Bajaj Allianz — Sarva shakti suraksha life insurance plan | |||
Hi, I had purchased a life insurance policy with bajaj allianz-citibank 2 years back. like many other complaints from several other people, i too have been cheated. posting a copy of my complaint below: I would like to highlight the following points regarding my sarva shakti suraksha life insurance policy: The policy was opened along with my citibank suvidha salary a/c in may 2014 While opening the policy, i (along with several others) were not told about any deductions or fees that has been charged as per the attached statement The policy document we were given also did not mention any such details We were promised that the policy would work like a recurring deposit ie. fixed amounts (in my case rs. 3000/-) shall be deducted every month & i would be earning 8-10% bank interest compounded annually. We were told that it has a lock-in period of 5 years, and that you can withdraw anytime after 1 year without any penalty. There are 20 others who can substantiate this claim along with other company hr officials present in the room at that time I am absolutely shocked to find out that after 25 installments (principal itself is rs. 75000/-), my policy balance is only rs. 62, 000/-. For the last few weeks, i have been running behind bajaj allianz officials in the hope of enquiring the status about my policy. not only did they have no details about the programme, the customer service was the worst ever i have experienced. several officials promised to arrange callbacks which never happened. it was only after i visited the citibank branch in nehru place & threatened to take legal action against both citibank & bajaj allianz that i received a call couple of days later. After further researching about this policy on the internet, i found out that i was not the only person who has been duped by this citibank + bajaj allianz partnership, but there are several others who have been cheated. below is a link for the bajaj allianz consumer compaints page where you will see that several customers have talked about the same scam. https://www.consumercomplaints.in/my-complaints.htmlbajaj-allianz-sarva-shakti-suraksha-returns-c818635.html These are only few of the hundreds of complaints you can find on the internet regarding this same fraud scheme. I am amazed & shocked that companies can cheat loyal consumers so openly & easily. i have been a long standing customer with both bajaj allianz & citibank. all life insurance premiums & vehicle insurance in my family are partnered with bajaj allianz. we have been diligently paying several lacs in premium for the previous so many years, both my father & i are a/c holders with citibank. several of my friends work at different positions & departments in the bank. my reason for mentioning these details is to reiterate the fact about how cheated i feel due to the the fraud. I would like somebody from the bajaj allianz/citibank to contact me in the next 24 hours and explain why such a situation has arised & what is the solution. my expectations are below: Discontinue bajaj allianz sarva shakti suraksha life insurance policy with immediate effect Return of rs. 75, 000 plus 8-10% compounded interest for 25 months as promised No additional charges or fees since nothing was mentioned at the time of opening the policy If i do not hear from you in the next 24 hours, i would be filing a legal suit for fraud and mental torture against both citibank & bajaj allianz. Not only this, i would also like to discontinue all forms of engagement with both companies (bank accounts, credit/debit cards, insurance policies etc.) details of which i will share in my subsequent mail. i will also urge my friends, family & employment provider to do the same. Regards, Aditya kher #policy no:[protected] After writing several mails as well as talking to customer care several times, they keep maintaining that you had read and understood all points before signing. from what i recall, none of these charges/deductions were part of either the policy document nor did the agent who explained the policy ever mention it. no surprise that this policy has now been discontinued. however, very sad to see these schmucks steal your hard earned money from you like this. hoping that there can be some swift action against these people. Was this information helpful? | |||
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Bajaj Allianz customer support has been notified about the posted complaint. | |||
 4 Comments | |||
Comments
And my reply post that:
First of all, in response to your mail, I would like to mention my comments below:
"Your policy was issued based on the duly filled and signed proposal form received by the company along with relevant documents. As per the proposal form, you have opted for a “Sarve Shakti Surksha”, with monthly premium of Rs. 3000/- for benefit term & premium term of 10 years respectively. Policy document clearly mention the effect of non-payment of regular premiums and details of the charges, applicable under the plan." -
Aside from the fact that no charges or deductions were mentioned by the policy agent while explaining the policy (as I have mentioned before, this is before 20 people as well as several HR professionals from the company - evidence of which I will duly share), I recall absolutely nothing about these charges mentioned on the policy document which you claim I have duly filled and signed.
For my benefit, please share a copy of that form with my signature. If you are unable to share the same, I will assume the above statement made by you does not hold true.
"As per verification call our verifier clearly explained the policy terms & condition, also caller informed that policy is from Bajaj Allianz as we have tie up, however you have not disclosed any facts in verification call and never tried to contact us after receipt of policy document. Also you have not approach us in Free look cancellation period".
Since you have brought up your customer service, let me inform you that it is by far the worst that I have faced in my life so far. I did not over the course of these 2 years get any call from Bajaj Allianz regarding this policy. So please check your database when you mention that you explained details to me on the verification call (I'm sure that you would have a recording to prove that I'm wrong if that is the case - kindly share it with me). In fact inspite of contacting Citibank and Bajaj Allianz several times, they had no information about this BALIC plan.
I made several calls in these 2 years, each time getting frustrated with no response. Unable to get any information about this policy, I logged onto the internet and your own Customer Complaint Section on the Bajaj Alliaz website, where I found out how several people had been cheated, like me, through this scam policy that you run, and sadly, are not ready to accept. I had to personally visit the Citibank Nehru-Place Branch to get any details about this policy (which also was an extremely difficult affair for the Customer Service Executive since nobody seems to have any details on this policy anywhere). Throughout the year, both the emails as well as mail communication I received did not anywhere mention any charges or deductions. All these again point towards the fact that the policy is not transparent at all, developed completely in a manner to cheat customers.
It is absolutely false when you mention that I did not try to contact Bajaj Allianz after the receipt of this policy. As mentioned above, I tried to contact you several times on several different occasions, and also tried to discontinue the policy, but due to the sorry state of affairs of your Customer Service, this did not happen.
"As you have raised your complaint almost after two years and continued to avail insurance cover also, we have no other option but to presume that you were satisfied with the policy as issued. It is further informed to you that the Insurance Company is bound by the terms and conditions of the policy which is approved by the Insurance Regulatory and Development Authority."
Already mentioned how I have raised complaints & queries several times in these 2 years, however, you have utterly failed to act on them. When you say that the Insurance Company is bound by several terms & conditions approved by Insurance Regulatory & Development Authority, I do not doubt it. Have they also approved that you cheat & exploit your customers?
I stand by my request to release 100% Principal Amount+ Interest for the policy period as was promised to me, failing which I will approach the highest legal authority to demand justice. I also demand suitable remuneration for the mental torture this has caused me and my family members. I will produce all necessary evidence in the form of several people who are willing to corroborate my account of events.
Further, in-spite of my mail on July 6th to discontinue the policy with immediate effect, another premium of Rs. 3000/- has been deducted from my A/C. This further points towards your shabby customer service. I want that money to be refunded immediately. STOP DEDUCTING PREMIUM FROM MY CITIBANK A/C.
Look forward to a prompt response from your team, and hope it does not take 3 weeks to respond to my mail, like in the previous case. I will not exchange any further communication with your team. I have made my demands crystal clear. If you do not accept, I have no option but to take legal course of action.
Warm Regards,
Aditya Kher
First of all, in response to your mail, I would like to mention my comments below:
"Your policy was issued based on the duly filled and signed proposal form received by the company along with relevant documents. As per the proposal form, you have opted for a “Sarve Shakti Surksha”, with monthly premium of Rs. 3000/- for benefit term & premium term of 10 years respectively. Policy document clearly mention the effect of non-payment of regular premiums and details of the charges, applicable under the plan." -
Aside from the fact that no charges or deductions were mentioned by the policy agent while explaining the policy (as I have mentioned before, this is before 20 people as well as several HR professionals from the company - evidence of which I will duly share), I recall absolutely nothing about these charges mentioned on the policy document which you claim I have duly filled and signed.
For my benefit, please share a copy of that form with my signature. If you are unable to share the same, I will assume the above statement made by you does not hold true.
"As per verification call our verifier clearly explained the policy terms & condition, also caller informed that policy is from Bajaj Allianz as we have tie up, however you have not disclosed any facts in verification call and never tried to contact us after receipt of policy document. Also you have not approach us in Free look cancellation period".
Since you have brought up your customer service, let me inform you that it is by far the worst that I have faced in my life so far. I did not over the course of these 2 years get any call from Bajaj Allianz regarding this policy. So please check your database when you mention that you explained details to me on the verification call (I'm sure that you would have a recording to prove that I'm wrong if that is the case - kindly share it with me). In fact inspite of contacting Citibank and Bajaj Allianz several times, they had no information about this BALIC plan.
I made several calls in these 2 years, each time getting frustrated with no response. Unable to get any information about this policy, I logged onto the internet and your own Customer Complaint Section on the Bajaj Alliaz website, where I found out how several people had been cheated, like me, through this scam policy that you run, and sadly, are not ready to accept. I had to personally visit the Citibank Nehru-Place Branch to get any details about this policy (which also was an extremely difficult affair for the Customer Service Executive since nobody seems to have any details on this policy anywhere). Throughout the year, both the emails as well as mail communication I received did not anywhere mention any charges or deductions. All these again point towards the fact that the policy is not transparent at all, developed completely in a manner to cheat customers.
It is absolutely false when you mention that I did not try to contact Bajaj Allianz after the receipt of this policy. As mentioned above, I tried to contact you several times on several different occasions, and also tried to discontinue the policy, but due to the sorry state of affairs of your Customer Service, this did not happen.
"As you have raised your complaint almost after two years and continued to avail insurance cover also, we have no other option but to presume that you were satisfied with the policy as issued. It is further informed to you that the Insurance Company is bound by the terms and conditions of the policy which is approved by the Insurance Regulatory and Development Authority."
Already mentioned how I have raised complaints & queries several times in these 2 years, however, you have utterly failed to act on them. When you say that the Insurance Company is bound by several terms & conditions approved by Insurance Regulatory & Development Authority, I do not doubt it. Have they also approved that you cheat & exploit your customers?
I stand by my request to release 100% Principal Amount+ Interest for the policy period as was promised to me, failing which I will approach the highest legal authority to demand justice. I also demand suitable remuneration for the mental torture this has caused me and my family members. I will produce all necessary evidence in the form of several people who are willing to corroborate my account of events.
Further, in-spite of my mail on July 6th to discontinue the policy with immediate effect, another premium of Rs. 3000/- has been deducted from my A/C. This further points towards your shabby customer service. I want that money to be refunded immediately. STOP DEDUCTING PREMIUM FROM MY CITIBANK A/C.
Look forward to a prompt response from your team, and hope it does not take 3 weeks to respond to my mail, like in the previous case. I will not exchange any further communication with your team. I have made my demands crystal clear. If you do not accept, I have no option but to take legal course of action.
Warm Regards,
Aditya Kher
Dear Aditya,
We have forwarded your policy details to the concerned team. The concerned person will get in touch with you & assist you on the same.
Regards,
Bajaj Allianz Life Insurance Team
We have forwarded your policy details to the concerned team. The concerned person will get in touch with you & assist you on the same.
Regards,
Bajaj Allianz Life Insurance Team
Where and when i receved my pf withdrol my add c/o shree motors co bakliwal complex mount road aburoad rajasthan pf account no mh/300862/9129 was submitting to company in june 2010but not resolve my complain411006
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Dear Sir,
Greetings for the day!
In reference to your query regarding miss-selling of policy number [protected].
We wish to inform you that we have examined the matter thoroughly and would like to share our observations, as follows:
Your policy was issued based on the duly filled and signed proposal form received by the company along with relevant documents. As per the proposal form, you have opted for a “Sarve Shakti Surksha”, with monthly premium of Rs. 3000/- for benefit term & premium term of 10 years respectively. Policy document clearly mention the effect of non-payment of regular premiums and details of the charges, applicable under the plan.
As per verification call our verifier clearly explained the policy terms & condition, also caller informed that policy is from Bajaj Allianz as we have tie up, however you have not disclosed any facts in verification call and never tried to contact us after receipt of policy document. Also you have not approach us in Free look cancellation period.
As you have raised your complaint almost after two years and continued to avail insurance cover also, we have no other option but to presume that you were satisfied with the policy as issued. It is further informed to you that the Insurance Company is bound by the terms and conditions of the policy which is approved by the Insurance Regulatory and Development Authority.
We may review your complaint, incase if you can help us with evidence confirming that allegations made by you are genuine.
For any further assistance you can get back to us, we would be glad to assist you
Thanks and Warm Regards,