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