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Bajaj Allianz - Surrender charges

 
46 Reviews
User
  Rahul Rishi
I had taken Bajaj Allianz policy 40992104.
This policy has completed its three policy years and all these three years the premium was paid on time .and when I went to surrender it they are asking for a HUGE surrender charge of around 26 thousand rupees.

If I pay this charge ,the value of my policy will go negative.

I am aware of this charge but this is required ONLY when you do not make premium payments for the three policy years.
I later checked in the policy document and it has the surrender chanrges even after three years. This is totall rubbish. Fraud!!!

I had taken other policies from ICICI and Birla. They do not charge after completion of three policy years.

People reading this, My suggestion to you is please do not buy any policies of bajaj Allianz.


Complaint comments 45 Comments     Updated:
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Comments

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User
Asgerali Merchant Bajaj Allianz  - India
 

units not allocated properly/deduction of units - bajajallianz capital gains

I have taken a capital unit gains Plan in bajaj allianz.but as per the statement it shows that they have not allotted me the units according to the amount invested.please help.
policy #0056455081
N
User
tasweer zehra naqvi Bajaj Allianz  - India
 

denail of premium - Bajaj Allianz

i deposited my second premium but they are saying no though ihave proof my bank statement
N
User
Prashant Kumar Sharma Bajajallianz  - India
 

missing pan card - Bajajallianz

I Mr Prashant Kumar Sharma with date of birth 19.05.1983 lost my pancard and my pancard no. is BIGPS0902J .so please issue me a douplicate pancard forme.




Thanking you sir
Prashant Kumar Sharma
N
User
S Suresh kumar Bajaj Allianz Insurance  - India
 

Not paid the full assured amount - Bajaj Allianz

Bajaj Allianz not paid the full assured amount for policies like Policy no:0001548967
N
User
S Suresh kumar Bajaj Allianz Insurance  - India
 

Not paid the full Assured amount - Bajaj Allianz Insurance

When I took this insurance they said it was one payment and if i pay 30, 000 i will get 60, 000 in 5 years.
And it was clearly mentioned in the policy that the the term was 1 year and total premium payable for selected mode is thirty thousand fifty two and paise zero only and the sum assured is 60, 000.

But on maturity they paid only 31, 500 and when i asked they say that i did not paid the second year premium of 30, 000. I could not understand if i pay 30, 000 + 30, 000 in 2 years and they give back 60, 000 after 5 years.

I have sent a leagal notice too but no reply from them.
N
User
Vanessa Bajaj Allianz Insurance  - India
 
Sir,


You can contact us at the following contact details:

1800 209 5858 (Any landline mobile)
1800-22-5858 (MTNL/BSNL)
1800-102-5858(Bharati)
30305858 (others)
Or mail us on: info@bajajallianz.co.in
D
User
Rahul Chaurasia Bajaj Allianz Insurance  - India
 
Dear Friend

An insurance contract is subject matter of solicitation. The policy document writes all the details of charges/period and maturity date. In case of ULIP returns are subject to market risk and may vary in various market conditions.

Sum assured is the risk of life that the company takes. It is not necessarily the maturity amount.

Do you have any thing in writing which states the maturity amount. Is it a traditional product or a ULIP. Please go through all the terms and conditions.
You may always speak to the 24/7 call center of the insurance company and get your queries sorted.

Regards

Rahul
Insurance Expert & Freelancer
N
User
Sneha Shah Bajaj Allianz  - India
 
As there is no contact information, please contact the nos below and we will be happy to help you.

Helpline Number
LIFE INSURANCE
Toll free numbers Standard STD rates apply
MTNL/BSNL 1800- 233- 7272 Tel (+91 020) 30587888
Tata 1800- 209- 7272 Fax (+91 020) 40111502
Bharti 1800- 103- 7272 Email life@bajajallianz.co.in
Reliance 1800-3000-7272 SMS Super@56070

GENERAL INSURANCE
Toll free numbers Standard STD rates apply
Any Landline/Mobile 1800-209-5858 Tel (+91 020) 30305858
MTNL/BSNL 1800-22-5858 Fax (+91 020) 66026667
Bharti 1800-102-5858 Email info@bajajallianz.co.in
N
User
bajajallianz Bajaj Allianz Insurance  - India
 
Letter has been sent to you with the explanantion that u have not paid the 2nd premium therefore co has deucted the premium from your maturity and we have paid the rest amount with bonus.
N
User
Manish Sharma Idea Cellular Ltd.  - India
 

Premium rates are charged w/o info - Idea

Hello!

My daughter has dialled number 5664424 from my Idea
Number 9911317317 because it was flashed on the TV
screen to submit a response to the quiz. I was shocked
that Rs 100/- was charged by the service provider for
this call of 9.23 minutes.

Without telling the subscriber, how can they charge
at the premimum rate?

It is requested to revert these charges.

rgds

-Manish Sharma
 
In reference to your mail, we have tagged your query under Query Number: 4412698.

You have opted for "Capital Unit Gain"; the policy premium term is of 20 years.

The annual premium allocation is 95%, the allocation rate for all top up premiums is 98%.

The unit-linked policy has three years of lock in period. After three years, customer gets facilities of premium holiday, partial withdrawal, or surrendering the policy.

“Premium Holiday” is a temporary period during which the policyholder can keep his policy in-force without payment of regular premiums. This holiday can be availed by the policyholder after payment of three year’s full regular premiums from date of commencement of the policy.

Anytime after three years from date of commencement of the policy, partial withdrawal of units is allowed or surrenders of policy.

The premium paid by customer is invested in stock market. The stock market is volatile.

To avail the full benefit return on the amount of investment of this policy, kindly continue the policy for more than three years.

The surrender value payable will be equal to the "Regular premium" fund value and the Top Up premium fund value less the surrender charge.

The surrender charge is applied on Capital Units only and recovered by the redemption of Capital Units, please check the below given surrender charges details:

Year Surrender Penalty
Completion of three full policy year: 56%
4 54%
5 52%
6 49%
7 47%
8 44%
9 42%
10 39%
11 36%
12 32%
13 29%
14 25%
15 22%
16 18%
17 14%
18 9%
19 5%
20 0
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User
Rakesh Kumar Patel Bajaj Allianz Unit Gain  - Central Delhi, Delhi, India
 

RETURN IS LOWER THAN INVESTMENT AFTER 5 YEARS - bajaj allianz unit gain

Dear all,
I am Dr.Ajay Kumar
I have taken policy of Bajaj Allinaz Unit Gain .my policy no is 0009398156 on 19th of April 2010,my premium amount is 20,000/ per year .
I have been told by agent that i have to continue my policy for three years and will get return as per stock market return i.e is minimum of 18% . I was very happy that i will get return on my investment .
after passing of five years of my investment i went one of the there office where i found in my statement that amount left in account is only 51,000/ on principle investment of Rs.60,000 (20,000/year for 3 year) after 5 years .
i immediately surrender my policy on 16th of July 2010, and decided that not to invest in any of insurance company.
A
User
Rakesh Kumar Patel Bajaj Allianz Unit Gain  - Central Delhi, Delhi, India
 
POLICY booking date is 28/06/2005
which is by mistake written 2010
N
User
HARISH. C Bajaj Allianz  - City, Bangalore, Karnataka, India
 

Spelling mistakes - Bajaj Allianz

This Harish. C From Bangalore city. I had renewded the Insurence of my wheeler Bajaj Pulsur 150- DTS-i Registration Number KA 02 HF 6690 Submitted on 25.07.2010 Renwel effected from 28-07-2010 Midnight Insurence Policy number OG-11-1701-1802-00025730. Mistakes are name of the owner's and in address.
N
User
khan.mahmood Bajajallianz  - Mumbai, Mumbai Suburban, Maharashtra, India
 

closed my policy & return my money - Bajajallianz

closed my policy & return my money
policy no.0061884330
name.mehmood ahmed
mobil.no.9869730518
please help me
closed my policy &return my money
please call me reply
 
They are big time frauds.. I surrendered my LIC similar policy after 3 years . It was done in a day and not a single paisa extra was charged as penalty... these people bajaj allianz are asking for 58%..some one should take them to court...number one frauds in thsi business..
 
Bajaj number one ka fraud hai.Never invest in BABAJ Group
N Jan 4, 2011 by
User
2006jaya  
 
I had puchased Bajaj alianze policy.
Once I tried to surrender, it asked for 48% of the first premium as PENALTY.
for partial withdrawel, no charges.

BAJAJ ALIANZE AGENTS ARE CHEATING THE PEOPLE BY HIDING THESE PROVISIONS AT THE TIME OF JOINING.

TO GET COMMISSION, THEY ARE VERY INTERESTING TO SERVE.
ONCE YOU JOINED, THEY WILL ESCAPE.
THEY ARE GETTING CUSTOMERS BY PERSONNAL ATTACHMENT, FREINDSHIP, RELATIONS ETC. BUT THEY ARE MISUSING/CHEATING THE CUSTOMERS.
A Mar 21, 2011 by
User
dangling  
 
BAJAJ Allianz company is making fool of people...I have been cheated too. what the hell happens to them to explain the surrender charges clearly at the policy selling time the way one explains above...THEY R BUNCH OF CROOKS...agents r setting the policies hiding all this and company too is very smart in encouraging such things...

I will always discourage people to purchase policies from this company...NO BODY BUY SUCH POLICIES IF HE COMES TO KNOW THAT HE HAS TO PAY SUCH A HUGE AMOUNT AS SURRENDER CHARGES EVEN AFTER 5-6 YEARS..
A Apr 25, 2011 by
User
KLSoni  
 
Yes. It is very true. hy IRDA does not take any action on such looting spree.

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    Bajaj Allianz - Surrender charges