[Resolved]  Bajaj Allianz — Deducting High amount for surrendering Policy

Bajaj Allianz – SARVE SHAKTI SURAKSHA I had taken this policy through Citibank at the time of opening my Salary Account (May 2012) and got this Policy as an add-on but later got to know that it was this policy only that I was paying for. When I took the policy the terms and conditions (charges, validity, service tax on premium, etc) were not disclosed – It was only mentioned that 5 years will be the locking period and after 1 year I can withdraw the amount but wont get the additional premium of 8-9% for the time the money was put into the policy, however, my whole amount paid will be refunded. The premium was being deducted automatically from my salary account, and they are deducting charges (which they call “service tax”) from the premium amount, and is not being shown in any of the documents. After taking the policy there has been no communication about the policy, and premium statements from either Citibank or Bajaj Allianz, I have not received a single document from them. I logged in on the Customer Portal to see the cancellation process and see that they have added a surrender value of 17148.00 – THIS WAS NOT CONVEYED!!!!!!!!!!!! Also, the locking is changed to 10 years. Hence, with so many discrepancies, I no longer wish to be associated with this policy. Kindly advice the actions that should be taken to get the full amount (premium paid so far) refunded from Bajaj Allianz. Policy Number – [protected]