Bajaj Allianz Life Insurance
Deduction of chareges from my policy

Dear Sir,

I have bought a policy of Yours in March i have paid a premium of Rs.20000/- at that point of time. My money was invested in two Funds namely Accelerator Mid Cap Fund and Equity Index Fund II and i have allocated 789.2988 units and 780.3516 units of both the fund respectively. While allocating the funds you have deducted Rs. 500/- from both the Funds i.e Rs.1000/- has been deducted from total premium amount and you have allocated units for the value of Rs.19000/-. Today when i saw my account statement i found that you have further deducted certain charges through out the year and total units that is available as on 08/02 was 720.146 and 715.3981 of Accelerator Mid Cap Fund and Equity Index Fund II respectively. If i consider the intial NAV as on 08/03 i.e 12.036 and 12.174 i have suffered a loss of Rs.832.032 and 790.74 on both the funds respectively, and if i consider the NAV as on 08/02 i have suffered a loss of 1093.16 and 1078.09 respectively.

Do LIC also deduct such charges every month from the premium paid by the insurer.

Their agent did not tell me anything about such expenses at the time of making policy. When i contacted customer care today their representative told me that everything was written in the Policy Bond, so that means we have already informed you.

Could you please tell me sincerly, have u ever read the terms and conditions written in the agreement when you are investing in Shares, Mutual Funds, LICs etc

Please help me

Company: Bajaj Allianz Life Insurance
Country: India

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