[Resolved]  Bajaj Allianz — Policy Surrender Amount - Policy Number - [protected] (Date of Commencement of Risk 01-Oct-2019)

Hello Sir/Madam,

This is Chackravarthi.

I had taken a Home Loan for a flat purchased in Chennai (Katupakkam) from Axis Bank (Mumbai) in September 2019.
The Loan Account Number is PHR[protected].

I gave a closure request for the outstanding loan amount of Rs.33, 20, 811 on 10-Jan-2022. The loan got closed on 15-Jan-2022.

I paid an amount of Rs, 53166 (Rs.45056+Rs.8110 GST) for the Policy [protected].

Even though I surrendered the Policy within 2.5 years of my 15 year old loan tenure I got the surrender amount of only RS.16028.

I have the 2 questions

1) Why is the Life Insurance Amount very hefty?
2) Why is the surrender amount very less even though I closed the loan within 2.5 years?

I am really not satisfied with the surrender amount and one more problem is that they have credited the amount to my Home Loan Account which is already closed, I dont understand the rationale behind this?!

Very poor Customer Service for a very high premium amount.

There are other Insurance Policy Companies which charge less then half for Life Insurance even for 15 years.

Can you give me the surrender amount by calculating on a pro rated basis?

Thanks
Chackravarthi