.Bajaj Allianz mis selling?

My mother invested in Bajaj product called “New Unit Gain Easy Pension Plan”. She was lured by agent at the time of investment in 2006. Unfortunately agent given incomplete information & big talks about the product.

Agent left Bajaj and disappeared. After 5 years finished about a week ago my mother went to the Branch to claim her refund. It was told her that the vesting date was one month earlier and you should have come at least 6 month prior to the vesting date. Now you can not avail the full return. At the time of investment the agent took the signature & the policy scheduled reached 3 months later.

She can only understand the Hindi, Policy schedule was given in english. Big words from agent made her to invest her saving in lure of big growth.

While the door slapped on her face at Bajaj Alliance office, she went the translation of bond, it has noticed that neither she is able to take any loan from her own funds nor she claim them in full after the vesting date. only 33% can be claim.

The amount is in pension fund for that she will get the interest of 8%. but not the principle amount.

For a senior citizen bank is giving about 9% to 10% interest that too, you can withdraw your funds at any time.

5 years from now the agent left Bajaj, there is no support, no follow up from Bajaj Allianz.

Bajaj Allianz was not bothered to appoint any one to follow up the customer. 5 years ago what she signed in ignorance should not be the ground to invest her funds without any written concent from her. Any policy when premium is being asked at least three month grace period is given to pay. In the same way after the maturity date of Baja Allianz product either a prior notice or grace period is desired whether to invest in pension fund or take full refund. but this is not the style of bajaj allianz.

Then why without her indemnity funds are vested and no any notice served to her for such purpose.

We met branch manager and divisional manager pleading that she is 70 years old suffering from several ailments, at the time of investing the product was mis sell keeping her in dark the hazards of vesting date. This is hight time she is in dire need of her full investment funds to support her treatment and living.

They simply told we are employee we cannot do anything. If your agent left Bajaj Allianz is not our fault. The person who is not able to walk is pleading for her own funds. Branch manager said Amma you go home I will call you. What calling he is not picking our phone.

This is the tactice Bajaj Alliance punish its customer. Client is being punished for coming one month late, infact no any notice served from Bajaj, no agent to follow up her dates, no grace period. The Amazing thing is product schedule desires her to come 6 month prior to vesting date. and these things are not explained to customer in hind while signing at the time of investment, beside this in the schedule Bajaj is not responsible for serving notice, customer is liable to come 6 months before. her funds are went into blind pouch she can not avail them her life time when she need them at the most. This tactic only harm the good will of Bajaj Allianz. Can Any one show us the Ray of Hope or convey this message to other, not to trust Bajaj Allianz.