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aaaaarrrrr (employee)     19 January 2017

Foreclosure of the policy

To                                                                                                      Dated 12-01-2017

The Grievance Redressal Officer,

Bajaj Allianz Life Insurance Company Limited,

GE Plaza, Airport Road, Yerwada,

Pune – 411014.

 

Sir

 

              Sub: Termination of Policy No. 0020804774

              Ref : Your letter dated 8th December 2016.

 

With reference to above mentioned letter I have received a cheque for Rs. 530/- of axis bank ltd 833457 on 27th December 2016.

 

By seeing your letter I have shocked because you have terminated the policy without any information by mentioning in the letter that policy has been terminated due to non-payment of regular premium during the revival period of two/three years from the due date of the last unpaid premium.

 

In this regard I would like to submit the following:

 

  1. I did not received any letter from your office for any due to amount for the payment of premium since the policy taken from 26-05-2006.
  2. At the time of policy issuing your agent informed that if I have to pay premium for 3 years from the commencement of policy, after that even though I have not paid the premiums the insured amount will be paid to the nominee at the time of death.

 

As I have paid premiums Rs. 20,000/- per year for the above policy for a period of 3 years and I did not receive any letter to pay premiums for death policy I request you to renew my policy for death coverage otherwise I will approach consumer court or any appropriate court for the termination of the policy without any information.

 

Thanking you.

Yours faithfully,

A. RANGADHAM

Flat no 104, Sanjana Apts,

Near 133-S.R.T, S.R.NAGAR,

HYDERABAD - 500038

 

Sir can any body suggests I have replied to their letter, but no reply was received for unit linked policy.



 8 Replies

Kumar Doab (FIN)     19 January 2017

Escalate to next official as mentioned in policy bond.

Did you get copy of proposal form and benefit illustration in/as a part of  policy bond?

Did you sign blank proposal form?

Did you sign on benefit illustration alongwith proposal form?

What is PPT chosen and signed by you?

 


(Guest)

Proper case history with appropriate background, not the representation, is necessary for any purposeful opinion.

 

Suri.Sravan Kumar (senior)     19 January 2017

pl read the terms and conditions of the policy and post your qry again.

Kumar Doab (FIN)     19 January 2017

Post reply to the points raised and full details. 

arpit291087   05 June 2017

Originally posted by : aaaaarrrrr

To                                                                                                      Dated 12-01-2017

The Grievance Redressal Officer,

Bajaj Allianz Life Insurance Company Limited,

GE Plaza, Airport Road, Yerwada,

Pune – 411014.

 

Sir

 

              Sub: Termination of Policy No. 0020804774

              Ref : Your letter dated 8th December 2016.

 

With reference to above mentioned letter I have received a cheque for Rs. 530/- of axis bank ltd 833457 on 27th December 2016.

 

By seeing your letter I have shocked because you have terminated the policy without any information by mentioning in the letter that policy has been terminated due to non-payment of regular premium during the revival period of two/three years from the due date of the last unpaid premium.

 

In this regard I would like to submit the following:

 


I did not received any letter from your office for any due to amount for the payment of premium since the policy taken from 26-05-2006.
At the time of policy issuing your agent informed that if I have to pay premium for 3 years from the commencement of policy, after that even though I have not paid the premiums the insured amount will be paid to the nominee at the time of death.


 

As I have paid premiums Rs. 20,000/- per year for the above policy for a period of 3 years and I did not receive any letter to pay premiums for death policy I request you to renew my policy for death coverage otherwise I will approach consumer court or any appropriate court for the termination of the policy without any information.

 

Thanking you.

Yours faithfully,

A. RANGADHAM

Flat no 104, Sanjana Apts,

Near 133-S.R.T, S.R.NAGAR,

HYDERABAD - 500038

 

Sir can any body suggests I have replied to their letter, but no reply was received for unit linked policy

 

 

 

 

Complain to irda and file a mail to everbody in the matter including insurance ombudsman

 

arpit291087   05 June 2017

cant understand the matter properly please give full detail , u r saying u have not paid 3 years premium and also want coverage

Kumar Doab (FIN)     05 June 2017

You have not posted reply to the points raised and full details. 

What is the reply of insurer to your above mentioned reply!

Kumar Doab (FIN)     05 June 2017

The policy has been terminated hence there may not be any Sum Assured to cover death.

Apparently it is case of Misselling.

You need to prove.


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