I have purchase a policy from Bajaj Allianz for tax rebate purpose. I clearly told to the agent while purchasing policy that I am interested in Single premium policy only, if you have any single premium policy, just explain me and I will purchase it.
The Agent explained me about UnitGain Capital plus Gold policy, and discussed with some of his senior officer over phone and told that this policy can be taken as Single premium policy, according I have signed the policy documents with ticking on Single premium option.
First of all policy documents were delivered to me after 4 months, and I am shocked to see the policy documents that the Single Premium option which was ticked by me have been crossed and Regular premimum option have been ticked, whithout my knowledge.
I paid rs. 18000 for single premium policy and in this policy which was given to me I received units only for Rs. 13000, my 5000 rupees have been deducted as admin and other charges.
I asked the agent whether it is a single premium policy, agent told that , no, it is alright if you do not pay premium after three years you will get your money with some minor penalty, I was not satisfied by the agents I contacted Bajaj Allianz office who told me that if you do not pay regular premium on this policy which is required for atleast three years, heavy penalty will be charged after three years, almost your will get half of the money what you have invested today.
I have logged the complain to the Bajaj Allianz office, who told that the concern agent has already left our organization, we cannot take any action against him, it is better you pay the premium. I have given number of complaints and still the Bajaj Allianz staff have not resolved my complain, they are saying that since the agent is no longer with us and commission on the policy have already paid to the agent we cannot help.
This is a clear case of cheating and fraud by the company, after taking my hard earned money, the company is now not taking responsibility for the mischieves done by their employee. Agent has left the company, but company is still there, but they are interested just to take money by hook or crook, they are not responsive, responsible at all.