Through this letter I would like to draw your attention towards an ethical fraud committed by Standard Chartered Bank and Bajaj Allianz Life Insurance Company, as both came up together and sold an investment policy in the name of insurance policy to us.
Three years ago Standard Chartered Bank’s employee Mr. Raj Kumar with reference code (HY213) called up my father and offered an insurance policy of Bajaj Allianz Life Insurance Company where the customer is supposed to pay three annual premiums to Bajaj Allianz Life Insurance Company and get the benefits after three years where the customer would be allowed to either collect back all his three annual premiums paid along with the interest gained over the period of three years or he could just collect his three premiums paid early and leave the interest gained with the Bajaj Allianz Life Insurance Company to continue with the accidental death cover in future or the customer could leave all the three premiums along with the interest gained with the company and collect a good high value in the future as desired by the customer.
Hearing all these benefits offered by Bajaj Allianz Life Insurance Company and also as suggested by Standard Chartered Bank with whom we had decade long relation, my father took the insurance policy from Bajaj Allianz Life Insurance Company on my name (i.e.) Mr. Jay Ramdas Vaishnav (Policy No. 0050238464) with annual premium of Rs.30,000.00 for three years. During the second year of this policy Standard Chartered Bank again approached my father and offered the same schemes once again and made my father to take three more policies, one my sister’s name and two on his name with a huge premium to be paid for all three [Ms. Seema (policy no. 0127078911) and Mr. Ramdas Vaishnav (policy no. 0104606674) and (policy no. 0118940817)].
Things got cleared at the end of three years of the first policy taken when Bajaj Allianz Life Insurance Company told us actual benefits and hidden charges which were not mentioned to us earlier by the Standard Chartered Bank’s employee Mr. Raj Kumar with reference code (HY213). We were told about various clauses in the Insurance Policy taken by us which actually turned to be an investment-cum-insurance scheme where an investor was not allowed to collect back his amount for a period of 10 years and if at all he opts to collect back his money he would be collecting the amount with a penalty deducted from the amount he has paid to the company and also things were more horrifying for us when I investigated more about this investment-cum-insurance scheme and to my surprise I was shocked when I understood the business strategy of Standard Chartered Bank and Bajaj Allianz Life Insurance Company where 60% of the amount of customer’s first premium is taken away by Bajaj Allianz Life Insurance Company and that 60% is shared by all the people involved in making the deal possible with the customer and that includes right from the Standard Chartered Bank’s representative who calls the customer to every employee of Bajaj Allianz Life Insurance Company.
Recently when I surrendered by policy with (policy no. 0050238464) I was given an amount of Rs.70,983.00 for a three year annual premium of Rs.30,000.00 which I paid earlier to the Bajaj Allianz Life Insurance Company through Standard Chartered Bank. If the amount of Rs.30,000.00 taken on a compound interest of 8% p.a. for a period of three years would have resulted in at-least Rs.105183.00 at the end of third year.
With great minds of Bajaj Allianz Life Insurance Company and Standard Chartered Bank, I have suffered a fraud done to me by both these companies which sold us an investment scheme in the name of insurance policy committing an ethical fraud where I have no other option to get back my lost money.
So, I request you to please come forward and take up this issue as these companies with great minds are committing ethical frauds with all clauses in their favor and leaving nothing with the innocent customers.

Thanking you.

Yours sincerely,

Jay Vaishnav.
Hyderabad.