[Resolved]  Bajaj Allianz Life Insurance Co Ltd. — NO ECS DEBIT OF PREMIUM FOR 4 MTHS & NO RESPONSE FOR 5 MONTHS

I am a holder of a Bajaj insurance policy holder. (Policy no.[protected]

This Policy started on 28-Aug-07, where from 1 premium was deposited thru cheque. The payment mode selected was an ECS debit from my Bank A/c. The same was filled up in form, it also told and understood by bajaj representative. After receiving the policy papers I see that the payment date is 28th of every month.

After that i maintained the balance in my a/c for every month debit, due to some address issue i was not able to get my quaterly statement from my bank. The balance in my a/c was never insufficent or gone below 3000/- for a bounce back of ECS. And moreover on the payment date it is never out of balance, but then also I received a letter dt. 12-Nov-07 on 26-Dec-07 (after 45days of letter date) stating that the ECS was bounced due to some reason. That communication was sent to me after 5 monts of my starting of my policy.

I have checked my A/c statement and cross verified that the balance was never insufficient on payment date i.e. 28th Oct 07, then how come it can get bounced, to my utter surprise and horror after 28-Aug-07(Cheque payment) there is no debit on my a/c and no policy payment being debited till date from my a/c. How this can be possible when I have opted for a payment mode and same was not been actioned by bajaj. To get the clarification i had written a mail to bajaj on 9th Jan 08 (mail enclosed below), but since that day there has been no clarification or justification for my complaint.

At the time of filling up the form the bajaj agent went up to my bank and had taken the mandate, this was confirmed by him to me same day on phone (Deepak) who is not contactable now.

Despite this all, as to save my policy from getting lapsed i forwarded my March '08 premium amt thru cheque 447997(citi bank) for amt. 3000/- on 7th March 08. But despite accepting this premium they returned it informing me about past payment and informing me of its lapse status. THIS INFORMATION LETTER WAS EXPECTED IN MONTH OF SEP '07 FROM BAJAJ, WHICH THEY HAVE FAILED TO SEND.

I asked the below questions to BAJAJ for clarifications. Even on calling the call centre, i get incomplete reverts. I am constantly following up with bajaj for a solution and even asking compensation, but the deaf ears has not given any clear response.
I ADVISE TO ALL IS TO NEVER GO FOR INSURANCE WITH THIS FRAUD COMPANY.