Bajaj Allianz life insurance co
Cancellation Charge taken beyond extreme level

Hi,

I am Rahul Handa. I had taken Bajaj Allianz's 'Sarvae Shakti Suraksha Policy' on 27th-Dec which has tie up with Citi Bank.

My monthly premium for this policy was Rs.3000.00/-. Before taking this policy I had been informed that if in future I cancel this policy, I have to face a cancellation charge up to 7%. i.e. 7% of the total amount accumulated would be deducted from my Citi account.

However, this thing did not happened as assured.

Because, I had paid premium (monthly Rs3000.00/-) for 4 months (Dec Mar) i.e. total amount paid was Rs.12, 000.00/-. After cancellation of the policy which was in April (exact date not remember), I have received a refund on 23 May an amount of Rs.7047.00/- ONLY. That means more than 41% of deduction took place from the total amount. i.e. almost Rs.5000.00/- had been deducted which certainly is much more than expected.

Now, on account of this, my Citi bank representative had a talk with Bajaj Allianz people and they are saying its

"mortality charges", which had been deducted.

However, I was not informed regarding this mortality charges earlier neither by citi bank representative nor by Bajaj Allainz people.

Please co-operate me ASAP to get my refund (i.e Rs.5000.00) back.

Thanks & Regards,

Rahul

Company: Bajaj Allianz life insurance co
Country: India
State: Maharashtra

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