Dear All,
The Customer Care Centre(CCC) of Bajajaj Allianz is a replica of its parent company. How cleverly a company fools general public (consisting mostly of laymen) by rolling out policies embedded with complex mathematical formula for calculating surrender charge (which only an expert in maths can catch) and covert rules.I have come across policies which can be surrendered after 3 years or 5 years without any surrender charge.I never,in my life, came across a policy in which the surrender charge continues upto the last premium other than Bajaj Allianz policy.In the case of my policy which allows surrender after the payment of premiums for first 3 years, the surrender charge works out to be 48% of the first years' premium at the end of 3 years,42% at the end of 4th year,36% at the end of 5th year and it goes like that until it becomes zero for the last premium.Bajaj Allianz is craftly denying its customers freedom to quit a non-perfoming policy ,not to speak of freedom to quit out of some urgent need of money.This is against natural justice to force a client to cling on to a loss making policy till its tenure.In my case,everybody else except the client, who spent his hard earned money, made gains.When I deposited Rs 3 lakhs in 3 years,the agents gained Rs 32,000/- as commision,Bajaj Alliaz gained Rs 48,635.2557/- as surreder penality plus policy allocation charges,policy administration charges and insurance charges etc. The policy holder ended up with a loss of Rs 17,391/- in three lakhs deposited! During this period of 3years sensex almost doubled but the growth for the fund is meagre.Is not this the injustice of the highest degree towards a client.
Think of the hurdles a client has to face to realise even this less amount of money! When almost all AMCs are resorting to direct credit by NEFT/RTGS because of its speed , reliability and low cost, it is amazing to see Bajaj Allianz still sticking on to the out dated cheque payment mode with its inherent delay , risk and high cost.The CCC first claimed that the surrender amount had been direct credited to my bank A/C on 10th instant. Later, the transaction rejection was reported and raised doubts about correctness of A/C no.and then IFSC code eventhough I repeatedly confirmed both.If the rejection really happened the CCC could have easily verified the IFSC code from website and checked with the Standard Chartered Bank CCC the exact reason for the rejection .If the rejection was due to non-inclusion of my bank branch in its website,the IT team would have promptly done it on placing request for the same.I have information that the Standard Chartered bank has updated its website to include my bank branch as a result of my request.The same thing can be done by you too. That is the purpose for which the CCC is created-to find innovative ways to solve problems faced by customers.For this to happen the person occupying the chair should be well informed of latest developments and techniques and most importantly should have a mindset to do justice to customers.It is difficult to imbibe the excuse for not trying NEFT with other banks that the company deals with only Standard Chartered bank.In short, the payment was inordinately delayed due to inept handling of a customer.I don't think this is an isolated case.Many more are there with the same bitter experience.Let it be the last one. So I am HIGHLY DISSATISFIED with Bajaj Allianz and its true customer care centre .Please don't force back those trying to escape with whatever little left for them from a sinking Ship and whip those still leaving!
Regards,
BETA RAJAN
POLICY -[protected]
Aug 13, 2020
Complaint marked as Resolved 
We have sent a mail to you on your e-mail id regarding the surrender charges. For further reference your itrack no.9976461.
Regards,
Bajaj Allianz