[Resolved]  Bajaj Auto — forcing borrower to buy insurance policies

Address:

Gurgaon, Haryana, 110063

Dear sir

My loan application is sanctioned from dhfl vide application no. 01892186. At the time of applying loan, i have not opted for any insurance but now i received a call from your executive mr. Ashok (Gurgaon branch) who is trying to sell lot of insurance policies to me. To my knowledge, insurance is not mandatory which was also confirmed by your customer care executive mr. Kiran on[protected].

Mr. Kiran has given me reference no. Srsan01572306. He told me that there are five insurance - property damage, life insurance, family floater, critical illness and personal accident. Out of total 5 insurance, first one i. E. Property damage is mandatory one and other 4 are at the option of borrower. Even he told me that we at dhfl will try to sell our all products and it is purchaser who have to decide what to purchase and what to not.

Your executive mr. Ashok is trying to sell me all insurance whose total premium is costing around rs. 1, 00, 000.00. Now mr. Ashok is asking for business head approval for not doing any insurance.

For your info, i already have my life insurance cover, critical illness cover, personal accident cover and family floater plan. When i have already paid for my insurance then why there is a need to buy it again. Insurance are taken to cover the risks associated with individual in the event of any natural calamity like death and in case of death, my term plan insurance will come into picture and all your outstanding liabilities will be paid from proceeds received.

Now you tell me is it good professional practice of doing these type of things with customers? I request you to please take it to escalate it to your top management failing which i will cancel my loan application with you. Same loan can be processed by india bulls at lower interest rate and that too without insurances.

Dear sir

I called your executive on 4th sep 2018 and she told me rs. 57, 265.00 has been added in my loan account on account of three insurance-

1. Life insurance - rs. 28, 084.00
2. Property insurance - rs. 20, 013.00
3. Critical illness - rs. 9, 168.00

Your executive (Miss urmila) told out of two insurance, 2nd and 3rd insurance can be cancelled by borrower but not 1st one but your branch executive mr. Ashok from gurgaon branch is saying that without all insurance, we can't disburse a single penny of loan. Now you tell me, is your branch executive is having some different policies and dhfl customer care executive have some different policies. No-one is ready to share where it is written that i have to take insurance from dhfl. She told me that its dhfl rule, how dhfl can make its own rules other than other financer players in industry.

Even there is written on your sanction letter that borrower may opt one or all insurance from dhfl or buy it from open market.

I request you to cancel my all insurances. Urmilla has given me reference complaint no. Ccdis01591364 for this call. I need a solution from your end.