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Unlinked Plan with 100% penalty

Location/place: Bangalore

Name of company/service: Bajaj Allianz

I purchased Bajaj allianz unit link policy wherein I have to make 10,000 yealy premium and after completion of 3 years if we are not interested can withdraw the amount as per the market condition. Agent from Bajaj allianz told us that if you are not able to pay premium for 2nd or 3rd year, you need to wait for 3 years and after that the amount as per the current market value could be withdrawn.

When I spoke to cutomer care, they said as you have not paid 2nd and 3rd year premium eventhough after 3 years they have penalized 100% of the premium paid in the first year (i.e 10,000).

Basically I’m not able to get what I have paid as a premium 4-5 years back.

How to get my money back. This company/ company’s agents are misguiding people and making them to invest. There is no guarantee for our money. I strongly don’t recommend investments in Bajaj Allianz henceforth for my family members/relatives/Friends.

I had a frustrating experience with Bajaj Allianz by losing the initial premium paid (Rs.10,000).

Please guide me how to get my money back.

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  1. 8 years ago

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