• 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

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8 Answers

As the cancellation was done during the free look period of 15 days, Bajaj is liable to refund the entire amount paid by you. Their action of not refunding the money is arbitrary and you should serve a legal notice to them asking them to refund the entire amount with interest and compensation within 15 days of the receipt of the legal notice.

If they fail to do so, you will have to file complaint against them under the provisions of Consumer protection Act, 1986 for the the deficiency in services and unfair trade practices adopted by them when you can seek refund, interest, litigation expenses and compensation amount for the mental agony and harassment.

Siddharth Jain
Advocate, New Delhi
6303 Answers
102 Consultations

5.0 on 5.0

You can file complaint against insurance company before consumer forum and seek orders to direct company to refund your money with interest 

 

2) also seek litigation costs and compensation for mental torture undergone by you 

 

3) you can also complain to IRDA if insurance company is refusing g to offer you cancellation within period of 15 days of receipt of policy 

Ajay Sethi
Advocate, Mumbai
94520 Answers
7485 Consultations

5.0 on 5.0

Hello, 

You may go ahead and file a case against them before the consumer forum for the deficiency in services. however, you can not allege that they took sign on blank paper as legally it is expected that a sane person, when not sharing fiduciary relation, will not sign a blank paper. 

 

regards  

Anilesh Tewari
Advocate, New Delhi
18077 Answers
377 Consultations

5.0 on 5.0

You can go against them as consumer and file a complaint against them for refund

Prashant Nayak
Advocate, Mumbai
31807 Answers
175 Consultations

4.1 on 5.0

1. See you file a consumer complaint against the company seeking refund along with interest and compensation for mental harassment and litigation charges. This is clear misrepresentation and deficiency of services.

Alternatively you can also complaint before the Ombudsman appointed for Insurance companies.  

Shubham Jhajharia
Advocate, Ahmedabad
25514 Answers
179 Consultations

5.0 on 5.0

This is a classic example of deficiency of service and unfair trade practice .

Even though its employee as you have named may have acted on his own to mislead you he having been the agent of the Insurance company , it is bound by his misdeeds.

So you can file a case before the consumer forum seeking necessary reliefs including refund of money with interest damages and compensation as well

Devajyoti Barman
Advocate, Kolkata
22779 Answers
484 Consultations

5.0 on 5.0

Hi,

As per your inputs here, you are suggested to serve a legal notice to Bajaj Allianze Life Insurance Company regarding their failures and giving them 15 days time to correct the blunders committed by them. If the company is not doing needful, you are suggested to file case with consumer forum asking compensation, damages along with your amount deposited and other benefits as applicable.  

Ganesh Singh
Advocate, New Delhi
6757 Answers
16 Consultations

4.5 on 5.0

Now the latest news about the insurance related grievances is that the aggrieved party can approach IRDA with their complaint.

If the complaints are genuine, the same will be redressed properly by the authority concerned.

If you are not satisfied with the redressal machinery or process, you may even drag the insurance company to the consumer forum to get your grievances redressed.

Before that you may once again go through the policy conditions as printed in the policy document for the terms and conditions and also for the reliefs you desire to have from the insurance company.

The company cannot be held responsible for the fraud played by the agent in any manner, hence you may have to be very cautious on that aspect as well before approaching consumer forum for relief, because if there is no fault on the side of the insurance company your case will be dismissed.

 

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

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