I bought this Bajaj Allianz product (Policy no 0186092075) as a single premium product nearly two years ago. I had just changed my jobs and received some funds from my PF account into my Standard Chartered Bank saving account. My relationship manager at the Standard Chartered Bank came to know about this and promptly brought a Bajaj Alliance executive, Manish Sharma to my residence and together they sold me a general life insurance product with a maximum maturity tenure of 25 years as a single premium (Rs 50, 000) product.
The policy document did not arrive on time, and when I started calling the agent from Bajaj Allianz, Manish Sharma, he e-mailed me a scanned copy of the premium paid certificate from his ID
manish.sharma082@scb.bajajallianz.co.in for my IT returns. Several months passed, my documents still did not arrive, even though I was following up the matter consistently with both Manish Sharma and the Standard Chartered executive.
Finally after a gap of nearly six months, the duplicate certificate of this policy were couriered to me but I felt shocked to discover that my window period for reviewing and cancelling the policy had already expired.
More stock was in store, when six months later, I started receiving reminders on premium renewal, asking me to deposit another Rs 50, 000 in premium. My inquiries with Bajaj Allianz revealed that I had to pay at
least two more premiums or my policy would lapse and I would not be able to recover anything. I also learnt that the executive who had sold this policy to me had also quit the organization.
My contention is that I do not wish to pay any more premiums and I certainly don’t want to remain invested with such a fraud organization – an organization I had no prior relationship with - for 25 years!
I could not have reviewed the policy within the stipulated period of 15 days - because I did not receive the policy. Even the duplicate copy that I received, arrived six months later, after making several complaints to their branch office - I have records of all those emails. Why their agent sold me a 25 year tenure (max),
without understanding my needs as a customer is also beyond me.
When I wrote to the IRDA ombudsman on the email printed in the Bajaj Allianz policy document, with a copy of all documentary evidence, the gentleman there informed me that my case does not fall under their jurisdiction. My father is in the hospital, needing a pace maker, and I am requesting for a refund of my principal, but my requests are falling on deaf years – that’s how heartless this company is!