Bajaj Allianz Super Saver Plan — Falsify of claim in Policy Document

Address:

Bangalore, Karnataka

Hi,

I am well educated professional and today felt completely cheated with Bajaj Allianze Super Saver plan.

The policy return doesn't match with what is claimed in their brochure and explained by the Bajaj Allianze agents.

I have supporting documents which explains how Bajaj Allianze is cheating the small investor with wrong propaganda of giving guaranteed return. In thier Policy document with the TAG line

"Regular saving is the best tool to protect ones family. We at Bajaj Allianz Life Insurance realize the value of your saving and present a non-linked, participating regular premium endowment plan, which will help you to save regular amounts for a safer tomorrow. Also get extra benefits with Guaranteed Additions of 4%of sum assured at the end of each policy year. "

As per this there is "Extra benefits with Guaranteed Additions of 4% of sum assured at the end of each policy year" which should be above the regular premium paid till maturity.

I got confused about the policy after talking to one of the customer support personal. It doesn't match to what was explained to me by Agent of Bajaj Allianz by referring to the tag line of the policy document.

What he explained to me is that as maturity benefit you will get Sum Assured and Guaranteed Additions of 4% of sum assured at the end of each policy year and it is not above the regular premium paid.

I have the broacher and the sheet which was explained to me by the agent. As per the explanation there is the return of around 12% (Including regular premium paid) but it will turn out to be <1% if regular premium is not included.

Today also whenever any Bajaj Allianze agents calls for the same plan he claims that there is guarnteed return of > 12% on Bajaj Allaianze super save plan.

I would request you to take up this matter and Bajaj Allainze to clarify the facts clearly and avoid the agony to the customer in the false trap of policy documents and complicated language.

The policy is such that it is very costly to surrender it in between and customer are left at the mercy of Bajaj Allainze false claims

I request you to take up this matter with concerned authority including IRDA to redress my grievance.

The brochure can be viewed at
http://www.bajajallianz.com/Corp/content/endowment/supersaver.pdf.



This is my policy details --

Policy number: [protected]

Policy Holder Name: Manoj Kumar Jain

Date of commencement 24 June 2011

Sum assured: 990000



Please confirm that at the time of maturity what amount I will get.

Please confirm if maturity benefit (Basic Sum Assured + Accrued Bonus) is above the total premium paid or not.

To be specific, I am paying you premium of Rs. ~1L for 15 years - So total amount paid is 15L till time of maturity.



As per policy Maturity benefit is Basic Sum Assured + Accrued Bonus

So I would like to know if I will get 15L + Maturity benefit at the time of maturity or it will be just Maturity benefit

Your response is urgent for me to take a decision if I should continue the policy or surrender it.



Thanks & Regards

Manoj Kumar Jain