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Trichy, Tamil Nadu, India
Working as an Assistant in LIC of India, Rockfort BO, Trichy, TN. Having a strong belief that LIC's welfare is our welfare and always trying to work towards that. Also functioning as an office bearer of AIIEA Thanjavur Division.

Sunday, January 30, 2011

Bajaj Allianz refuses surrenders - charges it's own agent!


A person charged of fraud in life insurance dealing under Bajaj Allianz Life Insurance Company Ltd today refuted allegations leveled against her by a number of clients. The person, Lolano John of M/s Lolaz Enterprise, Dimapur, issued a statement today explaining her side of the story and also informed of an FIR with the East Police Station against one Priyanka Parasher, Manager.
An interesting aspect of the issue was that the company had claimed Lolano John was not an authorized agent but the same company has been accepting all the premiums deposited by her.
Lolano John said she was appointed as a franchisee by Bajaj Allianz Insurance Co. Ltd and was authorized as a franchisee to facilitate insurance policy of the company with License No .4752086842 valid till August 28, 2008. Thereafter, the Chief Divisional Manager of the company notified on January 22, 2009 that Lolano was welcomed as a Franchisee in Dimapur in Corporate Model of Alternate Channel with business opus code 2300000276.
“As such the allegation that the undersigned have been or is operating/representing the Bajaj Allianz Insurance Co.Ltd is wholly concocted. And therefore the allegation that the undersigned have acted unauthorized is baseless,” she said.
Lolano also said to examine the various deposit slips and the bank statements, that show that she has deposited the premiums till date and have done its best to facilitate the policy holders of the said company.
“It may also be mentioned herein that if the undersigned is not an authorized agent as claimed/alleged by the Bajaj Allianz Insurance Co.Ltd, why the company have been accepting the premium deposited by the undersigned till date in the account of the company. The Bajaj Allianz Insurance Company Ltd is duty bound to clarify as to where the deposited money is as is proved by the bank statements and the deposit slips lying before the investigating agency.”
The statement further said that Lolano, since authorization, has been facilitating the business of the Bajaj Allianz Insurance Co.Ltd. However, she said, when the policy holder desires to close the policy by surrendering the same, Bajaj Allianz Insurance Co.Ltd have been on one pretext  or the other avoiding the  refund of the  investment and shifting the blame on her.
“Such related issues, by way of civil suit, is also pending before the honorable court of Civil Judge (Senior division) Dimapur. The Bajaj Allianz Insurance Co.Ltd is merely attempting to dupe the policy holder by shifting the burden on the undersigned after utilizing the service of the undersigned. The burden if any, the Bajaj Allianz Insurance Co.Ltd is vicariously liable for the same as the undersigned have merely acted as an agent on the strength of the license,” she stated. 
Lolano has lodged an FIR against an employee of the company, one Priyanka Parasher, Manager Guwahati office, who is stated to be absconding.
“It may also be mentioned herein that the matter is pending investigation and all the relevant documents viz bank statements, deposit slips, License etc are lying with the investigating agency.  That the above facts may be verified from the East PS Dimapur as well as from the honorable court. The undersigned is ready to co-operate and shall do all possible to clarify the same,” she added.

The above is the follow-up of the following news item:

Insurance customers duped, want money retrieved  

Four aggrieved customers have issued a report to the Deputy Commissioner, Dimapur appealing for intervention to retrieve money deposited at Bajaj Allianz Life Insurance Company Franchise, Dimapur. The aggrieved customers allege that they were victimized by being duped on account of mismanagement and fraudulent practice at the franchise itself. A detailed report on policy discrepancies and grievances along with necessary documents against respective policy was presented to the DC Dimapur. In response to the aggrieved customers’ report, the DC has directed the Superintendent of Police, Dimapur to “depute an officer and to investigate into the case and register a case to prevent any fraudulent activities by illegal insurance companies”.
The aggrieved customers stated that a lady agent working under Bajaj Allianz Life Insurance Company, located at J.M.M Complex, Circular road, Dimapur was not authorized to source any Life Insurance Policies or premium amount on behalf of the amount as her license was cancelled from August 28, 2008.
The note mentioned that illegally, the agent and her sister were sourcing premium money. The aggrieved customers had deposited premium money payable annually at the franchise.
The customers in the note mentioned that serious discrepancies were detected in the policy issued to them through the franchise at Dimapur. Also, a public notice served in a local daily on July 24, 2010 stated that the said agent license was cancelled from August 24, 2008 hence; she was not authorized to source life insurance policies or to collect any premiums amount on behalf of the customers. According to the complaint note the agent and her sister had been accepting the premium money from the customers and that all the money collected was never deposited into the policy account of the customers. As such this indicates clear case of fraud, stated the report.
The customers also stated that on contacting the Head Office and Regional Office Guwahati it was informed that they have no franchise functioning in Dimapur anymore, and also having received numerous complaints from the customers regarding malpractice by the so called franchise had filed an F.I .R against the lady agent and public notice served to create awareness to the policy holders. It was also mentioned in the report that when the aggrieved customers contacted the agent and her sister whether at the franchise or at their residence, they could never furnish any valid information but instead they made alibis. It was also mentioned in the report that they have the receipt and documents for evidence.

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