[Resolved] M / S.bajaj Allianz Life Insurance Co / Policy Nos.35563491, 61513600, 35563033, 63830946, 34588695 — Policy surrender value | |||
I have purchased 5 policies from M/S. Bajaj allianz Life Insurance co in the year 2007 and 2008. I had paid three years premiums regularly. Now since I am in need of money urgently and wanted to surrender the policies.Total amount stands in credit of my account is around 2,20,000/-. These are unit linked policies. M/S. Bajaj Allianz says, there will be 54% of surrender charges wi8ll be lavied if I surrender my policies. It is very clear that Company wants to swallow all my investment money. This is fraud against consumers. This fact was never brought to the notice and when we read the policy terms and conditions, it is revealed there with very tinny letters. This is a fradulant business ethics. If yiu compare with LIC thre is no such fradulent terms and conditions in their policies. I do not know how IRDA approved such policies and allowed them to put in the market. I wanr ro make IRDA also a party to such fradulent business approval. Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 8 Comments | |||
Comments
I totally disagree with the comments from Bajaj Allianz. The policy numbers are already their and have been displayed in this complaint. Their support team and customer care sites have already informed about 54% penalty on such witdrawals after 3 years for regular premium payer customer. Instead they suggested for partial withdrawal to escape from such heavy penalty. If Bajaj Allianz makes an statement that full amount will be allowed for surrender of policies in this forum, then it is welcome.
Dear Mr. Soni,
We hope our representative has spoken to you regarding your complaint and the issue has been resolved.
Regards,
Bajaj Allianz
We hope our representative has spoken to you regarding your complaint and the issue has been resolved.
Regards,
Bajaj Allianz
No, issue has not yet resolved. This type of replies and convincing matters are usual for M/S.Bajaj team. IRDA never dictates the terms you have mentioned in replies. What is the logic for deducting 54% of basic premium value is duping the customers. I have asked for to surrender the policies and the premiums I pais should be returned with atleast market interest. Where as you people are trying to swallow the premium amount which is nothing but duping the customer. IRDA never dictates such anti customer rules because IRDA is there to protect the customer. In fact because of sucvh terms in the policies, IRDA directed the companioes to wind up such policies from the market. So please correct your apprach and direct your people to accept the surrender of policies and refund the full amount.
K.L.Soni
K.L.Soni
Dear Mr. Soni - I have the same problem as yours. Was your issue resolved by Bajaj Allianz? Were they deducting 54% of total fund value as penalty?
As on for more than a year this problem has not been resolved either by Bajaj or any other agency connected with this company.I would say IRDA. They had not yet takenup the issue in favour of consumers. I suggest the affected consumers to contact me on my email address and let us unit and put up a court case, Such companies are cheating consumers day and night and government agencies are sleeping over the issue. my email address is : [protected]@yahoo.co.in. Please contact me extend your support and we will see that how company /M/S Bajaj escapes for the wrong deeds.
K.L.Soni
K.L.Soni
Dear Sirs,
It has come to my notice recently that IRDA has instructed all Insurance companies to call back all old policies by next one or two months and reissue the policies based on IRDAs latest guide lines. I t seems some thing has gone as per our feed back regarding m/S.Bajaj company;s heavy charges lavied for surrendering the policies by customers. It was to the extent of above 50% of the value o[censored]nits. This has become a sucking the customers and unfair practice of M/S.Bajaj. I don't know what will be the fate of our policies if IRDA's guide lines are to be followed. Will the company payback of our balance units are at credit. Can IRDA clarifies in this matter.
It has come to my notice recently that IRDA has instructed all Insurance companies to call back all old policies by next one or two months and reissue the policies based on IRDAs latest guide lines. I t seems some thing has gone as per our feed back regarding m/S.Bajaj company;s heavy charges lavied for surrendering the policies by customers. It was to the extent of above 50% of the value o[censored]nits. This has become a sucking the customers and unfair practice of M/S.Bajaj. I don't know what will be the fate of our policies if IRDA's guide lines are to be followed. Will the company payback of our balance units are at credit. Can IRDA clarifies in this matter.
primiumpayment recpt
Dear sir, i was paid rupees 40000 and i did not get payment rcpt or acknowledgement, so please send me rcpt for in com tax purpose. Mail id: [protected]@yahoo.com Best regards, Phani kumar.polaCustomer satisfaction rating Customer satisfaction rating is a complex algorithm that helps our users determine how good
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+91 20 3030 5858 [Customer Care]
GE Plaza, Airport Road, Yerawada, Pune, Maharashtra, India - 411 006
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May we request you to send us your Policy No. and e-mail-id on help.[protected]@bajajallianz.co.in OR [protected]@bajajallianz.co.in.
Regards,
Bajaj Allianz