MyInsuranceClub > Ask an Expert > Private Life Insurer > I have cash gain platinum 15 years but agent cheat

Ajisha.S.Kumar

Question

Hi sir, B. Alz cash gain platinum-15 years, this is the 3rd premium time. At first the agent went away with money. When asked to return the cash, he put it in this plan immediately. Offered cash back in this year and it was false information and now policy is in lapse. On questioning he abused me. I lost the trust an unable to continue further. How can i get my money back. (34,874 yearly)

Asked By: Ajisha.S.Kumar
On: 10th Jun 2012 10:27 AM
Answered Within: 1 Days

MIC Expert

Answer

Dear Ajisha,

First you need to do is to

Go to the nearest branch of Bajaj Allianz or
Call up their Toll Free no at 1800-233-7272

with your policy number and get to know the updated status of the plan.You can only think of getting the money back after knowing the status of the policy.

Bajaj Allianz Cash Gain Plan is a Traditional Money Back Plan. In this plan, you would receive the first instalment of 10% of the Sum Assured at the end of year 3, Second instalment of 10% of the Sum Assured at the end of Year 6, Third instalment of 10% of the Sum Assured at the end of Year 9, Fourth instalment of 10% of the Sum Assured at the end of Year 12 and 50% of the Sum Assured is paid on maturity along with accrued Bonuses at the end of year 15. Total 125% of the Sum Assured is paid throughout.

If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. There is a Guaranteed Surrender Value in this plan of 30% of all premiums paid till date but after 3 policy years. However, there is no Surrender Value of this plan before 3 annual premiums are paid.

However, you need to still check with the branch for the exact status of the plan and how yu can cancel the policy.

Also, if you are not happy with the insurer or the agent, you can approach the Ombudsman for help. The Ombudsman protects the policyholder's interest and hence will surely be able to help you out.

Read Step by Step Guide to Insurance Complaint

Answered By: MIC Expert
On: 11th Jun 2012 2:41 PM

Ajisha.S.Kumar likes the answer.

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