We all encounter pushy Agents who are hardselling their products. Many of us lack the courage of saying "No". It's because we don't give attention to buying financial products.

The cost of not doing enough research and believing the pushy agent is huge. Read the following letter where the person invested Rs 2.5 lakh and got back Rs 80 thousand after a few years!

The sad news is that nothing much can be done about it as the Insurer has the right to charge surrender and other charges and which is documented in the policy papers that the customer recieved. The customer may well have blindly signed the benefit illustration document that shows all the charges!

Hello sir/madam,

I write this mail to you with utter disappointment and anguish.

My father-in-law parked his entire savings in a Bajaj Allianz scheme called Unit Gain Gold Plus. When the consultant visited him to campaign for the policy, he highlighted all the features and got him to sign for a premium of Rs. 2.5 lacs a year.

What he failed to tell him was the surrender value. The agent smartly hid the fact and took the insurance coverage. The policy requires mandatory payment for three years, lest it would attract surrender value.

After the first year, my father in law could not continue to pay the insurance premiums, the sums being very heavy. I now receive a letter of cessation of policy from the company with a cheque for Rs. 80,000.

This has incurred us a heavy loss, and my father in law is unable to recover from that. Please let me know of ways to salvage the money. Again I impress upon the fact that the the agent sold the insurance without highlighting the risks.

We would be grateful for any advice on this. Thanks, Gayathri

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