I hereby bring to your attention an act of cheat done to me. I purchased an insurance policy No. 00******** of Rs. 1,00,000/- being one time premium as advised by the Agent of Bajaj Allianz Co. in Jan- 2008 in my name. The said amount of Rs. 1,00,000/- was paid in full at the time of purchasing the policy. The term of maturity for this one time investment of my hard earned money was told to me of ten years. Thus, the date of maturity of the instant policy was 11.01.2018.
Now to my utter shock I am in the receipt of a cheque No. 000000293361 of Rs. 31,754/- terminating the policy in March, 2013. Prior to receiving this cheque I have had not received any communication explaining or advising me with respect to the said policy.
Immediately upon coming to know about the above stated mischief and a fraudulent act, I lodged a complaint on March 7, 2013 with the Bajaj Allianz Co.’s customer care number 1800-22-5858 requesting to issue me a complaint number. The Customer Care Executive with the name Mr. Sameer took on record my complaint and allotted a complaint number 39371402.
Subsequent to the lodgment of complaint, to my shock once again I have been offered an amount of Rs. 35,000/- towards full and final settlement of the Policy No. 00******** after five years against the investment of Rs. 1,00,000/-.
It is reiterated that the policy was sold as single premium policy wherein the investment done one time at the beginning of the policy was assured to become double within four years @ 20% per annum compounding interest from the date of the premium paid. It is a clear case of mis-selling wherein the policy was sold by misrepresentation, fraud, mischief and malafide intention to befool and cheat the innocent customers.
The final settlement amount offered by Bajaj Allianz Life Insurance Co. Ltd. is not at all acceptable to me.
In the light of above, kindly suggest me the suitable actions and remedies to recover my hard-earned investment.
Looking forward to your prompt advise.
Regards
Prabhakar Mani Pratap
Mob. ********60