[Resolved]  Bajaj Allianz — cheat and fraud bajaj allianz

Address:

560102

I must say bajaj allianz doesn't have any control over how policies are being sold in market by their great agents. I fell into trap of one such issue, now repenting. As i moved from one company to another, one marketing guy who was next to my office offered a bajaj allianz policy saying it's a endowment policy. I knew the meaning of endowment having invested in lic, yet he insisited to take the policy, pay for 5 years and stop payments after that. The policy term would be for 15 years. He also offerd rs. 15000 cashbak from the 1st year premium and said, after 8th year i can surrender the policy wherein i'll get somewhere around 8 lakhs (I. E. With all the paid premiums + bonus - some nominal charges).

I being extra smart, took it, and continued paying the premiums. One catch was, he didn't pay me that rs. 15000 cash back as he said earlier, so i continued to send him sms, call him. This was in the year 2012 (No whatsapp those days). Finally, got frustrated one day, i decided to go to one of the bajaj allianz office and check the reality. I went the jaya nagar, 4th block branch in bangalore, where i met mr. Yagdatt sharma. He greeted me very well and apologized on the cashback issue. He happen to knew the agent and said the agent is going through a bad time, so not able to give me that 15k. Then he himself paid that 15k to me. I was on 7th heaven and very happy with such a service.

Again, just to cross check, i asked him the way forward. He also explained the same thing to me.. Saying please continue paying the premium for 5 years. Then i can stop the payment where-in the policy will get into paid-up mode and in the 8th year i can ask for refund. By that time with the bonus and premiums would have accrued a good return and deducting the charges i can expect somewhere around 8l as return. I was even more happier, since an employee of bajaj allianz is promising such things. I booked a house in bangalore by then, and did my calculation that by 2020 i'll pay back 8l to my home loan. Super happy as it all coincided with my plan.

So by sep 2016, i made the 5th premium payment. That was the end of my premium. 2017 came, sep 2017 came and i get a call from a calcutta number asking me to pay the policy. I mentioned my inability to pay the premium since i am going through a financial crisis. Apparently, my mother was hospitalized and had to be treated. Obviously medical insurances don't pay the entire amount in treatment and i have to shell out money from my savings.

Now comes the shocker, to that, the person said.. This is a conventional policy and if i don't pay the premium, there will be a revival period for 2 years (I. E. Till 2019) and then the policy will be considered surrendered and i'll be given back the surrender value (I. E. 2.35 lakhs as against 5 lakhs of premium). I said, i didn't want to surrender the policy, to that his response was, these are the rules, so either i pay or get ready to bear a loss of more than half of what i paid.

I am still figuring out what's to be done. With all these tensions, my health has started to deteriorate. I dont know where will i arrange that 1 lakh again and even though i can for this year, how will i pay back the next 9 premiums. Going by the agent's words, of paying only for 5 years, i never planned for these additional premiums. These are causing so much of trouble now, i have totally lost faith on any insurance company now (Especially bajaj allianz). Looks like nobody is clear on what's being offered from a policy. Agents have their own stories to tell to fool customers, branch managers like yagdutt sharma are there to endorse what agents say and ultimately it's the customers who bear the brunt of financial crisis.

My heartfelt curse to these insurance companies, their agents and their employees who cheat middle class people like us. I know, whatever i do, my choices are limited. I may end up getting that 2.35 lakhs, but others please take a lession from this.in our great country india, only the rich and the poorest are tension free. The rich have all these kind of nexus to run and the poor don't care of any such thing as they are benefited by all govt. Schemes. People like us, the middleclass always get into such trap and then weep and get sleepless nights. Somewhere i feel, we deserve such things, since we middleclass fail to establish a strong law system against these frauds like bajaj allianz. Be it us or uk or japan, no such company would have dared to do this and if they did, they would end up in jail with a hefty penalty amount. But our great country india, has no such laws or rules, and even if they exist nothing gets implemented. Going to the court doesn't make any sense in india, because i know if i attend a court hearing one day by bunking my office, my job will be at stake and consequences are going to be bad. So better keep quiet.

By the way, anybody doubting my claims can have a check as i have listed all details below.in any case, my brothers and sisters, please don't take any policy from bajaj allianz, they are frauds simply frauds.

Name : ansuman tripathy
Bajaj allianz policy no : [protected]
My contact no : +[protected]
My email id : ansuman. [protected]@gmail.com
Agent name : rashid[protected]
Bajaj allianz (Icici 4th block branch manager name) : yagdutt sharma[protected]. He is no more with bajaj allianz and has probably joined hdfc ergo.