[Resolved]  Bajaj Allianz Capital Unit Gain Size One — surrender charges

K.A: Bajaj Allainz Representative

Hi,
My Policy Number [protected] - UG PROTECTION PLUS SIZE ONE, was surrendered on 3rd July 2012.

This policy is more than 3 years and I was not able to close it before 3 years, hence I was forced to pay the premium even though the fund value was going negative.

I was fed up with this Policy. I had made a payment of Rs.1, 95, 000/- till date and the fund value was only Rs.1, 58, 000/-.

On surrender I had got a receipt which is reflecting a surrender value of Rs.1, 58, 200/- where as the amount credited to my account is only Rs.1, 50, 400/-. Again a loss.

Where did my Rs.8000/- go missing? Please answer.

Regards,
Deepak Naik V.

Dear sir,
Please send me the details of my Bajaj Capital Unit Gain Size One policy details and NAV details. My policy No. is[protected]

sir i am the policy holder of Bajaj Allianz life insurance co. my plan is capital unit gain size one. Policy No, [protected]. sir what is the latest NAV? and what is the surrender value?

sir, I am the policy holder of Bajaj Allianz Life Insurance Co. my plan is capital unit gain size one. Policy No, [protected] DOC 25/05/2007.& paid 30000/- in 3 years.sir when I saw the fund value after completion around 6 years my account value was Rs. 23479 & surrender value was 18263.85. Now I want to know that what is surrender clause of this plan & after how many years of DOC that no surrender charges will be applicable.

sir i am the policy holder of Bajaj Allianz life insurance co. my plan is capital unit gain. Policy No, [protected]. sir i receive the measage from bajaz, the fund value is 31761.00 Rs. and what is the surrender value?. Iam investment amount is 30000.00Rs, i have this police last 6 years, how much profit, please clarify.

Could please ask one of your executive to call me on my contact no [protected] and clear my doubt, as i found that i m in big loss of continuing my policy no: [protected]

as i m planning to surrender it next month after paying my installment.


Thanks & Regards

Ashwini Mishra
[protected]

What is the surrender charge? My Policy No is [protected]
Date of Commencement of the policy-11/09/2007
My name is SUHAS NARKHEDE.

I totally agree with everyone here that Bajaj Allianz are trying to snatch money from customers. I purchased a policy [protected] capital gain 7 years back and the agent did not tell me about the surrender charges. I repeatedly asked her and she confirmed that there will be no charges after 3 years . She even said that I will only make positive returns. She do not state any disadvantages or risk with the policy.
When i try to close this policy in 2014 Bajaj is saying that I was completely aware of the T&C and that they will return me lesser than what I have paid. They are real cheaters, all this while I was thinking it is the agent who tried to cheat me, but after emailing the Bajaj guys am sure it is the company who has 0 ethics. They are blaming it on me that i did not read the T&c, but not on themselves for mismanaging my funds to make it negative returns and for selling me products the disadvantages and hidden charges are never informed to me. These guys are terrible and talking to them makes your life even more terrible. Moral of the story - never buy or even associate with Bajaj Allaiaz& vantage insurance. They are snatching 12K from me and shameless even stating that they will give me -5% returns. Such a irresponsible company, I thought they would really be concerned about their unethical sales practices and would consider my request by at least returning me what i paid for 0% (which is a big loss for me coz if i had invested this in bank deposit i would have got 8% return) but am in grave need of money, so at least return me what i paid for. But they are just blaming it on me and finding all loop holes to snatch away money from me..I am seriously concerned and will advice everyone not to buy from them, its not just their agents, its they who are aiding these unethical practices.

Guess what Bajaj Allianz is structurely cheating me. They try to contact my parents who does not even understand this issue and try to persuade
them to take this loss. I have repeatedly told them to contact me on the complaint that I had raised. either they do not understand English or they act dumb during customer complaints and play only the benefit cards during sales. Not even a word about penalty or surrender charges and even promised me positive returns. Now they are snatching 12K from my premiums because i want to close the damn policy. Not only is it giving me negative returns but also giving me serious mental agony. They are scheming to cheat customers by not divullging information, and leave it to customer to read through the small fonted 20 page document which no ordinary customer will understand. and when we try to close, they bring back and quote the small fonted terms & conditions their agent lies during the sale. I am so sad they actually lie - is is not even like they forgot telling us - because they actually told me that there wont be any penalty and that i will get my full premiums back.


Anyone hear has any idea about how to approach the Ombudsman or any higher authority? I think this is a scam where they do this deliberately on customer. It looks like they are well prepared and know what they should say if a customer complains about this. Looks like this has been ongoing for quite a while and they even used to send me standard email responses intially.

Reg: BAJAJ ALLIANZ UNITGAIN PROTECTION PLUS TWO policy number-[protected]

Dear Bajaj Allianz team, My policy was opened on
9/06/2010 and i had paid two premiums of amount 25000rs on half yearly
basis and remaining i was not able to pay. So i requested to settle my
remaining funds on 12/06/2013 to your branch in kairatabad, Hyderabad
with query no 42528866 and i have many times called your customer care
for assistance. They are also not provided exact information.
Please provide exact information to get back my amount

Policy no. [protected] provide surrender value and deposit premium value

my policy No. [protected] can you check the value and send to my email & can you tell the which web site can check the NAV please send the link also . my email [protected]@emirate.net.ae

Hi,

My name is Veeramallu Sambasiva Rao. I had a Unit Gain Policy No.[protected] stared on 11/8/2008 with premium of Rs.12, 500/yearly and completed 3 years locking period on 11/08/2010 with amount of Rs.37, 500/-. Now I want draw the amount. Hence pl send the details amount which I have to get after deduction of surrender value.

with regards,

V.SAMBASIVA RAO
Phone No.[protected]
E-mail: sambasivarao.[protected]@gmail.com

Insurance is a wonderful mechanism created by human for economic losses, that one suffer, as a result of an event, can be shared by all the members of a group.
Every policy is designed for some goals or objectives. You have to plan well before buying any policies. You may contact our team at [protected]@team4.in and been part of our initiatives to educate our clients or public in large.