Bajaj Allianz ULIP plans

POSTED BY Rajaram ON April 13, 2012 3:10 pm COMMENTS (2)

One my friend took Bajaj Allianz ULIP plan (New Family Gain) on 28/3/2008. The first year allocation rate was only 30%. He had invested Rs.12000 yrly basis. On 2nd year he paid his premium late by 6 month and he found that 632 units worth Rs.11564 were deducted from his account. After paying premium of Rs.48000 for four years now only Rs.27634 is balance on his account. He feels cheated and want to take up this issue with authority.
Pls suggest me whether he can take this matter to IRDA or any other forum for some action
Regards
R.Khose

2 replies on this article “Bajaj Allianz ULIP plans”

  1. Dear Rajaram, from the details provided by you, I feel your friend is not in right position. In the 1st year itself the allocation rate was merely 30% that means only 3600 Rs. out of the prem. amount of 12000 Rs. were invested. As you posted the date of policy is 28 March 2008, it was the time, the share market was declining & to top it up, your friend forget or could not pay hi 2nd yly prem. in time.

    So based upon the above facts, please do check with the insurer first for those 632 units deduction & then only think for any action.

    Thanks

    Ashal

  2. Ramesh says:

    First ask the Bajaj Allianz guys for the details. And check those with the policy document which your friend has.

    Then, if there are major discrepancies, you can take the matter up with the insurance ombudsman.

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