How To Get Rid Of Toxic ULIP?

POSTED BY Debaprasad Bandyopadhyay ON March 16, 2013 7:54 pm COMMENTS (6)

Sub: Filing perjury, breach of contracts case  etc. against the agents and witnesses of the ULIPs of Bajaj Allianz Insurance Company and Standard Chartered Bank, India


“I shall not commit the grievous sin of losing faith in Man”.

                                                                                           –“ Crisis of Civilization”, Rabindranath Tagore 


This is to inform you that I have four policies with Bajaj Allianz Insurance Company. All the policies were mediated by the Standard Chartered Bank, Kolkata, West Bengal, India.


(Standard Chartered Bank, India is a licensed Corporate Agent of Bajaj Allianz Life Insurance Company Limited vide composite license number ABL : 1096736.) 

The policies are as follows:


POLICY NO. 0160209908

DOC 20/03/10.

AGENT: Arnab Sengupta

Agent Code: 5111012820

WITNESS: Debabrata Choudhury



POLICY NO. 0132842390

DOC 28/08/09

AGENT: Sharmishtha Das

Agent Code: 5111006665

WITNESS:Rupanjan Chatterjee



POLICY NO. 0000318843

DOC 26/04/02



POLICY NO.0184158148

DOC. 17/03/11



Acronyms: DOC: Date of commencement; DOM: Date of Maturity; SCB: Standard Chartered Bank


The allegations are against the following witnesses, my trusted above-mentioned Bank’s faithful employees and my ex-friends, who had signed my policy documents along with me:

  1. Debabrata Choudhury

Cell: 9830185334

Standard Chartered Bank, Shyambajar Branch

21 A R. G. Kar Road, Kolkata-  700004

Name not written in capital alphabet in the bond

  1. Rupanjan Chatterjee

Cell phone no. not available.

Standard Chartered Bank, Shyambajar Branch

21 A R. G. Kar Road, Kolkata-  700004

  1. Arnab Sengupta

Address not mentioned in the bond

Cell phone no. not available.

  1. Sharmishtha Das

Cell: 9830470450 (Phone calls not attended by her)

Address not mentioned in the bond

Before elaborating the allegations against all these four persons, I must mention the following points regarding III and IV:

(a)     The III is normal endowment policy for my son, Akhar Bandyopadhyay and it was gifted by my mother, Late Sova Bandyopadhyay to his grandson. I do not have any allegations against this policy except low returns compared to Life Insurance Corporation of India.

(b)     The premium paid for the IV was returned to me without any compensation in October, 2012 by SCB after much battle as my allegation was the opacity of the bond—almost nothing was written in the bond, thus it had infringed Right To Information (RTI, 2005). This has a serious implications for other policies (to be elaborated afterwards)

Now I am going to elaborate my case of  “losing faith in Man(sic, sexism unintended)” I, Dr. Debaprasad Bandyopadhyay, S/o Late Sadhan Prasad Bandyopadhyay and Late Sova Bandyopadhyay of Anekanta, 23/1, JoyNarayan Banerji Lane, Baranagar, Kolkata-700036, aged 47 years, by faith agnostic, solemnly affirm in the name of the Indian Constitution, the following statements:

(c)       In the cases of policies I and II, the witnesses and agents—all of them were my trusted friends, misguided me by making false verbal promises, intentional false verbal statements and fabricating the true values of policies (Perjury IPO 191, 192, 193).

I must admit my fault that as a busy academician, it is very difficult for me to maintain my financial portfolio. Therefore, I depended on Standard Chartered Bank (SB Ac. No. 333-1-011551-7) with a full faith, trust for maintaining my financial portfolio. And lastly it is turned into a breach of oral contract  as they had made me to sign many documents without being given a chance to go through it. Thus they exploited my innocence, honesty and dependency on the bank.

Analogy: In case of intercourse with a verbal assurance of marriage and later on refusing to lead conjugal life in the context of heterosexual relationship, the event of heart balm is considered as a crime of cheating on the part of assurer. (Section 415, I.P.C. and as such prima facie amounts to an offence under Section 417, I.P.C ). If so, whyis it not applicable to other cases of cheating with verbal assurances/promises?

For this reason, let me look into the proved criminal pasts of these two service providers,



  • Involved in Beirut bombing case in 1983, though the case was withdrawn for unknown reason (2012). The same thing happened to its1992 FERA violation case (The Financial ExpressNEW DELHI, NOV 17 2012, 01:18 IST).  In the both cases, somehow they had escaped the allegations. “The estates of victims of the 1983 bombing of U.S. Marine barracks in Beirut have dropped a lawsuit against Standard Chartered Plc (STAN.L) that accused the bank of concealing Iranian transactions that could have satisfied a $2.67 billion (1.65 billion pounds) judgment.” (Reuters, NEW YORK | Wed Dec 12, 2012 8:58pm GMT)  
  • Involved in illicit drug trafficking:  The Justice Department has signed similar agreements, withholding prosecution in exchange for bank promises to tighten oversight, …Barclays and Standard Chartered. All admitted to criminal offenses; all were handed the equivalent of traffic tickets — pay a fine on your way out the door.” (Source: The Opinion Page, January 2, 2013) 
  • Involved in Harshad Mehta scam 1992 :  “Standard Chartered Bank’s draft red herring prospectus to raise $500 million-$700 million through the first-ever issue of Indian Depository Receipts (IDRs) has completely blanked out at least 15 litigations pending against it in connection with the securities scam of 1992 and a foreign exchange scandal involving the misuse of its vostro account, also in the 1990s.The prospectus has reportedly been cleared by the Securities and Exchange Board of India (SEBI), which is fully aware that most litigations pertaining to the 1992 scam are still dragging their way through the Indian judicial system. It is shocking that the Bank has attempted to avoid disclosure, given that the Bank’s deep involvement in the scam is widely known in India and the IDRs are being sold to Indian investors. What is worse, when asked about the failure to disclose litigation pending against the Bank, SEBI has chosen to not to respond to the emails marked to the entire top brass of the Bank.” (Source: Sucheta Dalal, “Standard Chartered tries to cover up its messy past, but SEBI is in a slumber “ Standard Chartered tries to cover up its messy past, but SEBI is in a slumber   April 14, 2010)
  • Involved in money-laundering in Iran  2012 : “IN A bombshell statement New York’s Department of Financial Services added Standard Chartered, a British bank, to the rank of financial institutions under siege, calling it a “rogue institution”. It accuses Standard Chartered of executing 60,000 secret transactions worth $250 billion for Iranian customers in exchange for “hundreds of millions of dollars” in fees. In a footnote the regulator also says that there is evidence of similar “schemes” with other countries subject to American sanctions, including Libya, Myanmar and Sudan.” (Source: The Economist, Aug 6th 2012, 22:07 by T.E. | NEW YORK) 
  • Standard Chartered follows dubious distinction of Citibank, 4 clients duped of crores: “ In yet another banking fraud at the hands of greedy relationship managers of the foreign banks, some employees of StanChart are believed to have duped a few wealthy clients.  According to reports, a few relationship managers at Standard Chartered Bank’s private banking businesshere have mis-sold debt securities to some of its private banking clients with a promise to buy them back at higher returns, something which is not possible under the existing regulations.” (Source: Economic Times, 30 APR, 2011, 08.45PM IST, PTI )                           

To veil all these misdeeds SCB takes its recourse to welfare capitalism that obviously maintains social hierarchy at the expenses of our hard-earned money-signifier looted by them deploying unfair means. They think that the gimmick of one-day-breakfast to the poorest of the poor is enough for eye-washing.  


  • B.    
  • “Taking serious note of violation of claims servicing regulations by Bajaj Allianz General Insurance, insurance regulator Insurance Regulatory and Development Authority (IRDA) has asked it to ’scrupulously adhere’ to the norms. …The regulator has also directed Bajaj Allianz to put in place a system so that all claim/papers/documents are properly docketed.” PTI, Jan 8, 2013 (Source: The Hindu Business Line)
  • “Bajaj Allianz to pay Rs 16.65 lakh compensation to road mishap victim’ s(Mahinder Babber) family. The tractor driver and its owner did not contest the case while the insurance company contended that the accident took place due to the deceased Babber’s negligence. The insurance company said the truck driver and owner were liable to pay the compensation amount as the driver was not holding a valid driving license at the time of accident.” PTI: NEW DELHI, MAR 06 2013, 17:04 IST (Source: The Financial Express)
  • Criminal complaint against Bajaj Allianz, Team Life Care Insurance: “Both the companies indulged in all types of violations while selling insurance policies. No policy should charge more than 40 per cent as charges from the policy amount as per the Insurance Act, 1938. But in this case almost 70 per cent has gone as premium charges. As per the Section 41 of Insurance Act, 1938, no agent whether Individual or corporate agent should employ sub-agents to sell insurance polices. With the connivance of Bajaj Allianz, the Team Life Care Insurance is indulging in such malpractices.” (Source:Corporate Frauds Watch, THURSDAY, 20 NOVEMBER 2008)

 Keeping in mind such criminal background of these two companies, I must say that their criminal mindset has been operating in all the cases of miss-selling investment policies in the name of insurance policies. All these cases have strengthened my allegations against these two companies.  


Apart from the abovementioned allegations against these two companies, I have further allegations against Standard Chartered Bank:

  • In case of House Building Loan (Floating), beware of rigging/cheating! When interest rate is low in the market, they do not decrease the rate following market! However, in case of increased market rate on interest, their action is too prompt.
  • In case of redemption of accrued bonus points for using cards, you will never get awards as the phone-banking personnel always answer, ’’That is lapsed.’’ There is no auto-credit system! Surprising!!!



  • With reference to (b), keeping in mind the precedence, I wish to get back I and II’s full investment with compensation.
  • I wish to get compensation for IV.
  • In addition to that, I need to have compensation of Rs. 20,00000 INR for causing mental agony, depression, frustration, wasting my time etc. by selling market-linked products by verbally  suppressing facts.
  • I wish to know the utilization of allocation charges, taken for I & II through Right To Information

Act (2005). I suspect that money-signifier was utilized by the same ethical fraud  (a neologism to describe writing-speaking aporia) in money-laundering among terrorists. Not only that, I have another query:  What service has Bajaj Allianz really given to deserve getting 35%-65% (covert and overt charges) of the investment over three years to administer the policy? The fund administration charge is separately levied to manage the fund, but I am anticipating fraudulent allocation of units.

  • Proper punishment of  the witnesses and agents along with Insurance company and bankers.


Lastly, I am appealing to the concerned authorities, with a good faith that to treat this type of case in holistic perspective so that, not only me but all the victims of such cheating could be benefitted. All the victims are crying for unknowingly buying ULIPs by hearing false promises from these ethical frauds. Our country, from the Vedic era, has been depending on oral transmission (archewriting in Derridean sense of the term) of knowledge and wisdom. Indian citizens are largely depending on verbal assurances. In that case, blackmailing (Sorry for this racist term that unveil white mythology) them with forms written in a small illegible letters is a crime vide “…Taking note that fine print terms and conditions imposed “unilaterally” by a company cannot be used to their advantage, a district consumer forum has asked the Standard Chartered Bank to compensate one of its clients with Rs 50,000. It has also asked the bank to “remove the hold on his account,” “credit back Rs one lakh,” and remove all annual charges. “It shows that unfair trade practices are galore and such terms in fine print cannot be read to the advantage if persons who unilaterally imposed these,” stated the order passed by the Consumer Disputes Redressal Forum (district New Delhi).” (Source: The Times of India, Jan 2, 2013, 04.41 PM IST)


6 replies on this article “How To Get Rid Of Toxic ULIP?”

  1. Debaprasad Bandyopadhyay says:

    In this way I’ve got back one ULIP from Standard Chartered Bank after almost 2 years:

  2. Dear Debaprasad, thanks for all the sharing. Please continue to enlighten all of us on how to fight ‘The Toxic Ulip Trap’. I’m really impressed with you. Please do not leave the matter here. In future also whenever there ‘ll be a case of ULIP Mis-selling/mis-buying we w’d like to hear from you to help the victim. Please keep visiting forum.



  3. Debaprasad Bandyopadhyay says:

    1. “Beirut bombing & all other things’ linkage with your mis-buying. You made a choice for 4 policies.”— these criminal evidences against SCB strengthen my case. In the judiciary, past of the alleged person or company helps to understand the further misdeeds done by the same. Why should a proved criminal be allowed to operate in public domain?
    2. I’ve already reported it to everyone.
    3. Why did SCB returned one of my policies after one and a half years? That was also mis-sold. That was my battle.
    3. It is my campaign against such debauch.Many people are crying. In this case, my answer would be as follows:

    Trapped in ULIP? Duped by your agents/bank/witnesses? Policies were miss-sold by exploiting your innocence? Is your own signature betraying you? What shall you do? Before reading the tips, please remember that law is made by human beings and laws has been changed time to time according to the human need. If powerful people have misused it, don’t keep mum– please protest—those ethical frauds are sucking your hard-earned money.
    Now let’s start our journey:
    1. Open your policy documents, find out the details of witnesses and agents. If you do not find it in the bond, ask your concerned customer care.
    2. File cases against them for misleading you by providing you with false verbal statements/promises under Perjury IPO 191, 192, 193.
    3. If your policy was issued by your bank, your supposed financial adviser, complain against your bank for breach of contract under Section 415, I.P.C. and as such prima facie amounts to an offence under Section 417, I.P.C.
    An analogy: In case of sexual intercourse with a verbal assurance of marriage and later on refusing to lead conjugal life in the context of heterosexual relationship, the event of heart balm is considered as a crime of cheating on the part of assurer. If so, why is it not applicable to other cases of cheating with verbal assurances/promises? If tremendous public pressure may compel government and judiciary to consider this analogy in deploying above-mentioned IPO, IPCs in case of mis-sold ULIPS.
    4. Following the rules of RTI 2005, spend Rs. 10 to know the utilization of your allocation charges. You must know that no policy should charge more than 40 per cent as charges from the policy amount as per the Insurance Act, 1938. But in major cases almost 70 per cent has gone as premium charges. As per the Section 41 of Insurance Act, 1938, no agent whether Individual or corporate agent should employ sub-agents to sell insurance policies. Please note that the fund administration charge is separately levied to manage the fund.
    5. Now it is time for your tiresome journey to strengthen your case—you have to google the messy past of your concerned insurance company and bank. I am sure that you must get the history of money laundering, drug trafficking, terrorist activities, scams, scandals, fraudulent transactions, forgery etc. After all, banking is the greatest scam on the earth. You are clean but they are not!
    6. You have to cite precedence of cases that went against banks, service providers’ mis-selling of such toxic policies. (I myself did that in case of Bajaj Allianz-Standard Chartered Bank collusion cf. )
    7. No, you don’t have to go to the court for this—you can do it online with the help of IRDA, Akosha (you may have to pay a little amount, if you wish of course, here for executing your case), Hello Peter, Consumer Court, Policy Complaints, Grahak Seva, Grahak Suraksha, Core Center, Consumer Complaints, Mouthshut etc.
    8. And also write to your service provider’s Customer Care Service demanding a calculated compensation for causing mental agony, depression, frustration, wasting time, obstructing your duty etc.
    9. Spread your plea to different social media sites—as many as possible. It is part of your campaign against a rogue, a thug, a con… Post your research on their messy past on their social media site. They will surely block you, but that’s your strength. And that blocking would prove that you are in right path and they are scared.
    10. Apart from such individual effort, dear victims of ULIP, be unite by creating only one pressure group and I am sure of glorious victory. The Occupy Wall Street Movement told us that no Bankers are too big to jail! Initiate a movement against Dalal Street (if you wish) to save your progeny from the necessary evil of money to money-signifier circulation (m-m’)
    We shall overcome. Best wishes to all of you—even my worst enemy, the bankers and private insurers. satyameva jayate.

  4. Dear Debaprasad, are we (Manish, Ashal, Ramesh, Pattu, ……) the employees of SCB? Had we sold these ULIPs to you? You took a lot of efforts to draft this post but all in vain. From whom are you demanding compensation in this forum? Had you put even 10% hard work (that you put now to draft this post) at the time of purchasing your policy, the result could be different.

    I’m unable to understand the Beirut bombing & all other things’ linkage with your mis-buying. You made a choice for 4 policies. Out of which 2 turn out as per your imagination & other 2 not. Who is to blame for this? Dear FFC is feeling sorry for you but I’m not at all feeling same (although I do feel sorry for most of the time) . Why? For the fact that there is too much noise in your post & too little content. Instead of wasting your precious time to draft such a lengthy post, had you put up a simple request regarding the past situation & correct workable solution, all of us w’d have tried our best to help you. Alas, you missed the opportunity. After going through all your post, I was unable to understand your misdirected anger. If you are so much in pain due to SCB, the option is to knock at banking ombudsman. For your pain due to Bajaj Insurance co. there is Insurance ombudsman. Please file your complaints there.

    It’s my personal suggestion to you that instead of all over the world for your complaint, please stick to your basic problem so that the person on the other side of the table can understand your pain & help you.

    If you feel, I’m preaching too much to you & not providing any clear cut solution for your problems. I’m sorry in advance.



  5. Debaprasad Bandyopadhyay says:

    Pl. note the provisions in IPC for escaping such situation:
    My allegations are against the witnesses & agents, who had signed & thus equally responsible…(Perjury IPO 191, 192, 193). Lastly it is a breach of oral contract between Stanchart & myself. It is a crime of cheating under (Section 415, I.P.C. and as such prima facie amounts to an offence under Section 417, I.P.C.
    Laws are reinterpreted & there r precedence of returning money with compensation in many cases cf. case cited in the last para.

    No Bankers are too big to jail.

  6. I am sorry about your situation. However
    “they had made me to sign many documents without being given a chance to go through it”
    this will not stick anywhere. As long as you signed in full mental and physical health the responsibility is yours to insist that you read before signing.

    Please calm and down, If you keep your responses and questions to only personal finance and explain the nature of your polices there are competent people here to help you out.

    All of us make mistakes. We must learn to live and learn.

    – A fellow academic who has learnt to make the time when it comes to personal finance.

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