Bajaj Alliance
Deduction of unnecessary amount

Respected sir / mam,

I had purchased insurance policy no - 37724102 from Bajaj Alliance from siliguri west Bengal six years ago in the year 2005.As per SEBI rules insurance holder have right to withdraw 100% of his amount after 5 years without any penalities and charges, And the same information was given by the company to me, But today when Ia m in need of money in 2011 in the month of march, companies manager are not willing to return me back my sum invested

I have invested Rs. 30000 in three yearly instalments. Now after 6 years I need money but manager is not willing to return me back whole amount. He is telling me that 55% of first instalment will be deducted from your amount.

Sir do you think it is right? According to SEBI any mutual fund insurance holder can withdraw his / her 100 % amount after 5 years.so why are they charging me Rs. 5500 to withdraw the amount??

They also told me that do whatever you like we are not bothered. No one can do anything go wherever you want. So I finally thought to take consumer forum help and im sure matter will b etaken into consideration

Please take the matter into look

Thanking you

Yours faith fully

Subhash goyal

Siliguri