Bajaj Allianz Complaints & Reviews

I had taken Bajaj Allianz Super Saver Policy. The agent who contacted me had explained to me that after 5 years there is not going to be any penalty for withdrawal of complete amount. Recently when I went through their policy documents and contacted their customer care I was shocked to find that what has been explained to me is completely different from the policy documents.

If I try to cancel the policy now, I will get only 30% of the premiums paid (excluding first year premium). That is I had paid two years of premium which amounts to 1,00,000. So if I surrender policy all I will get is 15,000.

I had asked the policy for 10 years and these people had sent the documents for 15 years. Now as per the policy documents if I continue to pay the premium of 50000 till 15 years, at end of 15 years all I can expect is 8,35,200. A mere return of 85,200. An effective rate of return at 1.6% per year. Even savings account earns 4% interest.

When I contacted Bajaj Allianz customer care, this is what they had to say regarding surrendering the policy

"The Policy can be surrendered after completion of three Policy Years provided first three Years? premiums have been paid in full.
The minimum Guaranteed Surrender Value (GSV) will be equal to:
GSV = 30% X (Total premiums paid till date less premium paid in the first Year less any extra premiums and additional rider benefit premiums, if any). The Company may also declare a Special Surrender Value (SSV). SSV will be calculated by multiplying SSV factor to the Paid-Up Value, per Section 10, at the time of surrender. The higher of GSV and SSV will be paid as the Surrender Value."

I requested them to provide me the SSV factor company has declared for 2011 and 2012 (as policy had started in 2008), they refused to do so. I don't understand why they cannot provide this figure.

Has any of you received information regarding the vested bonus announced for super saver policy holders?

This policy has to be named super destroyer not super saver. The agent had offered a 2g gold or some other electronic appliance if I take the policy. I came to know that IRDA prohibits this kind of gifts and is illegal.

It looks like there are lot of innocent victims like me who have been cheated/mislead/duped into buying this policy from Bajaj Allianz. If you are one such victim and like to take some action please contact me. Collectively we can approach IRDA.

I have learned hard way that best insurance policy is pure term insurance policy. It is better to keep investments and insurance as separate.

Please contact [protected]@gmail.com

Policy number [protected], I am not getting an response from Bajaj Allianz... tired of writing to customer care.

Thanks
Ravi
[protected]

DEAR SIR

My name is B.SatishNaidu.My Company Name:Bajaj Allianz. Emp Code :103846.

Iam already submit PF Cancellation Application Form in my office.But till now I didn' t get any cancellation no

on my mobile no([protected]).So please process this complaint as soon as possiable

Sir,

Under this complaint Jai sairam associates conducting awareness programs for general insurance policy. In this policy they are promised 1 lakh general insurance give to freely. And that hard copy also we had. This programming conducting[protected].in this letter mention with in ten working days policy will reach at your home. Today’s date[protected].still now it will not reach. We are asking that guys they aren't answering properly. In this case running how to I suggest insurance to others. Kindly take this action for this complaint.

Following address for Vendor:
JAI SAIRAM ASSOCIATES,
No.271, Nehru Bazaar Street,
Avadi-Chennai-54
PH: [protected]

In my address:
V.Shankar,
No 18/2 Mottai Garden 4'th Lane,
Old washermanpet,
Chennai-600021
Ph: [protected]

Dear Sir,

I had bought a Life Insurance policy from Bajaj Allianz in 2010. The Policy No. is [protected].
I have been telling the BALIC for last one week that the permanent address, that is being shown on the customer portal is wrong. I have left this address on 9th July, 2010.
Last year also, i had sent the address change application for both current as well as permanent addresses with proofs to BALIC. The current mailing address was changed, but the permanent address remained same, i.e, old one.
The executives of Bajaj Allianz have been saying that, the permanent address cann't be changed. I had tried my best to made them understand that the permanent address, that is being shown on the customer care portal and BALIC record, is old one, which i had left in July, 2010. Now i want to get it changed with new permanent address, but the executives say that they cann't change my permanent address. Is it possible for a person to reside on the same address for whole life ?
And i don't understand why it cann't be changed ? The address that is being shown is somewhere in the database. And the database can be updated. It is foolish to say that it cann't be changed.

Please look into the matter at the earliest.

The concerned persons are : Ajinkya.[protected]@bajajallianz.co.in, prasanna.[protected]@bajajallianz.co.in,
amit.[protected]@bajajallianz.co.in, sandeep.[protected]@bajajallianz.co.in
Phone Nos. are :[protected],[protected],[protected].

With regards,
NAVIN KUMAR,
Vaishali, Ghaziabad.

I have purchased Bajaj Allianz Insurance three policies from the Nashik branch company consultant Mr Amol Shinde in Octomber 2011 for amounting to Rs 7,00,000/- . I was suppose to receive the policy documents within one month, but as i didnot receive the documents i contact the company consultant and was replied that the documents will be delivered shortly. I did not receive the documents after two months so I again contacted him but the reply was that the documents are already posted and will we shortly delivered. But as i did not receive the documents after another two months period i gave a written complaint to the branch manager and was handed over with the POD number of the post & was asked to make enquiry in the post office. After i visited the post office for enquiry i was replied that the company person only has the write to enquire as the document is posted by the company. I reported the reply of the post office to the company and after making enquiry with the company after fifteen days was replied that the documents were found in the company office it self and will be delivered by hand shortly. but even after that i did not got the delivery of the documents and i final met the manager of the company and discussed the matter. the company manager know has admited to hand over the documents with in a period of ten to twelve days. I have given then time on the condition that they should either hand over the documents or return my funds with interest from the time of investment till today. Know the period of twelve days is over and i have still not received the Documents. Please tell me what action should be taken against the company officials and the company.

Dear sir,

I bought Santro car second hand car from my friend. and when i bought that
time car was on name of my friend itself. after purchasing car i was applied
for name changed in RC book in the month of april 2012 & name was change in
the month of may 2012 and RC book name change effect date is 1st may 2012.
after that i am into process to change my name in insurance policy but due
to unavoidable condelance happen in my family i am out of station for 20
days and on 3rd june i met with an accident but that time name was not
changed in insurance policy so when i registered for claim, Bajaj Allainz
General Ins co repudiated claim on the basis of insurable interest.

So please help me in this matter? because as per insurance policy, insurance
contract is between insured vehicle and insurer so there is no point of
insurable interest between parties. i expect positive reply from you.

Respected Sir
,I wrote first grievance letter on 27/02/2012 for non-receipt of policy document and their simple reply(quoting date 28/02/2012) is received from company without any proof for delivery of policy document. After that I demand proof from company, by 2nd grievance letter dated 06/03/2012,that provide copy of delivery report and proposal form signed by me.I wrote third grievance letter on 17/05/2012 after discussion with divisional manager and gave option that above policy convert in to single premium or refund whole premium amount with interest due to not provide policy document nor provide proof of policy document served by company. I wrote 4th letter on dated on 26/05/2012 to divisional manager for provide policy document of above policy no.[protected]. After not received any response within 10 days, I wrote 5th and last grievance letter for resolution to head office grievance officers Mr. Praveen Bhat and Pawan Mahajan and sent to their e-mail addresses on dated 27/05/2012 and also grievance sent to bimalokpal by e-mail.
Today provide only delivery report after several complaints but not provide copy of proposa form, saw the delivery report signature this is not my sign ,where delivered the policy document this is company's responsibility.Kindly match my signature with proposal form.

Hi,
My Policy Number [protected] - UG PROTECTION PLUS SIZE ONE, was surrendered on 3rd July 2012.

This policy is more than 3 years and I was not able to close it before 3 years, hence I was forced to pay the premium even though the fund value was going negative.

I was fed up with this Policy. I had made a payment of Rs.1,95,000/- till date and the fund value was only Rs.1,58,000/-.

On surrender I had got a receipt which is reflecting a surrender value of Rs.1,58,200/- where as the amount credited to my account is only Rs.1,50,400/-. Again a loss.

Where did my Rs.8000/- go missing? Please answer.

Regards,
Deepak Naik V.

I bought a Bajaj Allianz policy-[protected] on 25th sep, 2007 for a period of 20 years from 17 January 2007 to 16 January 2026 and till date I have deposited total 3 premiums of Rs. 25,000/- each for the year 2007, 2008 and 2009.
Now, I want to withdraw the said policy. In this regard when I visited the office of the Bajaj Allianz, Branch Anna nagar, chennai and I asked for the procedure of withdrawal of my policy, then they told me that Rs. 10500/- approx. will be deducted as surrender charges for withdrawal of policy, which is about 20% of the principle amount deposited as premium i.e. Rs. 75,000/- which is higly execesable and not mentioned anywhere in the policy conditions and imposing now the charges which is not menitioned in the policy condition and are discretionary which is unfair trade practice and deficiency of service from the part of Bajaj Allianz.

This is for your necessary action at your end.please mail [protected]@yahoo.co.in,contct [protected]

Regards
JANI
CHENNAI

MY POLICY NUMPER IS [protected]
PLAN - CAPITAL UNIT GAIN SIZE ONE
START DATE 25.09.2007
CLAIM STATUS DATE 25.09.2012
MY POLICY DID,T GROWTH SINGLE PERCENTAGE,THE CUSTOMER EXECUTIVE TOLD MARKET VALUE IS CURRENTLY VERY LOW.
TOTAL PREMIUM FOR[protected],[protected],[protected] = 75000.00
CURRENT STATUS 75000 LESS WITH DRAW FINE 15% = 11250.00
[protected]
63750.00
[protected]
WHAT IS THIS...THIS IS TOO MUCH CHEATING.......

Respected sir,
I lost my bike near Durg railway station, and claimed against insurance of the bike, but they have rejected the claim, please help me in this.

Chitesh kumaR Dewangan
Mob. [protected]

Hi, This is Prasanna
I want to surrender the Plan for policy No:[protected]
Please let me the procedure and the time and the way to get the money back.

Dear Sir,
I have gone to bahraich branch of bajaj allianz to surrender my policy which my father has opened in my name when i was minor but i face various problems.....they are mention below


its not mistake of bahraich branch but a mistake of company who is not listening



not listening to my query as when my policy is opened i was minor and i have signed in english as simple,now i become major and i wante dto surrender policy and want my balance amount but the company said that u will sign as on proposal form but i am unable to sign as i sign it before as my sign changed,now i want to change my sign as i done in current but comapny is not listening

Policy Number: [protected]
Policy Holder Name:Araj Agarwal

Mob No.-[protected]

Dear Sir
This is with regards to my car accident insurance claim no OC[protected]. The claim was filed by me through my agent/authorized car repair organisation in the second/third week of April. i am very sorry to say that i am yet to receive my refund amount. it seems that bajaj allianz takes more than one and half month to clear a claim..i dont think so.on calling on the authorized persons ( Mr Amol Sawant ,[protected] it was revealed to me that they have not received one of the document , which is absolutely ridiculous excuse. in this particular case they required a cancelled cheque which was required for ECS of the refund value to my account directly.in that case the person who had carried out the survey (Mr Praveen from mumbai) should have piped up in time.why is that they want the customer to struggle and call here and there for the status ( even though i had submitted the cancelled cheque already ).Not withstanding that i again subbmitted a cancelled cheque .again there was considerable delay.On inquiring again they claimed that my papers have not reached.this was like enough.if it was the case again why dont their executives bother to inform the customer.why do they wait for us to find out things.this is absolutely one pathetic service to come across.I am very sorry to say that this kind of service is absolutely uncalled for.as a matter of fact i had to resubmit the papers which again they claimed to not have received.but perhaps their in-house mailing system works on snails pace.as later it was found that the letter was lying in their office dispatch section since couple of days and no one bothered to forward it ahead.but that's not the end.finally their executive ( Mr Amol Sawant) says me that i will receive a cheque as ECS cannot be done due to some very absurd reason which he gave..now this was like too much..after such a long delay and mental harassment this is what bajaj allianz people come up with....i want a suitable answer to all this that has been happening intheir so called highly professional organisation and a suitable replay to be made to me by the allianz people justifying all the above.I request to kindly consider my case and take up the matter with haigher authorities.

Thanks

Mr Loknath Maharana
[protected]
[protected]@yahoo.com
car insurance policy no. OG[protected]-00037899

Hi
This complaint about not received Original policy, negligence from customer executive and customer centre.

From customer executive - not committed for time and there statement, no response at all, almost more than one month not received original policy, I have called more than 100 times to them
Executive name - Geeta Chaskar , Rohit Nitnaware

From customer centre - registered two complaint
Complaint no. 17904428 , on 24 May 2012 - to Prachi Kale
Complaint no. 17960731 , on 27 May 2012 - to Gaurav Updhya
on 28 May 2012 - I have checked status of courier and again registered complaint to Senior customer centre .

I have given all required documents and ICICI cheque to customer executive on 11 Apr 2012, after several followup got soft copy of policy from Rohit on 18 Apr 2012.
Till now not received original copy of policy and no final answer from BAJAJ ALLIANZ GENERAL INSURANCE COMPANY LTD.


Thanks

Ashish Ashok Pawar
[protected]

Dear Sir,
Mera name Subhash Kumar Sharma, S/O Pairoo Sharma. Maine bajaj life insurance company limited me invest plus ka plan liya hai jo traditional plan hai. Mujhe amit name ka ajent ne juth bolkar mujse policy karai hai ki apko sirf 3 years tak regular policy chalani hai phir 3 years ke bad lock kar sakte hai aur jab 3 years ke bad surrender karte hai to apko 55 thausand repees milege. Yehi bate mujhe mere mobile par bar bar phone karke bajaj life insurance bale maddam duhrate rahe jisme mai jhanse me aaa gaya aur policy karba liya. Jab mujhe book mila to 25 years ka plan mila. Aur maine reject ke leye bajaj office me application diya. Kynoki mai 25 years tak nahi chala paoonga. Phir phone karke yehi bate mujhe mere mobile par bar bar phone karke bajaj life insurance bale maddam duhrate rahe ki appko 3 years me appko 55 thausand reppes milenge. Branch office sec-4, noida me 3 years primium jame karne ke bad maine unse surrender ki bat ki to mujhe sirf 2 years ka 30% dene ki bat kah rahe hai. Isme to mujhe proffit nahi balki mujhe very loss ho raha hai aur mujhse 25 years tak policy chalane ki bat kar rahe hai jo mere bas ki bat nahi hai. Aur kah rahe hai ki apki policy chalti rahegi phir appko kuch nahi milega. Maine bahut mehnat karke paise bachaker primium jama kiya tha aur 1 hi jhatke me sara paisa loot gaya. Mujhe Agent ne Jite Mar Dala. Please suggest.

Policy no. [protected]

Thanks & Regards
SUBHASH KUMAR SHARMA
Mob. [protected], [protected]

I have also purchase capital unit gain of BA policy No. [protected] on[protected], annual premium 20000/- . I am shocked to hear 52% surrender charges after full five year regular premium paid. I go through NAV watch they deducts 11- or 12 units every month from my accumulated units. This is too much I lost nearly 3500/- every year from my hard earned money. But they cheater cocks do nothing about in this matter. Worlds costliest and rubbish policy I have ever heard about. Why not rahul bazaj come forward and take action against the cheater founder managers of the company.

Hi,

My name is Naveen Gadagi. I have taken the Bajaj Allianz - Unit Plus Gold having policy # [protected] back in 2007.I had premium amount of Rs.12000/- per annum.Current fund value is around Rs.32000/-.At the time of taking the policy the Bajaj Allianz people told me that there would be 3 years lock-in period and after which I could withdraw my money back. Now when i m trying to withdraw my money for personal financial needs these people are saying that I will be charge 40% of first year premium and that would be around Rs4000/- . That means the total i will be getting back less that invested. it is like Bajaj Allianz is cheating people misleading them.

I request IRDA to please help me in this and get my money back without any loss.

Thanks & Regards
Naveen B Gadagi

I have purchased a Bajaj Allianz policy no 73232153 in 2007 of a premium of Rs 12,000 (6000 half yearly). Since then my fund value is going down day by day. After giving 9 premiums (in 4.5 years) = Rs 6000*9 = Rs 54000, I decided to surrender the policy.

Before surrender the policy I confirmed from Bajaj Allianz Call Center in order to get the surrender value on number[protected] on 23rd & 24th April. On both day the telle callers told me that I will get approx Rs 50,000 or above depending on current NAV. only Rs 2450 will be deducted. (My both calls have been recorded there, You can confirmed those)

On 24 April when I submitted the surrender form. On 2nd May I received the money direct into my UBI account ***187, it was only Rs 47009. Why they have deducted too much amount.

I am very upset since then. No body is listening. They are telling nothing happened now due to policy is surrended. Call centers told me wrong info otherwise I will not surrender the policy. Please do something to get my remaining fund back. Why Bajaj Allianz making fool to innocent policy holders?

Regards
Kishore Kushwaha
+91-[protected]
Bajaj Allianz policy No: 73232153