| Address: New Delhi, Delhi, 110048 |
Hi,
I had purchased a life insurance policy with bajaj allianz-citibank 2 years back. like many other complaints from several other people, i too have been cheated. posting a copy of my complaint below:
I would like to highlight the following points regarding my sarva shakti suraksha life insurance policy:
The policy was opened along with my citibank suvidha salary a/c in may 2014
While opening the policy, i (along with several others) were not told about any deductions or fees that has been charged as per the attached statement
The policy document we were given also did not mention any such details
We were promised that the policy would work like a recurring deposit ie. fixed amounts (in my case rs. 3000/-) shall be deducted every month & i would be earning 8-10% bank interest compounded annually.
We were told that it has a lock-in period of 5 years, and that you can withdraw anytime after 1 year without any penalty.
There are 20 others who can substantiate this claim along with other company hr officials present in the room at that time
I am absolutely shocked to find out that after 25 installments (principal itself is rs. 75000/-), my policy balance is only rs. 62, 000/-.
For the last few weeks, i have been running behind bajaj allianz officials in the hope of enquiring the status about my policy. not only did they have no details about the programme, the customer service was the worst ever i have experienced. several officials promised to arrange callbacks which never happened. it was only after i visited the citibank branch in nehru place & threatened to take legal action against both citibank & bajaj allianz that i received a call couple of days later.
After further researching about this policy on the internet, i found out that i was not the only person who has been duped by this citibank + bajaj allianz partnership, but there are several others who have been cheated. below is a link for the bajaj allianz consumer compaints page where you will see that several customers have talked about the same scam.
Http://www.consumercomplaints.in/complaints/bajaj-allianz-sarva-shakti-suraksha-...⇄
These are only few of the hundreds of complaints you can find on the internet regarding this same fraud scheme.
I am amazed & shocked that companies can cheat loyal consumers so openly & easily. i have been a long standing customer with both bajaj allianz & citibank. all life insurance premiums & vehicle insurance in my family are partnered with bajaj allianz. we have been diligently paying several lacs in premium for the previous so many years, both my father & i are a/c holders with citibank. several of my friends work at different positions & departments in the bank. my reason for mentioning these details is to reiterate the fact about how cheated i feel due to the the fraud.
I would like somebody from the bajaj allianz/citibank to contact me in the next 24 hours and explain why such a situation has arised & what is the solution. my expectations are below:
Discontinue bajaj allianz sarva shakti suraksha life insurance policy with immediate effect
Return of rs. 75, 000 plus 8-10% compounded interest for 25 months as promised
No additional charges or fees since nothing was mentioned at the time of opening the policy
If i do not hear from you in the next 24 hours, i would be filing a legal suit for fraud and mental torture against both citibank & bajaj allianz.
Not only this, i would also like to discontinue all forms of engagement with both companies (bank accounts, credit/debit cards, insurance policies etc.) details of which i will share in my subsequent mail. i will also urge my friends, family & employment provider to do the same.
Regards,
Aditya kher
#policy no:[protected]
After writing several mails as well as talking to customer care several times, they keep maintaining that you had read and understood all points before signing. from what i recall, none of these charges/deductions were part of either the policy document nor did the agent who explained the policy ever mention it. no surprise that this policy has now been discontinued. however, very sad to see these schmucks steal your hard earned money from you like this. hoping that there can be some swift action against these people.
Bajaj Allianz customer support has been notified about the posted complaint.
![Life Insurance Corporation of India [LIC]](/thumb.php?bname=1&src=life-insurance-corporation-of-india-lic.jpg&wmax=182&hmax=300&quality=90&nocrop=1)
We are extremely sorry for the inconvenience. We have shared this information to the concerned branch. They will take the necessary action required.
Regards,
Bajaj Allianz Life Insurance Team