[Resolved] Bajaj Allianz — Citibank - Bajaj Allianz SARVA SHAKTI SURAKSHA Insurance scheme cancellation hidden charges | |
I had opened a Citibank Suvidha Salary account in March 2012, and I was offered a Bajaj Allianz insurance policy linked with it. The agent guaranteed that I could surrender the policy even after 2 years and that at least 8 % interest was guaranteed. So I took a policy for 1500 per month with total 15 years duration. Only now through various online portals and other persons did I realize that they were trying to cheat customers asking for hidden cancellation charges. So Now when I contacted the customer care they are telling me that I am set to loose almost 45% of my investment if I opt for cancellation. I can see a 7% surrender penalty clause (which I can accept). But where is the rest 38 % coming up from. Need clarification. I would like to cancel my policy as I no longer wish to invest my money in such cheating companies, as there is no guarantee that even after the maturity period I will be given my due amount as they will invent new "hidden charges" even then. Was this information helpful? | |
Aug 13, 2020 Complaint marked as Resolved | |
 2 Comments | |
Comments
HI,
When I opened a suvidha account in Citi Bank their agents told me that they have a ULIP type of scheme.
I had purchased this policy in January2014. The premium amount of Rs 1500/- of which was getting deducted from my CITIBANK salaried account on monthly basis.
I have paid premium for 23months (Rs 34000/-) and I got a cancellation refund amount of Rs 26000/-. Where is the rest of the money that I have paid?
I can see a 7% surrender penalty clause . But here the deduction is more than that.
It was a huge mistake on my part that I trusted this fraud company Bajaj Allianz, even though my friends asked me not to invest in it.
When I opened a suvidha account in Citi Bank their agents told me that they have a ULIP type of scheme.
I had purchased this policy in January2014. The premium amount of Rs 1500/- of which was getting deducted from my CITIBANK salaried account on monthly basis.
I have paid premium for 23months (Rs 34000/-) and I got a cancellation refund amount of Rs 26000/-. Where is the rest of the money that I have paid?
I can see a 7% surrender penalty clause . But here the deduction is more than that.
It was a huge mistake on my part that I trusted this fraud company Bajaj Allianz, even though my friends asked me not to invest in it.
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Greetings from Bajaj Allianz! We would like to help you out in addressing your concern. Kindly provide us with policy no. & contact details at help.[protected]@bajajallianz.co.in & our representative will connect with you soon to resolve your concern. Do mention reference no. "ORM022309" when writing to us.
Alternatively, you may also post your concern at http://support.bajajallianz.com/support/.
Regards,
Bajaj Allianz
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