[Resolved] Bajaj Allianz Life Insurance — Correction in the Policy bought
Important part of the communication shared with Bajaj Allianz Life Insurance is mentioned below. I want to understand if the form one think in the form is wrongly filled by the customer & executives of Bajaj doesn't pay attention to the mistake and accepts it as it is; in such a case how should the company react to it.
I had purchased a policy FUTURE SECURE SIZE 1, details as give below
Date of commencement - 28 Feb 08
Frequency of payment - HALF YEARLY
Premium paying term - 18
Instalment premium - 12000
Date of maturity - 28 Feb 26
By mistake policy frequency was selected as HALF YEARLY, would request to change the frequency to YEARLY.
Reply From Bajaj
You can change your premium payment frequency only at the time of your policy anniversary year.
You should provide application for premium frequency change to your nearest Bajaj Allianz Life Insurance Branch before one month of the anniversary year of your policy.
I agree and as stated by you the premium frequency can only be changed before the anniversary year that too when the information for this change is made one month before. But here the question is not of changing the frequency of premium but rectification of the mistake. In the application form, the points to be noticed are –
i) Premium – Rs.12000/-
ii) Multiplier – Nil
iii) Premium frequency – Half yearly
iv) Amount deposited – Rs.12000/-
It was the initial payment subject to acceptance by the company. I am surprised how the company without looking into the details of the policy has accepted the same. The amount to be deposited against the set premium cannot be double whether the frequency of premium is quarterly, half yearly or yearly. In this case the premium of Rs.12000/- was intended to be made on annual basis and not on half yearly basis though wrongly ticked and that was why I made the request to rectify the mistake. And if this mistake cannot be rectified at this stage then please refund me Rs.6000/- extra paid towards premium immediately as the half yearly premium comes to Rs.6000/- only.
Reply From Bajaj
This is with reference to your mail regarding the "Premium payment frequency".
Please accept our apologies for inconvenience caused to you.
You cannot change the premium amount payable after policy issuance, you can only change the premium payment frequency.
Complaint marked as Resolved 2020-08-14 00:14:17