Name of company/service: BAJAJ ALLIANZ
I had invested in BAJAJ ALLIANZ investment product in Sep. 2006 for Rs. 25,000 per annum. The product details are: BAJAJ ALLIANZ EQUITY GROWTH FUND:: ULIF02924/07/06EQGROWFUND116 Dated 02/09/2006. I want to submit the following details to show how the company fool the investors and the investors get disturbed when the hard earned money of salaried officers is drained by the companies like BAJAJ ALLIANZ.
1. The first premium of Rs. 25,000 was made in 02/09/2006 and the net investment in the fund was only Rs. 7500. The Company kept Rs. 17,500 with them. This is a clear example of fraud. This fact was never explained to me at the time of entry in this policy.
2. The NAV at the entry point was 10.7320 and the unit allocation was only for Rs. 7500. This is first point of fooling the investor. Very few units were allocated when the NAV was minimum. Please investigate.
3. In 2008, when I came to know that my net worth at that time is lower than the investment, I met to the officer concerned in BAJAJ ALLIANZ office in Sector-14, Gurgaon and shown my anger. The officer concerned whose name I am forgetting explained me that you keep depositing your premium, and that you will never repent at the end of 5 years. He assured that the amount may be double at that time. This is again fooling a customer.
4. I continued till 02/09/2010 and paid my fifth premium in 2010 expecting to get good return when the NAV was 17.5432.
5. When I had to pay my sixth premium in 02/09/2011, I visited their office and could find that still my net worth is less than my investment in spite of NAV being higher then I lost my temper and stopped paying the premium. The officer there said that you have chosen the wrong product and wait for the market to rise further and then try closing your policy. This shows that company is aware of the bad product and still launched the product sacrificing the interest of the investors. A very poor show by the company which should be investigated.
6. Then on 06/07/2012, when I found that nothing is happening then I surrendered my policy for closure proceeds at a NAV of 16.9532 and getting only Rs. 1,06,230 against a total investment of Rs. 1,25,000 that too at a higher NAV of 16.9532 against the entry NAV of 10.7320. This is absolutely ridiculous and real FRAUD against me and may be many more investors. NAV has grown but not the NET Worth of my investment showing the malafide intentions of the company. It needs investigation.
I request your good office to please investigate and get me the justice in this regard so that I get the due compensation from the company on my investment and compensation for my peace of mind since 2008 when I first came to know of bad product but still continued on the false assurances of BAJAJ ALLIANZ officials of Sector-14, Gurgaon Branch. Further the company to be instructed to stop floating such product which is damaging to the interest & faith of the investors. I may mention here that I am in a very senier position in AIR INDIA LIMITED.
Thanks & Best Regards,
Anil Kumar Jain