Bajaj Allianz Life Insurance — Capital Unit Gain

My policy name is Capital Unit Gain. I started the policy in 2007 and now it has made a little progress. i.e. I invested Rs. 1, 50, 000 and it has grown to 2, 05, 390. From here, it is not at all growing whether the market is up or down. When it is not at all growing, units are being deducted every month promptly. They are just gnawing away the units like rodents. I fear they Bajaj Allianz will eat away all the units and will give me 0 rupees at the end 20 years if i maintain my policy with them without paying any premium after five years.

The agent, some called Chennegowda, came running from Chennapatna branch of Bajaj Allianz to meet me in Bangalore when he learnt that I am going to make some investments. He made a number of calls. While taking the policy, he clearly told me there will not be any surrender charges after five years. The greater shock came when I received the policy document first of all in a very pathetic condition where the down part of the envelop was fully torn and if the postman had been a little careless, the document inside would have fallen down and ultimately I would have been the sufferer as Bajaj Allianz mentioned in one of the bills they gave after payment of first installment that they are not responsible for any postal delays or postal losses. The unit liked Capital Unit Gain was termed for 20 years and the maturity amount was only 3, 00, 000 with a premium of 30, 000/year. I was shocked. If I paid the premium of 30, 000 every year for 20 years, I would be paying totally 6, 00, 000. I called up the agent and questioned him regarding this. He said that the company has some income tax liability because of which it is shown 3, 00, 000, but I would actually get the fund valve and gave me a respite that I could withdraw it after five years and there would be no surrender penalty. I was so unknowing about the meaning of fund valve that I understood it to be the maturity amount, besides I was happy that I could always surrender the policy after five years. Even in the Bajaj Allianz office they told there will be no surrender charges after five years. But when I called the call center and the response is I should maintain the policy for 20 years or will be charged penalties every after five years. They have the arrogance to send it in e-mail, which they did not to all the wonderful figures they promised while taking this policy in the beginning.

I had many dreams with this money as to what I would do after surrendering this policy. I wanted to start a small business, I wanted to buy a piece of land to build home in the long term or I wanted to start an petrol bunk. But all the dreams are shattered. They are forcing us to stick on to the policy by hiding the facts in the beginning and now charging heavily in the form of penalties. If I wish to maintain it with them for years without paying any premium, they will just eating away the units in the policy.

I took this policy to save income tax and now they are eating income tax amount I saved by buying this product and also eating away original money for having maintained with them for years.

I think Bajaj Allianz is a blade company like Vinvinc. So please do not buy anything from Bajaj Allianz. Also, could anyone suggest me how I can teach these bugers a lesson? Whom if I approach will take effective steps to control this way of misguiding people?

My policy name is Capital Unit Gain. I started the policy in 2007 and now it has made a little progress. i.e. I invested Rs. 60, 000 and it has grown to 45, 000. From here, it is not at all growing whether the market is up or down. When it is not at all growing, units are being deducted every month promptly. They are just gnawing away the units like rodents. I fear they Bajaj Allianz will eat away all the units and will give me 0 rupees at the end 20 years if i maintain my policy with them without paying any premium after five years.

The agent, some called Chennegowda, came running from Chennapatna branch of Bajaj Allianz to meet me in Bangalore when he learnt that I am going to make some investments. He made a number of calls. While taking the policy, he clearly told me there will not be any surrender charges after five years. The greater shock came when I received the policy document first of all in a very pathetic condition where the down part of the envelop was fully torn and if the postman had been a little careless, the document inside would have fallen down and ultimately I would have been the sufferer as Bajaj Allianz mentioned in one of the bills they gave after payment of first installment that they are not responsible for any postal delays or postal losses. The unit liked Capital Unit Gain was termed for 20 years and the maturity amount was only 2, 00, 000 with a premium of 20, 000/year. I was shocked. I was so unknowing about the meaning of fund valve that I understood it to be the maturity amount, besides I was happy that I could always surrender the policy after five years. Even in the Bajaj Allianz office they told there will be no surrender charges after five years. But when I called the call center and the response is I should maintain the policy for 20 years or will be charged penalties every after five years. They have the arrogance to send it in e-mail, which they did not to all the wonderful figures they promised while taking this policy in the beginning.

I had many dreams with this money as to what I would do after surrendering this policy. I wanted to start a small business, I wanted to buy a piece of land to build home in the long term or I wanted to start an petrol bunk. But all the dreams are shattered. They are forcing us to stick on to the policy by hiding the facts in the beginning and now charging heavily in the form of penalties. If I wish to maintain it with them for years without paying any premium, they will just eating away the units in the policy.

I took this policy to save income tax and now they are eating income tax amount I saved by buying this product and also eating away original money for having maintained with them for years.

I think Bajaj Allianz is a blade company like Vinvinc. So please do not buy anything from Bajaj Allianz. Also, could anyone suggest me how I can teach these bugers a lesson? Whom if I approach will take effective steps to control this way of misguiding people?