I had invested a sum of 10 lacs in the ULIP -single premium plan in Dec 2004. The company took almost 2 months plus to issue my policies and thereafter inspite of my giving the instructions to switch from equity to cash and vice versa to the Branch Manager, Gangtok the same was not executed thus I had a loss (virtual) of Rs 2.3 lacs as the same money invested in Mutual fund and stocks would have fetched min 30 -35% returns.
WE MOVED OUT OF GANGTOK AND REACHED COONOOR.
The issue regarding taking action against the Branch Manager, Gangtok was discussed with Mr Rajiv Panda of coimbatore branch during his visit to my residence. He was trying to persuade us to buy new policies and we apprised him about our bad experiences and the reasons for premature withdrawal of the policies. Since he too represents BAJAJ ALLIANZ we asked him to take cognisance of our complaints and initiate action against the person and let us know. Further, we asked him to let us know in case a formal complaint was required from our side for him to initiate action. He assured us that an action will be initiated after he discussed the matter with the Branch Head, Coimbatore. We did not receive a reply from either of them and it was only then that my husband spoke to the Branch Manager of Coimbatore after 10-12 days. Yet there was no action/intimation of an action, the second time he asked them for the email id of the top management. An email was sent the same day but it came back undelivered.
My husband was very confident that after his discussion with the Branch Manager and Mr Panda there will not only be prompt action but also an intimation about the action. We had not invested the money anywhere as we had promised Mr Panda that Rs 11 lacs will be invested back with BAJAJ ALLIANZ only.
You will understand that we did not want to approach the top management if redressal to our grievances was handled at appropriate levels. But, there has been no action at all.
With regards to the withdrawal of the policies. though it took you 7-10 days to remit the money we expressed no complaint against Coimbatore Branch or the services given by them.
Finally, Inspite of our request they have still not given the email id of their CEO Mr. Kamesh Goyal and the Country Head Mr. Sam Ghosh.
The branch managers lied that the switch was executed and when asked about NAV told false NAV. On requesting for premature withdrawal the truth came out. I complained too but there was no action.
The company and people lack commitment and are shamelessly trying to achieve personal targets by cheating people.
The promises are tall but after you give them the money they just turn their face on you.
There is NO after sales service.