Hyderabad: Mukku Yashoda from Ranga Reddy complained to the Consumer Forum against Bajaj Allianz Life Insurance who she said had fleeced her. She stated that she was lured by the rosy picture painted by the company’s salesman who said that Bajaj Allianz New Unit Gain Regular policy was suitable for her and that it is a flexi policy that can be withdrawn at any point of time.
The salesman had informed her that the entire amount paid will be refunded and the life insurance coverage would be a sum of Rs 4,08,000. As per the terms of the policy, an annual premium of Rs 12,000 was to be paid for a period of 20 years and in the meanwhile, if the complainant did not survive, the nominee would get the assured sum of Rs 4,08,000.
The complainant paid the first premium on September 11, 2009 and on receipt of the same, she noticed that the entire policy had several errors, beginning with her nominee, her husband, whose name was mentioned as late Ramulu R, whereas the actual name of her husband is Mukku Chandraiah.
The complainant waited accordingly and paid the second premium of Rs 12,000 on September 17, 2010 and asked for a receipt with the correct information. However, the receipt did not have the correct information either. When she demanded a refund, she was given only a part of the amount paid. She had not been told about the deduction when buying the policy. She approached Bajaj Allianz repeatedly and was told that she was asking for a refund before the “lock-in” period
The company contended that Yashoda had signed a form declaring that she had read and understood all the nuances of the policy and moreover she had paid only two premium amounts which meant that her policy had lapsed and was foreclosed for non-payment.
The Forum observed that the company just sent out an insurance agent who took necessary documents from the complainant and filled out her forms without disclosing the nitty-gritties of the policy and did not correct their errors as well. The company was ordered to refund Rs 24,000 with interest at nine per cent per annum with effect from December 19, 2015, along with costs of Rs 2,000.
