[Resolved] Bajaj Finserv — FPP lite health insurance cancellation issue

Laxman GR

May 9, 2024

Address: B2, Cerebrum Park, 4th Floor, Kumar City, Kalyani Nagar, Pune - 411014

Bajaj Flexi Personal Loan amount disbursed with a deduction of FFP lite health insurance premium of Rs, 15703.

I want to cancel the FPP lite health insurance policy with No:FPL[protected] in 15days Free look period as the insurance is not covering for entire loan term and not giving any financial protection [Unsatisfactory Terms & Conditions and benefits].

Customer care team/Support team mentioned they will not cancel the policy as I have given consent for insurance. Please note that I have not given consent for health insurance policy.

I have submitted ticket #SR[protected]/SR[protected], they are taking 48 working hours to resolve the issue, but by that time 15days free look period will get over.

Please cancel the Health insurance policy and refund the premium amount of Rs, 15703.

Please note I am paying 14.25% PA interest on Premium paid amount from Invoice issuance date.i.e.29/04/2024 .

Membership: Finserv Protection Plan Lite
Invoice/Policy No: FPL[protected]
Invoice Date:29/04/204
Membership start date:29/04/2024
GSTIN: 27AAFCB8340Q1Z4
Company Name: Bajaj Finserv Direct Limited

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May 10, 2024

Complaint marked as Resolved

I have provided all details and reasons why they need to cancel the policy. They have provided health product not insurance policy. but they called/mentioned it as insurance which is completely wrong. I submit request for cancellation with their support team over call and followed up through email. First I got response from the support team that they will not cancel the policy as I have given confirmation for insurance when sanctioning the loan. I replied to them, I have not given confirmation for health insurance and I have mentioned to them that the policy term is not covering entire loan period and there is no sum insured. Then they replied to my mail saying they will work on my query and provide response in 48working hours. Finally, they cancelled the insurance and adjusted premium paid amount in Principle outstanding amount. Just a note to consumers - It seems Insurance on Bajaj Flexi loan is optional.

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