My name is P Venkata Suryanarayana and my Bajaj Allianz Super Saver Policy number is : 0236426265. I took this policy 29th November 2011.
As a part of my investment plan I contacted Bajaj Allianz Executives and Marketing guys of bangalore branch. They explained so many plans. After some days they called me and told that as a part of DIWALI offer they are giving so many other benefits like..
1. we can take insurance on my name and put nominee my Mother. After 5 years i can draw whole amount but need to put 3500 rupees in the account to continue the insurance on my mother till she is alive. no need to pay anything after that. if something goes wrong they will pay another bulk amount on behalf of my mother to me. They clearly told me to submit my mothers ration card xerox, Voter ID card and Photo along with my documents.
2. we can take 2 grm Gold
3. if you pay 30,000/- they will give one time concession of Rs.2000/- immediately as a part of offer.
I choose 1st option as it is little bit beneficiary to me and my family. But after paying Rs.30,000/- and submitting all the related documents, they sent insurance documents which are related to me. But did not sent my mother's parallel benefit insurance documents. When i called Bajaj Allianz executive Mr.Shawaiz who gave wrong information and misguided me in this issue, he told I need to submit my mother's PAN card or Passport for processing.
She is a 55 years old lady and not much educated one and she is a housewife. Why she will take passport and Pan Card with out any reason. When I seriously asked that guy Shawaiz why he gave wrong information to me.. he told me that it is their mistake only and he spoke with his regional manager regarding this and took special permission to process with ration card and voter ID only and process will be completed in 2 to 3 days. I am keep on calling that executive Shawaiz and every time he is telling today it will be completed.
I don't know why Bajaj Allianz like big companies also doing like this. I am working as a software engineer in bangalore. everyday so many friends will ask or discuss about these insurance plans. But really I don't like to tell them to go for Bajaj Allianz Insurance.
I want some one from bajaj allianz officers to look into this issue and take immediate action and to resolve this issue.
P Venkata Suryanarayana
Complaint marked as Resolved
After the complaint, I got a call from one of the Bajaj Allianz manager from their Head Office and helped me in getting my documents with in 3 days. Also got a free insurance for my mother of Rs.2000/- for 1st year as a apart of their offer. I am satisfied with the service and Thanks for the help. Now I do not have any issues. Please remove this post from the web. I am getting lot of unnecessary call from other customers which is disturbing my work.
I am also from Bangalore and I have received call and brochure and illustrations (which does not have logo on it) stating that I will receive guaranteed return of Rs. 4, 85, 000 if I invest Rs. 50, 000 per month. When I asked Mr. Rohit (8197682111) of Bajaj A do I have option of paying monthly, he said yes after 1 year you can pay monthly/quarterly/annually as per your choice.
The illustration and brochure came from email@example.com.
Also he claimed that I will get a 4 gms Gold coin or Acer Laptop whichever you want and also a scratch card on which you will get upto 15 gms of Gold. And this offer is valid only for 1st 1000 customers.
If you send me ur mail ID I can share the documents with you.
I am planning to purchase Bajaj super saver plan, insurance agent ( Bajaj Allianz) told me that I can with draw money at the end of five years, he assured 4% guaranteed return and 5% bonus annually( depends on company performance) is that true, he also told me that this plan has offer of 2 gm gold coin till 31 oct 2012. Confused, please advice ASAP.
I have seen your post oflate, but not sure if you have invested your money in Bajaj Allianz super saver..
If you are yet to invest.. hold your hard earned money from this Company. Their agents are totally unaware (or a marketing trick ?) of the actual plan. Their policy document will have some thing different than waht the agent canvases.
In any conflicts they will go with the policy doc. at the end you will lose your money.
I have filed a case in CONSUMER COURT against Bajaj Allainz Super Saver Plan. Bajaj is misguiding the costumer with falsifying the claims thus mis-selling the policy.
I need help from all the policy holders of BAJAJ ALLIANZE SUPER SAVER PLAN to support me in this case.
I am contesting this case of mis-selling the policy with wrong claim of protecting the regular investment with guaranteed return. This is completely wrong. So please be careful if you are also trapped in this claim of BAJAJ ALLIANZ.
I want to mobilize the support of as many policy holders to file the complain with IRDA ro that a strict action can be taken against Bajaj Allainz to cancel this plan as a whole and return money to all policy holders.
Recently IRDA has issued a similar notice to another Insurance company for mis-selling the policy
I also purchased this policy in December 2014. In December Bajaj Allianz executive contacted me they did few of promises like
1) I will get 2 grms gold coin as gift if I invest 50K before 31 December 2014
2) I will get 14 or 15% fixed return on my investment
3) I will be able to withdraw my invested amount after 5 years
Its been almost 6 months, I have not received any gift(2gms gold coin) yet. I have been communicating with my policy agent since last 6 months to get this gift, but no success now he is not picking up my calls or not replying to my email(Mr. Shawaiz Baig - firstname.lastname@example.org). Today when I contacted the customer care to clarify few of the doubts, I asked how much amount I will receive if I will surrender the policy after 5 years(as communicated by policy agent), they gave me one formula to calculate the return amount(mentioned below). I was socked after calculating the amount, after investing 250000 my return amount was only 60K, there is no exit in this policy, you need to make payment till last year of your policy term. If you will exit in between from this policy, they will deduct 70% of your invested amount as charges.
For example if I am investing 50K per year for 5 years, my return value will be only 60K
Return value(60K) = 30% of total investment(50K * 5 = 2, 50, 000) - First year premium(50K)
"GSV = 30% * (Total premiums paid till date less premiums paid in the first year less any extra premiums and additional rider benefit premiums, if any)"
Now I am really feeling cheated by Bajaj Allianz Insurance company and their policy agent Mr. Shawaiz Baig. Requesting everybody not to go for Bajaj Allianz for any kind of insurance.
As you mentioned you filed a case in consumer court against bajaj allianz, please let me know if you want any details from me, I have some email conversation with Mr. Shawaiz Baig on his official id about 2gms gold coin gift.
My policy number is 0274196922, I am facing similar issue. I have paid 2 premiums so far of 48, 468. As I was mentioned that if I pay 50, 000 for 3 years, in the 5th year I would receive about 2, 20, 000/- . Now when I checked with the customer care, they mention I need to pay for 15 years and its a traditional plan, however the agent about the claim he makes referring to the clause mentioned in the policy.
Now the agent is absconding, I have his phone numbers but seems to have changed it. I roughly have 1 month's time to pay the 3rd premium, this is really causing concern to people like us who make certain planning. I didn't expect this from Bajaj, I buy their general insurance, in the past I had a EMI loan attached, now I am forced to spread their bad name, I feel cheated and lost.
Hi Admin, Manoj,
I had bought the bajaj allianz supersaver policy in Nov'2010 for an yearly premium of Rs.25000.
I have also been told by the bajaj allianz agent that i can stop paying the premium after three years and at the end of fifth year i will get 1.5 lacs on surrendering the policy.
During 4th year premium date, When i asked the Bajaj allianz customercare, They told that i need to pay 4th year premium as well otherwise my policy will lapse and my surrender value is around Rs.24000.
Now i had paid around 1lac till now .
I feel cheated by bajaj allianz agents and losing my hard earned money.
Let me know if there is any way, I can get atleast the amount i had paid.
Contact me in email@example.com for any support
Iam ARUL from chennai. Myself and my frnd have also been cheated by the Bajaj Allianz in the similar manner. They said pay 15 k/ year for 3 years and by 5th year i will get guarantted returns of 90 k. But now they are saying that you need to pay for 30 years. I have already raised a complaint and iam not getting any proper response from customer care. Even IRDA is there in the mail loop, I feel if we gather and give a complaint then necessary action would be taken against it. I need my money back and action has to be taken against the agent.
My Email Id: firstname.lastname@example.org
Please get in touch with me, so that we can join and make a complaint.
Please chnage the status of complaint to UNRESLVED.
Bajaj Allainz has adopted fraudulent practices to misleading the investors and cheating the investors hard earned money
IRDA, Please note: My complaints has been closed without consulting the aggrieved party.
There are so many investors cheated by Bajaj Allainz using similar fraudulent practices. As evidence you can look through and reach out any of the person who has lodged or added his grievance on this forum page.
So IRDA cannot ignore the issue which is brewing up as financial SCAM by Bajaj Allianz.
RBI please note and act upon Bajaj Allainz for adopted fraudulent practices to misleading the investors.