Bajaj Allianz Limited - Misselling Insurance policy fraud to retired government employees

I want to report fraud by Axis Bank with me and my retired wife based in Chhatarpur Madhya Pradesh, India. We both are senior citizens aged ** years and get pension from Government of Madhya Pradesh.

Axis Bank Chhatarpur Branch has looted Rs **.** lakh from myself and my wife by misguiding us and all our retirement saving had been looted and transferred to insurance company accounts.

I am approaching the authorities Management of Axis Bank and Insurance Companies & demanding a refund of their amount against the fraudulent practices being followed on the name of the company.

I demand the company to conduct a thorough investigation of my complaint & provide me a fair & unbiased resolution to my grievance else I shall escalate matter to RBI / IRDA and Ombudsman of Banking and Insurance .

Details of fraud are given below :

My parents retired as Governmnt servant and earn Pension of approx Rs ***** which is credited in State Bank of India . I transfer the pension amount to Axis Bank which is more conevenient for them .

I am ** year old and my mother is ** year old . They have no understanding of insurance . They were interested in Fixed Deposit but Axis Bank staff misguided him and sold Insurance and Pension policies without their consent .

From **** to **** , Axis Bank sold three policies ( Two of Bajaj Allianz and one of Max Life )

My wife has been sold one insurance policy with annual premium of Rs ** lakh and life cover of Rs ** lakh . She has been asked to pay Rs *.** lakh on renewal with promise that she will receive approx Rs ** lakh after * year .

I have been sold two annuity plans , one immediate annuity of Rs ** lakh with return of purchase price on death and over deferred annuity with no return of purchase price on death .

All three contracts are not valid and we demand cancellation and refund as per arguments below :

Bajaj Allianz and Max Life violated AML guidelines because they did not do due diligence . Moreover , my Mother has no capacity to pay Rs ** lakh every year .

These contracts are not valid because these are not supported with verification calls . How can Bajaj Allainz and Max Life violate IRDA guidelines by not doing verification call .

Bajaj Allianz accepted proposal on my mother without doing medical . It seems that Axis Bank fabricated medical of my mother . This is blatant fraud by Axis Bank and Bajaj Allianz .

In Max Life , no one explained to father that Rs ** lakh is stuch till his death . Why would my father block his funds in such scheme ?

In Bajaj Allianz case of deferred anuuity ,my mother has been given Annuity for life without return of purchase price . Even Branch Manager of Axis Bank does not know the meaning of annuity for life and condition of lock in of money .

Axis Bank is aware about financial condition , pension and age of Parents . Even they Axis Bank staff cheated with my old parents .


. The policies were not sold based on our need as mandated by the IRDAI code of conduct.

Adesh Gupta ( Bank Manager) , Niranjan Khatik and Abhilash Bajpai # **********,********* they have visited my place and sold these policies. From **** till **** we were sold three policies with the false information.

Please tell me why anyone at the age of ** will buy a pension plan when he is already getting the same because we both are retired from Government jobs and getting the pension as well.

The intermediaries Axis Bank Ltd who have sold the policies are also documented amongst the top intermediaries who are mis-selling of life insurance in the IRDAI consumer affairs booklet on page **.

I humbly request your esteemed organization to look into my complaint & provide me with a justified solution else I will be forced to move to higher authorities like IRDAI or Ombudsman which may also impact the company's reputation negatively. My hard-earned money has been blocked by your sales agents.

Awaiting revert.

Thanks and Regards,
Vaibhav Tiwari on behalf of Jagdish Tiwari, Asha Tiwari
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