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A true client incident I would like to share

This uncle of my client had bought a Unit Linked Pension Plan from Bajaj Life Insurance company around 14 years ago. 

He had been paying the premium regularly all these years, his policy was about to mature next month.

Two sales guys visited his home in the disguise of helping him to update his contact details. 

This uncle agreed to sign few forms and gave the original policy document to them. 

After a few days, uncle received a credit of 1.57 lakh in his bank account.

Out of curiosity, our client contacted us to do an enquiry of this policy.

We visited Bajaj branch and realised that the policy was surrendered with a value of Rs 3.75 lakh.

But the client received only 1.57 lakh in his account.

We smelled there was something fishy in this and advised the client to visit the branch and complain to the highest authority.

Next day, uncle visited the branch and then realised that those sales guys who had come due to high sales pressure target, diverted the balance 2.2 lakh to buy a new policy without his knowledge.

After a lot of hue & cry, the Bajaj branch manager agreed to cancel the policy and return the balance 2.2 lakhs in the next 4 days.

This is a lesson for all of us to be vigilant,  especially senior family members at home, while dealing with sales staff from bank & insurance companies.



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