I have purchased a policy BAJAJ UNIT GAIN Plus Gold size three- ( Policy No0072620321) on 28-10-2007 with insurance cover for a period of 10years by paying the first premium of Rs one lakh . I could n’t continue the policy by paying the top up for the second and third year due dates. Last week they have sent me a letter stating that my insurance cover will be lost and they will forfeit my first premium if I don’t pay the defaulted amount within 28-10-2010.
They will not receive part payment what shall I do. I don’t have Rs 2 lakh to pay the defaulted premium. I don’t want to loose my Hard earned money . I was actually not aware that I was in such a trap. Don’t u have any plan to save me . Please advise or do something for me . I am not intending to surrender my product now. I want to save the money. they say that I have no option to pay the money in instalments. Nobody till now has advised me or sent a letter to switch the fund . When the agent came to me with the product he said that the company has fund managers and they do everything for me to save tthe money when the market goes down. Now I understand that they have done nothing with my money. And they have the discretion to do whatever they want. Kindly advise or do something for me.
Mary. C.A