Team Life Care India Limited, (TLC) the corporate agent of Bajaj Allianz Life Insurance Corporation, is continuing its money circulation schemes in the guise of selling insurance policies. It may be recalled that a criminal case was filed against the Bajaj Allianz and its corporate agent for indulging in money circulation schemes way back in 2009. A la Amway, both the companies have chosen to file a writ petition in the Andhra Pradesh High Court challenging filing of criminal case. However, Shyam Sundar has also filed an affidavit in the High Court.
In spite of the criminal case, the TLC is continuing its illegal money circulation scheme while selling insurance policies of Bajaj Allianz.
Recently, an elderly lady approached Corporate Frauds Watch (CFW) stating that the Bajaj Allianz is not paying the insurance amount after the sad demise of her son. CFW along with Consumers Guidance Society has taken up the issue and scrutinized the documents.
Much to their amazement, it was found out that the last installment was not submitted to the company by its agents after collecting the same from the elderly woman. When contacted, the Bajaj Allianz refused to pay the amount and the TLC coolly shrugged off its responsibility. CFW approached the police for filing a criminal case against the TLC and then the TLC officials came down for negotiations. Now, they are bargaining the amount of insurance.
CFW observed that the elderly woman was induced to buy the insurance policies with the promise of huge money only if she brings in two more persons. She was even given an identity card as an insurance agent. According to Insurance Act, no person other than a trained one, should sell insurance policies. TLC is blatantly violating the Insurance Act.
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