Life Insurance policy- you must be very careful while getting yourself one. I mean, getting the right policy is a tricky affair. The trickiest part is dealing with insurance agent. I mean, those fellows, in a bid to earn more commission, often mislead people. Here, I’m gonna tell such an incident where an agent gave incomplete information and mislead a customer into buying a life insurance policy.
The company I’m talking about is Bajaj Allianz. The agent came, introducing the scheme in 2007. The insurance policy was purchased on 20 March 2007. The premium amount paid that year was 10000 Rupees. The same amount was paid for two more years- 2008 and 2009.
That makes the total amount 30000 Rupees. The agent, upon explaining the plan, explained that I’d get more than 30,000 Rupees when withdrawing this amount. I asked him to give me even the most minute details regarding the plan.
He provided these facts and told that those were all the facts that I was supposed to know. As a result, as I said before, I purchased the above plan and over three years, paid premium of 30,000 Rupees. The insurance amount was 2.5 Lac Rupees. Fortunately or unfortunately, I didn’t die!
That’s not the point of our discussion. The point is, today, when I went to Bajaj Allianz to withdraw premium, some revelations were made! I had been expecting an amount greater than 30,000 Rupees. That was what the agent promised me 6 years before.
When I went to withdraw the premium amount, all I got was 19,000 Rupees. The folks at Bajaj Allianz told me that 19,000 Rupees would be all that I’d get after cutting insurance premium and all other charges from the deposited amount.
I tried to tell them what the insurance agent told me at the time of purchasing the policy. But, their stance was firm. All I got in the end was 19,000 Rupees.
My point is that the insurance agent misled me into buying the policy. He provided me with wrong facts, which led to me buying the policy! My little appeal to Bajaj Allianz is that you guys should make sure that the agents follow ethics and honesty. There might be many other agents too, who might be providing wrong information to people.