[Resolved]  Bajaj Allianz Unit Gain Insurance Policy No.[protected] — Cheated by the agent

In the month of January 2006, I was approached by Mr. Neeraj Mishra – Asst. Sales Manager of Bajaj Alliance Life Insurance Company, to opt for a policy named Bajaj Allianz Unit Gain Insurance policy.

He convinced me with all the goodness of the product, and therefore I agreed to avail the same.

I was also informed by Mr. Neeraj Mishra that it was a single premium policy which will be matured after 6(Six) years and that I can get my assured sum after completion of six years of the said policy.

Unfortunately, till one year of the commencement of my policy I did not receive any Policy Bonds & certificates from Bajaj Alliance office or Mr. Mishra even after repeated queries & requests. I have tried to contact Mr. Mishra several times but all my efforts failed as he could not be traced.

In the month of February 2007, I received a letter from Bajaj Allianz stating that if I fail to pay the premium of Rs. 50, 000/-, my policy will lapse. I was really confused as I had no documents of the policy with me.

As as result, I had to contact another person from Bajaj Allianz to trace my policy papers. On 10th March 2007 I received my policy papers from an agent who informed me that it was lying in the Howrah Bajaj Allianz office.

I was shocked to find that the policy claimed 3 years of premium to be paid in a yearly basis and after 6 years it will get matured to be withdrawn. Also, the form signed by me was missing from the Bond documents.

Immediately, I contacted the officials of Bajaj Alliance office at Kolkata & Howrah, Mangalam Building, to solve my problems. The officials convinced me that they will surely help me with a solution but till date even after repeated visits and queries they have not provided any solution to it, rather they have informed me that the policy has lapsed.

The above incident has only given a very negative picture about your company but, it also has discouraged me to have further faith on such policies.