[Resolved]  Bajaj Allianz Life Insurance — Unethical sales practices and snatching money from customers labelled as surrender charges

Address:

Pune, Maharashtra

I purchased a policy [protected] capital gain 7 years back and the agent did not tell me about the surrender charges. I repeatedly asked her and she confirmed that there will be no charges after 3 years . She even said that I will only make positive returns. She did not state any disadvantages or risk with the policy. When I try to close this policy in 2014 Bajaj is saying that I was completely aware of the T&C and that they will return me lesser than what I have paid. All this while I was thinking it is the agent who tried to cheat me, but after emailing the Bajaj guys am sure it is the company who has 0 ethics. They are blaming it on me that i did not read the T&C, but not on themselves for mismanaging my funds to make it negative returns and for selling me products the disadvantages and hidden charges are never informed to me. These guys are terrible and talking to them makes your life even more terrible. They are snatching / deducting 12K from me on surrender charges and shameless even stating that they will give me -5% returns.I thought they would be concerned about their unethical sales practices and would consider my request by at least returning me what i paid for 0% (which is a big loss for me because if i had invested this in bank deposit i would have got 8% return) but am in grave need of money, so at least return me what i paid for. But they are just blaming it on me and finding all loop holes to snatch away12K from me..I am seriously concerned and will advice everyone not to buy from them, its not just their agents, its they who are aiding these unethical practices. ||