I happened to browse through policybazaar.com to know of possible investment options. Almost as soon as I entered my contact details, I received a call from their representative. I was indeed happy with the way he explained regarding the investment options to me. I was not in a hurry to purchase the policy, however, they just persuaded me to pay the first premium and book the policy as there was an exclusive offer available for a very limited time(I later discovered that this was just a lie). I was also assured that I will have a months time to decide if I wanted to go ahead with the policy. If I decided against it, I would be refunded the complete amount. I later discovered the following lies the representative told me:
The minimum amount that an NRI can invest is 15k per month.(An NRI can invest much lesser sums)
The premium paid will be tax-free.(Premium paid is taxable)
The policy will be activated in less than 2 days time and in fact, I could see the growth before the financial year closes.(I applied for the policy on 29.03.2018)
The policy is already in process of being issued, whereas they did not even receive my documents. I did send my documents to the representative whom I spoke to, as per his advice. However, it was not forwarded to the concerned department.
That I would receive a confirmation email from Bajaj Allianz immediately after I pay the premium. I haven’t received any communication or confirmation from Bajaj Allianz to date.
I received multiple emails and calls from policy Bazaar for my documents to be sent to them, even though I had sent it 5 days earlier to 2 email ids provided by them. There was absolutely no coordination between departments in policy bazaar. The staff are ill-informed and are not aware of the status of your policy even when they give you a call and waste your time. They frustrate you with their calls- I kept receiving calls asking me to send my documents even after I received a confirmation email from them that my documents have already been received.
Because of all these lies, I understood that they are not trustworthy and they proved to me that they are disorganized and unprofessional, I decided not to go ahead with the policy. I requested a cancellation refund of my amount on 05.04.2018. I received a mail confirming that my cancellation request is under process. I was assured that it will be settled within 7 working days. However, I haven’t received any response from them thereafter. Even after multiple emails and raising queries on the website, I am still waiting for their response.
I do have all the conversations, WhatsApp messages and emails saved.