Clarification regarding early withdrawal of Annuity Pension Plan
Pension Gurantee Policy ([deleted]) was issued to me against maturity of my Unit Linked Policy no policy number: [deleted] by Bajaj Allianz Life Insurance Company . During the time (20 July 2018) of settlement of the claim of the said policy number: [deleted] the Bajaj Allianz Life Insurance Company employee Mr. Anirban Mukherjee at their Kolkata office made me sign a blank form, without indicating the options available.
Subsequently, I did not receive my new policy [deleted] inspite of sending several emails and calling up their toll free number. Finally upon intimating them that I will move to consumer court, the policy was dispatched and received by me on 16 February 2019.
Upon receipt of the policy, I found the annuity offered by Bajaj Allianz Life Insurance Company is very less (even less than the normal savings bank rate of interest). I wrote back to them for free look cancellation within 15 days and the policy document was submitted to Bajaj Allianz Life Insurance Company office at Lajpat Nagar Branch for refund of amount. Bajaj Allianz Life Insurance Company is now not refunding the amount.
Upon reading the provisions of the principle document from their website, I understood that there is also an option of choosing the annuity from any other insurance company in open market. I wrote back to them to issue me a policy (Jeevan Akshya VI) from Life Insurance Corporation of India Limited as the return is good and the company is also well trusted. They are neither refunding me the amount back nor issuing a policy from the open market.
Even I wrote back to them to allow me forclosure of the policy which also they are not allowing.
The policy bond is also with their Lajpat Nagar branch. I feel the following:
1. Mis-representation of facts by their Kolkata branch employee Anirban Mukherjee
2. Asking a consumer to sign a blank proposal form.
3. Not sharing a copy of the filled up form with the consumer.
4. Not explaining the options available to choose annuity plan from open market.
5. Purposely not sharing the policy document with the consumer for 8 months (so that the consumer is in dark what is being offered).
6. Not adhering to the IRDA norms of free-look cancellations.
7. Not responding to the various emails written by a consumer for grievance redressal.
8. Not allowing to foreclose the policy also.
Seeking your kind support in getting my money back with interest and also seeking compensation for such mental embarrassment and loss of time communicating with Bajaj, which would have been fruitfully utilized for financial gains. Best Regards
Asked 5 years ago in Business Law