharni R Rebba Customer Care +[protected] at 12.33 pm on 23rd March 2024. She was very rude and she conveyed that my Premium amount cannot be refunded as the policy has lapsed. I told her that she should inquire about the apparent fraud seen on the proposal form as well. The name of both the Proposer and insured is wrong despite the Aadhar Card and PAN Card being taken by the Bajaj Team which is also an indicator of the fraud.

The Conclusion from her rude discussion with me is that they will never refund this amount as the policy has lapsed. I requested her to enquire about apparent fraud and misrepresentation but she doesn't have any details of past calls made to Customer Care and emails exchanged with Bajaj Life Insurance officials for refund/regularisation of the policy but it was never enquired and the request was never entertained

It is very obvious that Bajaj Life Insurance is merely interested in earning money through fraud, misrepresentation and ultimately forfeiting the HARD EARNED MONEY of THE CUSTOMERS through illegal means. I am quite annoyed by such a call, she was trying to blame me without any reference to past emails, conversations, and reference to fraud which has happened to me.

Bajaj Allianz or IRDA should look into the matter seriously and I sincerely request that NO CUSTOMER will allow its hard-earned to be forfeited. I was also asked to wait for 5 years to get a refund but it never happened.

Regards

Amrit Saxena

Mar 31, 2024

Updated by amritsaxena Hi IRDA/ Bima LokPal Authorities,

I need justice and it seems that I will never be getting the due justice from Bajaj Allianz as they are merely interested in forfeiting money through the policies sold under misrepresentation without doing any investigation and involving the involved Bajaj Agent, Regional head, Business development head, Operations team and even the victim of their fraud. They are also overlooking the very critical errors made in issuing the policy for making this fraud. I am ready to take it to the highest possible level to get justice as I am deeply hurt by such an attitude of deny facts

I will put forward my demand to cancel the license of Bajaj Allianz so that the lives of millions of investors are saved from them.

Regards,

Amrit Saxena
+91 [protected]
+91 [protected]