Jan 28, 2012 07:21 PM
17517 Views
Please read it carefully and absorb it. This incident happened to me 5 years back. Mr. Tushar Kant has sold a Bajaj Allianz ULIP plan to me stating the below condition:
95% of the sum paid will be invested in 1st year, and 99% from 2nd year onward.
I was quite young and new to the field of investment. I completely believed Mr. Tushar and invested in the plan. I got the policy documents after some 1 month. Roughly gone through the terms and condition. After 2 months, got a statement and it was written that my current ac balance id Rs. 17, 000(Please note that my initial investment was Rs.25000). I was angry and surprised, called up customer care and found that there are charges like mortality charges, fund allocation charges and fund management charges. And it sums up to 30%. Means Rs.8000 is just taken by the Bajaj Allianz . Mr. Tushar told that only 5% will be the deducted as charges. I did not have any other way than continuing with it and waiting for 3 years completion. In the 2nd year, I realized that I will not be able to pay the yearly premium of Rs.25000 all together.
I visited a nearby Bajaj Allianz office (Koramangal, Bangalore) and informed them to change my mode of payment to monthly mode. They have done some calculation and told that If you want to pay monthly then you need to pay Rs.2500/month.(Even if my yearly premium was Rs.25000). I paid that. After 1 month, from Bajaj Allianz, PUNE office someone called up and told that your policy is in lapse state and to renew, immediately pay Rs.22, 500. I was shocked and explained them everything. But the reply I got was, “mode/tenure of payment can be only changed in beginning of the policy year and you have to pay Rs.22, 500, otherwise your policy will lapse and you will not get anything”. I didn't have the amount at that time.
For a long time, I have sent them e-mail, spoke to Koramangal branch office on why they did not inform me about the procedure. All in vain. I lost all my hard earned Rs.25000(at that time my salary was Rs.13, 000). While coming back from the Koramangal branch office, I just had a look on their notice board where each agents commission for that month(or quarter. I don’t remember) was mentioned. The amount was ranging from Rs.8, 000 to Rs.37, 000. I thought in dismay, “my hard earned Money, my two months’ Salary”.
That time it was me. This time it may be you. Be careful of Mr. Tushar and Baja Allianz.
