Bajaj Allianz Life Insurance Company Limited .

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TLC - Corporate agents to Bajaj Allianz cheated crores of customers in selling ULIP. They sold to all including rural illiterate customers promising huge returns and host of benefits within short period. Apart from they were also charged Rs 500/- as membership fees to the scheme. Almost all the customers lost their money. Bajaj allianz was silent spectators to this cheating. As per IRDA, only license holders are supposed to sell insurance policies. How Bajaj was allowed this is a big question, as the process followed by TLC was multilevel marketing.
Bajaj allianz employees were also misguiding the policy holders.
The policy issued also with lots of errors and mistakes, The copy of the form filled by the customers and the policy issued were not matching. For example the parent name and the children name was interchanged, the gender was wrongly mentioned. IRDA also not taking any serious action, having one member on board from each insurance company. They also calling people by promising free insurance policies and asking them to pay for it, by promising that the payment will be returned. Such companies license shall be cancelled. The worst company in the insurance sector