[Resolved]  Bajaj Allianz Group Unit Gain Policy — Company disagreeing to provide free look cancellation

Address:

North East Delhi, Delhi

I recently subscribed to Bajaj Allianz Group Unit Gain Policy No:[protected] with an annual premium of Rs. 50000/-.
My membership number is:[protected].
Although, the date of commencement of policy was April 12, 2011, but I received the policy on May 20, 2011D (By DTDC consignment no. Z[protected]. After going through the Insurance certificate I found a few things doubtful. Hence I logged into my policy account and found that entire money (Rs. 50000) was invested in portfolios as specified. I found it doubtful as no charge for policy maintainance, mortality charge or fund management charge was deducted. Neither the number o[censored]nits allocated were mentioned (It was mentioned as 0.00).
I thought of confirming the fund value and to my shock it was only Rs. 30720/-. It was not mainly because of loss in the fund but because only 65% amount was allocated towards the fund.
Hence I decided that I have to return this policy. When contacted with the insurance company they mentioned that there is no free look period in this policy and that I can only surrender the policy by paying 7% of total fund value.
When I went through IRDA guidelines, I came to know that according to "Insurance Regulatory and Development Authority (Protectio of Policy holders' Interests) Regualtion, 2002", Clause 6(2): "While acting under regulation 6(1) in forwarding the policy to the insured, the insurer shall inform by the letter forwarding the policy that he has a perios of 15 days from the date of receipt of the policy document to review the terms and conditions of the policy and where the insured disagrees to any of those terms or conditions, he has the option to return the policy stating the reasons for his objection, when he shall be entitled to a refund of the premium paid, subject only to a deduction of a proportionate risk premium for the period or cover and the expenses incurred by the insurer on medical examination of the proposer and stamp duty charges".
Clause (3) states that "In respect of a unit linked policy, in addition to the deduction under sub-regulation (2) of this regulation, the insurer shall also be entitled to repurchase the unit at the price of the units at the price of the units on the date of submission".
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The Bajaj Allianz customer care mentions that they have a waiver from IRDA about not providing free look cancellation. I want to know if this product is sold as an insurance product and ULIP, what is so special about it that IRDA has waived it from free look cancellation.

I am interested in free look cancellation. Please help