[Resolved] Bajaj Allianz Life Insurance Company — Super Saver Plan - Misleading information given by the Company | |
My Policy number is [protected]. A customer care executive from Bajaj allianz called me and told there is a short term investment plan specially designed for me. I have to pay Rs.25000 for 3 years and at the end of 5th year I will get around Rs.1, 50, 000 as returns.
I paid the first premium and after that I received the policy document. I was shocked to see that this is a regular premium paying policy, that too for 30 years. I immediately went to Chennai regional office and told them that I am going to cancel this policy in the free look period itself as I have been cheated. But they showed me some clauses and assured me that the amount at the end of 5 years will be as assured by the Customer care. They told that at the end of 5 years I will get the premium paid for 3 years plus guaranteed additions plus bonus vested by the company.
I paid for three years and then waited for the 5th year end. Now I again went to the regional office and told them that I am going to surrender the policy. The estimate given by the representative was only Rs.14, 850 where as I have invested Rs.75000 on getting assurance for good returns from the company's representative himself working at regional office.
This is 100% cheating. When I have contacted the regional office to cancel the document in the free look period, they brain washed me and assured me good returns. For sake of penny commissions these fellows are making us to invest huge amounts which will yield a bare minimum return.
I have seen many complaints from all over the nation regarding this plan and all have been cheated in the same way. Pay 3 years and at the end of 5th year get double the money.This clearly shows that the master mind behind this mega cheat, is definitely the company itself.
Bajaj allianz Life insurance shall take the sole responsibility for this mega cheat.
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Aug 14, 2020 Complaint marked as Resolved Bajaj Allianz customer support has been notified about the posted complaint. | |
 3 Comments | |
Comments
Dear Sir,
I have invested Rs.30000/- for 3years @rs.10000/- from 2007 to 2009. Initially your agent told me that after 5 years you will be getting Rs.50000/-and also insurance for Rs.100000/-.
But after that, agent is not picking the phone and I do not know what to do and to whom to contact about the policy
My Policy no is [protected]. please let me know how to close this matter and in this its showing as DOM as 27.12.2035.
Thanking You,
K.S Shobitha.
I have invested Rs.30000/- for 3years @rs.10000/- from 2007 to 2009. Initially your agent told me that after 5 years you will be getting Rs.50000/-and also insurance for Rs.100000/-.
But after that, agent is not picking the phone and I do not know what to do and to whom to contact about the policy
My Policy no is [protected]. please let me know how to close this matter and in this its showing as DOM as 27.12.2035.
Thanking You,
K.S Shobitha.
This is the reply I got from the grievance cell of Bajaj allianz. Its really pathetic. They are asking us to be genuine enough to prove those things. My sincere advice to all of you. Just record (in video format) the statement of the person who explains you regarding the policy and keep it safe with you. In my case the branch manager himself was not ready to accept the letter during free look period. Better be safe and avoid this insurance company.
Dear Sir,
With reference to the policy no. [protected]
We have investigated the matter thoroughly and would like to share our observations as follows:
1. Policy has been issued based on the proposal form duly filled and signed by the policyholder.
2. Premium term as 30 years and benefit term as 30 years were mentioned respectively for the premium amount of Rs. 24750/-
3. Policy document clearly mentioned the details of the policy as well as benefits payable under the plan.
4. Policy document was received by you in well time.
5. If you were dissatisfied with the policy then you would have approached us within 15 days after receipt of the policy document.
6. You could not produce any evidence to prove your allegations as factual.
Based on the facts as mentioned herein above, we regret to express our helplessness to consider your request for cancellation of policy and refund of premium at this stage.
Hence based on the above facts we regret to inform you that your request cannot be considered. However we may review the complaint, incase if you can furnish an evidence to prove that the mentioned allegations in complaint are genuine.
Thanks & Warm Regards,
Nilam Chaugule
Customer Support Executive
Email Id : nilam.[protected]@bajajallianz.co.in
Escalation Level 1 : vishal.[protected]@bajajallianz.co.in
Escalation Level 2 : Pawan.[protected]@bajajallianz.co.in
Dear Sir,
With reference to the policy no. [protected]
We have investigated the matter thoroughly and would like to share our observations as follows:
1. Policy has been issued based on the proposal form duly filled and signed by the policyholder.
2. Premium term as 30 years and benefit term as 30 years were mentioned respectively for the premium amount of Rs. 24750/-
3. Policy document clearly mentioned the details of the policy as well as benefits payable under the plan.
4. Policy document was received by you in well time.
5. If you were dissatisfied with the policy then you would have approached us within 15 days after receipt of the policy document.
6. You could not produce any evidence to prove your allegations as factual.
Based on the facts as mentioned herein above, we regret to express our helplessness to consider your request for cancellation of policy and refund of premium at this stage.
Hence based on the above facts we regret to inform you that your request cannot be considered. However we may review the complaint, incase if you can furnish an evidence to prove that the mentioned allegations in complaint are genuine.
Thanks & Warm Regards,
Nilam Chaugule
Customer Support Executive
Email Id : nilam.[protected]@bajajallianz.co.in
Escalation Level 1 : vishal.[protected]@bajajallianz.co.in
Escalation Level 2 : Pawan.[protected]@bajajallianz.co.in
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