[Resolved]  Bajaj Allianz — SCAM By Bajaj Allianz : Organized Mis-Selling

Address:

Bangalore, Karnataka

Bajaj Allianz Life Insurance is cheating the customer; Read the story of SCAM in full and share it with your friends Bajaj is misguiding the costumer with falsifying the claims thus mis-selling the policy. I am contesting this case of mis-selling the policy with wrong claim of protecting the regular investment with guaranteed return. That the TAG line “Regular saving is the best tool to protect ones family. We at Bajaj Allianz Life Insurance realize the value of your saving and present a non-linked, participating regular premium endowment plan, which will help you to save regular amounts for a safer tomorrow. Also get extra benefits with Guaranteed Additions of 4%of sum assured at the end of each policy year. " in the policy document clearly stated that the policy holder would get extra benefits with Guaranteed Additions of 4% of sum assured at the end of each policy year. However, the policy document does not throw light on the manner the ‘sum assured’ is computed and suppresses the fact that ‘sum assured’ is net regular premium paid by adjusting all the charges towards insurance. The complaint is that Bajaj Allianz is denying the fact of protecting regular premium and forcing it to be deemed as Sum Assured. This is completely an organized mis-selling by hiding / twisting the facts. They are trying to sell the policies to customers with malafied claim, misrepresentation and mis-selling in organized way. This is SCAM of Bajaj Allianz. I request IRDA to that a strict action can be taken against Bajaj Allainz to cancel this plan as a whole and return money to all policy holders. Recently IRDA has issued a similar notice to another Insurance company for mis-selling the policy