Living abroad, I looked to my India for an investment opportunity small person that I am.
I was led to believe that Bajaj allianz term policy was something that I could invest in as they offered tax free returns, I explained that my salary was not certain but rather depended on the amount I worked as I was on a 0hr contract at the time, I was told that even if I were to pay a single premium, this would be carried over to Term, in addendum to this I was told even if I didn't pay monthly as long as I made some payments during the year it would be enough. Long story short. 5 years passed and now I want to remit my insurance, Surprise surprise, they cannot remit it to the NRE account or Overseas bank that I used to pay premiums through, but will pay to my NRO account due to which I will end up paying 40%tax on Capital gain. This is an absolute punch in the gut as I would never have sent this money to this useless company if they had written this clause in their terms and conditions... The entire investment is a loss in terms of time value and total value
