[Resolved]  Bajaj Allianz Life Insurance Co. — Cancellation Charge taken beyond extreme level

Address: Maharashtra

Hi,

I am Rahul Handa. I had taken Bajaj Allianz's 'Sarvae Shakti Suraksha Policy' on 27th-Dec-2010 which has tie up with Citi Bank.
My monthly premium for this policy was Rs.3000.00/-. Before taking this policy I had been informed that if in future I cancel this policy, I have to face a cancellation charge up to 7%. i.e. 7% of the total amount accumulated would be deducted from my Citi account.

However, this thing did not happened as assured.
Because, I had paid premium(monthly Rs3000.00/-) for 4 months(Dec2010-Mar2011) i.e. total amount paid was Rs.12,000.00/-. After cancellation of the policy which was in April2011(exact date not remember),I have received a refund on 23May2011 an amount of Rs.7047.00/- ONLY. That means more than 41% of deduction took place from the total amount. i.e. almost Rs.5000.00/- had been deducted which certainly is much more than expected.

Now, on account of this, my Citi bank representative had a talk with Bajaj Allianz people and they are saying its
"mortality charges", which had been deducted.

However, I was not informed regarding this mortality charges earlier neither by citi bank representative nor by Bajaj Allainz people.

Please co-operate me ASAP to get my refund (i.e Rs.5000.00) back.

Thanks & Regards,
Rahul