Through this letter I would like to draw your attention towards an ethical fraud committed by Standard Chartered Bank and Bajaj Allianz Life Insurance Company, as both came up together and sold an investment policy in the name of insurance policy to us.
Three years ago Standard Chartered Bank’s employee Mr. Raj Kumar with reference code (HY213) called up my father and offered an insurance policy of Bajaj Allianz Life Insurance Company where the customer is supposed to pay three annual premiums to Bajaj Allianz Life Insurance Company and get the benefits after three years where the customer would be allowed to either collect back all his three annual premiums paid along with the interest gained over the period of three years or he could just collect his three premiums paid early and leave the interest gained with the Bajaj Allianz Life Insurance Company to continue with the accidental death cover in future or the customer could leave all the three premiums along with the interest gained with the company and collect a good high value in the future as desired by the customer.
Hearing all these benefits offered by Bajaj Allianz Life Insurance Company and also as suggested by Standard Chartered Bank with whom we had decade long relation, my father took the insurance policy from Bajaj Allianz Life Insurance Company on my name (i.e.) Mr. Jay Ramdas Vaishnav (Policy No. 0050238464) with annual premium of Rs.30,000.00 for three years. During the second year of this policy Standard Chartered Bank again approached my father and offered the same schemes once again and made my father to take three more policies, one my sister’s name and two on his name with a huge premium to be paid for all three [Ms. Seema (policy no. 0127078911) and Mr. Ramdas Vaishnav (policy no. 0104606674) and (policy no. 0118940817)].
Things got cleared at the end of three years of the first policy taken when Bajaj Allianz Life Insurance Company told us actual benefits and hidden charges which were not mentioned to us earlier by the Standard Chartered Bank’s employee Mr. Raj Kumar with reference code (HY213). We were told about various clauses in the Insurance Policy taken by us which actually turned to be an investment-cum-insurance scheme where an investor was not allowed to collect back his amount for a period of 10 years and if at all he opts to collect back his money he would be collecting the amount with a penalty deducted from the amount he has paid to the company and also things were more horrifying for us when I investigated more about this investment-cum-insurance scheme and to my surprise I was shocked when I understood the business strategy of Standard Chartered Bank and Bajaj Allianz Life Insurance Company where 60% of the amount of customer’s first premium is taken away by Bajaj Allianz Life Insurance Company and that 60% is shared by all the people involved in making the deal possible with the customer and that includes right from the Standard Chartered Bank’s representative who calls the customer to every employee of Bajaj Allianz Life Insurance Company.
Recently when I surrendered by policy with (policy no. 0050238464) I was given an amount of Rs.70,983.00 for a three year annual premium of Rs.30,000.00 which I paid earlier to the Bajaj Allianz Life Insurance Company through Standard Chartered Bank. If the amount of Rs.30,000.00 taken on a compound interest of 8% p.a. for a period of three years would have resulted in at-least Rs.105183.00 at the end of third year.
With great minds of Bajaj Allianz Life Insurance Company and Standard Chartered Bank, I have suffered a fraud done to me by both these companies which sold us an investment scheme in the name of insurance policy committing an ethical fraud where I have no other option to get back my lost money.
So, I request you to please come forward and take up this issue as these companies with great minds are committing ethical frauds with all clauses in their favor and leaving nothing with the innocent customers.

Thanking you.
Yours sincerely,
Jay Vaishnav.

I am another victim of fraud conducted by this duo. In the similar way Chartered bank representative contacted me during December 2006 on phone and asked that Standard Chartered bank is offering a policy with Bajaj Allianz and first premium can be paid by credit card and I need not go anywhere, the policy will be sent to house address. Only after two years, I came to shocking revelation that such reputed companies like Bajaj Allianz and Standard Chartered can commit a fraud, cheating customers of 60% of the premium amount. Only Rs6000 out of R20000 was invested and rest of the money was taken by both companies. I have never seen such a policy where a company gets 60% of customer’s investment as service charge. It was total fraud in broad daylight. I am deeply shocked with this loot and taken a oath that I will never buy any product take any service from any of these companies as well as I will never promote/ suggest these companies.
I am not sure if any consumer forum can help me in this case but I definitely would like to bring this the attention of others so that they can be alert with such fraudster companies. Normally, when a customer buys a policy he goes by the explanation of the representative and reputation of the company. I think in this case they knew that people will never go through the policy clauses and once bought nothing can be done.
The conditions that were on top of fraud were that I can not take out the amount in first 3 years and in 4th year, I need pay surrender charge of 10% of fund value, on 5th year, I need to pay 2% of the fund value.
My Policy number is 0034334990 (KRAPA RAJSEKHAR).

Dear Customer,

Our representative has given you a call & explain you that we cannot guarantee you the surrender value as the unit’s prices may go up and down based on the perfomance of the underlying assets in the Funds, as the surrender amount is based on NAV (Net Asset Value) on the date of surrender. Therefore the surrender amount received by you was Rs. 56167/- which was calculated as on that day’s NAV (Net Asset Value) for further refrence ur itrack 10276463



Regards,
Bajaj Allianz

Replying to Mr, Jay Vaishnav
My family is the victim of taking several policies from Bajaj Allianz Agent, now the Agent disappear and Bajaj Allianz head office is crual, Branch where we took the policy unable to bear us because they only have to time to receive the premium and new customers.
One One Policy of Bajaj Allianz have its own kind of problem. Ultimately customer is looser. Ignorent Indian polulation is feeding Bajaj Allianz. I came in contact with many people every one complains of hidden clauses specially the clauses in english language and ambiguity. For refund when you surrander the policy they will only give you a reference number to get in tough and no any written document!!. Bajaj Allianz means absolute no/without loyality. They are not customer friendly at all.

you must also lodge a complain to IRDA because all the insurance policies get passed through IRDA and you have the right to ask them why did they thought the need of such plan with a allocation charge of 60% ,please note that you are not the only victim of the policy there are a large number of people but the difference is you have read the policy and the others have not yet done so,i can understand your pain because i am also an MDRT AGENT with LIC OF INDIA

Replying to Mr. Amitkocher
Why IRDA not issue guideline to publish the ploicy schedule in Hind and main regional languages. the policy schedule with the policy title should be given prior to the customer entering into the insurance contract, instead the agent only show the colorful broachers which no where stand as any commitment. when customer recieve the bond with policy schedule, even he wish to refuse a heavy amount like around Rs 2500 to Rs 4000 deducted by Bajaj Allianz being the stamped fee. IRDA should make appropriate Law which make the selling agent responsible with his/her valid ID for passing the necessary information to the client. Private insurance agencies take advantage of public ignorancy.

dear Mr chandani
I THINK IT DOSE NOT MATTER ATLEAST FOR YOU TO READ THE BOND IN ENGLISH,THE THING IS WE NEVER DARE TO READ THE BOND ,I HAVE NEVERSEEN THE PEOPLE READING 4 PAGE BOND OF LIC OF INDIA SO HOW COULD YOU EXPECT THE PEOPLE TO READ 20-30 PAGE BOND OF THESE PRIVATE COMPANIES MOREOVER IRDA HAVE GIVEN YOU OPTION OF FREELOOK PERIOD IN ALL POLICIES WITHIN WHICH YOU CAN CLAIM YOUR MONEY BACK.