In 2004 I had taken an Investgain policy thru their Bajaj Alliannz Agent Ms Sumona Ghosh based at Standard Chartered Bank, Jodhpur Park , Kolkata at an annual Premium of Rs 44070. (Policy No 4939985)
Sometime in 2008 ie after 5 years of the premium payment ,she advised me to stop the premuim and ask for a premuim holiday option . She then asked me to opt for another policy which was ulip based and a premium of Rs 1 lac per year.
Based on her recommendation I stopped the payment of the Investgain policy and took up another Policy (Policy No – 0104539470)
At that point of time I was posted in Hyderabad and I used to come to Kolkata once a year and visit my bank at Standard Chartered Jodhpur Park Branch where this girl used to operate from . She told me categorically that there is no need to pay any further premium and I would get my money back in 2016 ie on completion of my term along with Bonus. In JUne 2009 I moved to Kolkata on transfer . In 2010 I received a intimation of payment of premium I got from Bajaj Allianz. In this regard I called up SCB and got the reply from the Bajaj Allianz representative to ignore the letter as I was on a premium holiday and would get my money after expiry of the term .
In 2011 , when I received another intimation , I called Bajaj Allianz call centre and enquired about it and I was told that the policy had lapsed due to nonpayment of premium. In the intimation note there was a interest component of Rs 15424 + Rs 2003 towards Service Tax. Thanks to Bajaj Allianz after a lot of persuasion , they agreed to waive off 50% of the Interest and I paid Rs 7712 + Rs 2003 .
However, the entire correspondence for the interest waive off was going between me and their HO in Pune . The local office was not kept in Picture .
Jabeen Shaikh of Bajaj Allianz wrote back to me on 20th Aug advising me that 50% of the interest has been waived and asked me to send a confirmation.
I sent a communication requesting for a 100% waive off on the 25th of Aug and was awaiting a reply . Since there was no communication , I again sent a communication on 28th of Aug confirming my acceptance on the 50% Interest waive off offer.
I then contacted the local office who had no clue till then . In the meantime I was asked to go for a medical test MER which I carried out .
On the 12th of Sept , I received a communication from a lady at their local office that the interest has been waived off by 50% and I could pay the amount. However, I wanted to seek clarification on the calculation of Rs 141965 which Bajaj Allianz demanded towards 3 years Premium, Interest and Service Tax. This amount was after the deduction of Rs 7712 which Bajaj Allianz had agreed to waive .
I was dealing with Mr Utam Bose and I went to Bajaj Allianz office to discuss the calculation of the Service Tax . Mr Bose did not have idea and said that he would revert on the same . On the 15th Of Sept , I wrote to them and requested for clarification to explain the Service tax they levied on the amount. On 16th of Sept, Mr Uttam Bose wrote to me clarifying the Service Tax rate and immediately I sent a cheque for Rs 141965. Later on Uttam Bose confirmed to me that I have been charged with further interest by Rs 1101 due to delay in payment. I should have paid before the 15tb of Spet. For one day I am being penalised by Rs 1101. But the issue is that never in the entire discussion and process, I have been told or communicated that a delay after 15th Sept would attract interest. I think its a deliberate ploy by Bajaj Aliianz to delay the process and charge interest from their customers .
I have paid Rs 1101 towards the interest to close the matter and restart the policy . But I strongly feel that the miscommunication by the Bajaj Staff to stop the premium and go for another Policy for vested interest should have been considered .
Also the interest paid for Rs 1101 is unjustified as there has been no communication in this regard and most of the delays took place because of their poor internal communication .
Hence I would request you to please also get the amount paid towards Interest of Rs 1101 refunded along with the other Interest amount of Rs 9755 . Overall Interest Paid amount is Rs 10856.
I have all the records of the communication. All I would request you to please take up my case and get my refund paid towards interest
I hold 9 Policies of LIC and I pay all the Premiums in advance and never been a defaulter .
Request your help in this regard.