[Resolved]  Bajaj Allianz — Super saver plan - Misled by agent Shawaiz

Address:

Bangalore, Karnataka

My policy number is [protected], taken on June 2011 and paid 3 premiums already. Mr. Shawaiz (shawaiz.[protected]@balic.in) had come to meet me after some marketing calls from Bajaj claiming 15% returns in 5 years. 1) Mr. Shawaiz, when visited was having the Bajaj Allianz Id card 2) He offered gold coins / cash back/ Honda Activa against the first premium claiming that it is given by Bajaj. I opted for cash back, though later he transferred it from his account. When inquired he said, the process is getting delayed and hence it is transferred through his account, as it is much faster. 3) He explained a logic, which used the premium payment amount and arrived at around 15% returns at the end of 5 years. He said there are not surrender charges after 5 years. 4) When asked about the policy document sample copy, he said it will be available ony when the policy is issued. 5) The policy registration was delayed by two weeks, even though I had signed the document and given the cheque. 6) At last when the policy arrived, I couldn't check it as I was busy and later when I checked realized that, the surrender value was much lesser after 5th year. 7) Then when I checked with Shawaiz, he gave me another calculation including SSV factor and assured that the SSV factor will be 1.21 from the fifth year and it will not change throughout the tenure. He had even sent a mail from official id, confirming the same. 8) Now when I try to contact Bajaj Allianz, they are not disclosing the SSV factor, and when I check online, it is around 0.4 or 0.3. I created support tickets for the same, but not enough response from Bajaj Allianz. Now I can see that Mr. Shawaiz has been dismissed this March 2015 from Bajaj Allianz for mal-practices. At the end of the day Bajaj Allianz made money and the agents too made money. But we, the customers are suffering from these kind of cheating and mal-practices. I can't still believe that the company like Bajaj Allianz can treat their customers like this. I would like to surrender the policy without any loss, if not I'm open in going to consumer court as well. I've all the necessary documents to submit. Please beware of these cheats!