[Resolved] Bajaj Allianz — Surrender charges | |||
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. Was this information helpful? | |||
Aug 14, 2020 Complaint marked as Resolved | |||
 47 Comments | |||
Comments
I am poor and bajaj guys have cheated me.I have bought policy number xxxxxxx under unit gain plan in my name xxxin 2006 and paid the next three premiums on time of twenty thousand each. now when I want to withdraw they are asking me to pay 15% of money I dont know what kind of business are they doing.I want to complain strictly against these guys and Kindly guide me how can I with draw money..
Reply
biggest fraud company
all my friend please dont take any bajaj allianz policy
IRDA has regulatee these cheaters, and these frauds should be dragged to court.
Legally they cannot charge more than Rs. 6000.
http://www.irdaindia.org/notification/discontinued.PDF
Legally they cannot charge more than Rs. 6000.
http://www.irdaindia.org/notification/discontinued.PDF
You are saying true.
they are made for cheating the customer.
they are made for cheating the customer.
Hello, I had paid 5 years premiums of 50, 000/ each. and at the mid of 6th year, i tried to surrender the policy.
I got to know from the customer care that i will get 1, 98, 000/ only. Less than what i paid??
If i compare this with a FD or RD, i would have gained 75, 000/ extra.
50000 per year = 4500 interest. 5 years, investment=250, 000, Interest will be more than 4500*5=22, 500.
Since the Bajaj Allz executive gave a false information, i am in loss of 75000.
I also do not understand how the policy works with negative interest. Investment = 2, 50, 000. Returns after 5.5 years = 1, 98, 000/
How did government approve this kind of cheating??
Raghu,
[protected]
[protected]@gmail.com
I got to know from the customer care that i will get 1, 98, 000/ only. Less than what i paid??
If i compare this with a FD or RD, i would have gained 75, 000/ extra.
50000 per year = 4500 interest. 5 years, investment=250, 000, Interest will be more than 4500*5=22, 500.
Since the Bajaj Allz executive gave a false information, i am in loss of 75000.
I also do not understand how the policy works with negative interest. Investment = 2, 50, 000. Returns after 5.5 years = 1, 98, 000/
How did government approve this kind of cheating??
Raghu,
[protected]
[protected]@gmail.com
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