Fraudulent and incorrect information given by agent to sell the policy

Location/place: Hyderabad

Name of company/service: Bajaj Allianz super cash gain policy

Subject: Bajaj Allianz super cash gain policy number – 0295298886 – Fraudulent and incorrect information given by agent to sell the policy

Hello All,

I would like to inform here with the fraudulent and misleading information given by Bajaj agent to sell the policy (my policy number – 0295298886)

The agent name is – Manas Ranjan Sahu & Narsappa (Manas Ranjan associate)

Agent code – 2300038062

Policy serving branch at Nacharam, Hyderabad – 76.

These agents gave all the wrong information about Super cash gain policy and mislead to buy the policy with 1 lakh Rs premium per year.

Following are the details they provided on rough calculation –

1. Total premium period – 5 years ( out of which only 3 years premium payable )

2. On 4th and 5th year no need to pay 1 Lakh premium since on 4th year policy will provide 20% of sum assured (assuming 12 lakhs sum assured gives 20% of 12 Lakh = 2.4 lakhs)

3. Survival Bonus = 40,000 Rs

4. Compound reversionary bonus = 3.25 % per annum * 12 lakhs = 3900 Rs * 5 years = 1.95 Lakhs

5. Paid up capital = 0.2545 * 12 Lakh = 3.05 lakh

So on completion of 61th month the total sum returned will be = 3.05 lakh + 1.95 lakh + 40,000 = approx 5,40 lakhs (total tax free)

When asked about mention of 15 years premium they said – just pay 2% of total amount ( 5.40 lakh = 10,8000 Rs ) policy will cover the insurance of sum assured for remaining 15 years.

By having all this conversation I asked for 2-3 days to think about the same. At this they said there is 20 % cash discount offer until month end so it’s better to give the cheque and login to the policy.

I gave the cheque and they promised to give 20% cash discount after 2 weeks of policy. After getting the policy I read the terms of 15 years premium paying and called them for clarification. They said they will come in a week and explain all the clauses and also give the 20% cash back on premium paid.

After lot of follow ups and calls they did come after 1 month and gave me 16,500 Rs. On questioning about 15 years they said it’s not about premium payment but your insurance coverage.

I was not convinced and expressed concern to talk to his supervisor. At this they said “ok , we’ll go back to office and ask supervisor to call you and explain it better” .

After that they never called neither received calls. I also tried calling them by other numbers once they pick and said within 2 days agent will come to you and explain you. But that never happened.

With these incidents i got into suspicion and called customer care. They told information provided is incorrect and advised me to visit nearby office. The office person also told that agents have done fraud by giving incorrect information.

I am totally shocked to hear and couldn’t believe that Bajaj Allianz such a big name and brand will do this type of fraud with customers.

Now I am totally shattered with the facts of actual policy details . I am very simple earning middle class family man and wouldn’t not be able to pay premium of 1 lakh rupees for next 15 years.

I had thought that after getting 5.40 lakhs at end of 5 years would plan for some good education for my 3 years old daughter but all that dream is now shattered.

How could a fraud and corrupt agent from such a reputed company would do things like this to a common man? These are few corrupt people destroying the reputation of brand name ‘Bajaj’.

Due to this ongoing discussion already 15 days of look up period is lost. The fraud agents did plan it well to make customers in loop and make them lose the look up period.

My mental situation is completely unbalanced with the fear of losing hard earned money. I request you to understand my situation and cancel the policy along with refund of premium amount.

Had I known before about this 15 years payment term I would have never agreed to buy this policy. It is totally out of capacity for my financial position.