Bajaj Allianz Complaints & Reviews

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]

Nav Chart of Bajaj Allianz Equity Growth Fund is not present in Bajaj Allianz Portal. Is there are no vigilance body to look after this Nav details of all the ULIP available. I have a policy [protected], Capital Unit Gain, but I think I was trapped, because if I want to surrender it now, I am losing out around 5500, which is totally unacceptable for me after keeping it for four years.
I request IRDA to take a look and bring some reforms to reign in such fraudulent play of this ULIP providers.

Policy No - [protected]

account value stands as on 26Jan2011 --> Rs30,370.54
Return after deducting surrender charges ---> Rs.24546 /-

Above mentioned two lines do suggest the sorry situation of my investment. Even after
depositing 3 premium from 2007 and waiting till 2011. I am getting a loss of around 5500.
This does depicts the blunder any body could make with their association with Bajaj allianz.
Please take a cue from my fate.

hello
Sir/Mam
plz send me my ID and password on my E-Mail [protected]@yahoo.co.in
my name Jitendra Singar
Policy NO: [protected]
product: Fortune plus
mob no: [protected]
PAN no: BYJPS5752F
date of comm. of policy: 10/11/09
regular premium: 25000

Poor performance. Fund value is very low. Better pay tax. For 30000 paid december now the value is only 16000. Main page it shows 100% allocation, but the truth is in the fund details summary tab. Check your account balance there. Pay tax than policy, don't go behind these fake.

"GROUP UNIT GAIN REGULAR BAJAJ ALLIANZ" totally disappointed
Kathirvel

BAJAJ ALLAINZ will not release the money due to the Customer in time by siting one or other false reasons.The surrender penalty is huge, R.s 48000 for a deposit of R.s 3 lakhs ,in a period of 3years in my Case. I know now that BAJAJ ALLIANZ Customer Care Unit is not there , to listen to any genuine complaints of the Customer and care and help him . It appears to me that BAJAJ ALLAINZ Customer Care cCentre is not "caring" but actually "torturing" customers. .The BAJAJ ALLIANZ Customer Care is eligible for the Best Customer Torture Center award in the World . " BE WARE OF BAJAJ ALLIANZ " They are with lot of traps to cheat Customers..............!!!!!!!


Regards,
BETA

On 4th Jan 2011 my first transanction was not suceesful when I was trying to pay the insurance premium of Rs 12000 through net banking. I made a second attempt and this time it was success. To my surprise on 6th Jan 2011 I found that both transanction was successful and the premium was paid twice. Hence I called up the customer care of Bajaj Allianz but found that their system was down so I was asked to call after 2 hours. When I called up again then my complaint was logged and I was given a request number. Got a call next day and was asked to submit the policy detail and bank statement. I did that immediately. Then I received a mail from Tanzila.[protected]@bajajallianz.co.in asking my contact numbers, I provided them but no response. Suddenly I got a call from Snehal (Snehal.[protected]@bajajallianz.co.in) on 10th evening asking some detail. Then on 11th Jan morning I provided whatever I was asked to. After process so they need more time. Without getting any further info I called up their customer care centre[protected] and a guy called Nikhil told me that the issue has been closed. I will get a call by this Thursday i.e. 20th Jan 2011. Fed up witthat no response but one issue number[protected]. On 13th Snehal replied that they have received documents and is under h this kind of attitude I wrote to [protected]@bajajallianz, [protected]@bajajallianz.com and help.[protected]@bajajallianz.co.in. Next day I got a mail with another track number 9172194. Thats all!
Then I escalated this matter and wrote to malthi.[protected]@bajajallianz.co.in, sandeep.[protected]@bajajallianz.co.in and I got a call in the evening from Snehal saying they are facing some problem so they need some more time. When I insisted for a specific date she told me it will take another 6-8 days. Horrible, pathetic, gruesome, worthless and finally Bajaj Allianz are fraud , cheater and most importantly they harass their customer so badly, I cannot belive it.

I am getting only false assurance from different people with various track numbers. I was not able to understand what kind of problem it is which is not getting solved from 11th to 20th of Jan 2011. Can't these guy find some alternate solution to it?

I request all of you to spread this message as much as possible so that you and your friends should not fall into their trap.

Regards
Abhijit Singha
My policy number is [protected]

pls.let me know current status of my account,my policy number is[protected]

I Skanda T. S want to register a complaint against Bajaj Allianz. Please see the below mentioned details.

We took a car on 24/12/2010, Hyundai Getz Reg : KA 03 MD 6598 and applied for the transfer for registration the same day to my dad's name, Shankarananda T. B. We got the R.C card on 1st of January 2011. But before we get the insurance transferred to my dad's name as we had 14 days for that, from the day of the registration of the car, i.e from 24/12/2010 as mentioned in the B-extract, the car met with an accident on 1st January 2011, 9.20am which was driving by me(Skanda T. S, I have a valid driving license). The accident took place in NICE road, near PESIT(approx 4 km before it, entered NICE from kanakpura road towards Mysore road). God's grace no one was hurt in the accident, but when we claimed for the insurance, the company is refusing to accept it, saying, insurance has not been transferred to our name yet, though we had still time for transferring the insurance to my dad's name. We even did approach them for transfer of insurance on 3/1/2011 which was also refused. The claim no is OC[protected]-00011463. The policy name is still in the old owners name, Vinayaka V. Please help us on this issue as we are facing problem by this insurance company.

Thank you,

Yours Faithfully,
Skanda T. S.
([protected]@gmail.com)

Sir this is uma devi agrawal. I have invested Rs. 10000 X 4 = 40000 in bajaj allianz company. When I was interested to invest in any company, a agent of Bajaj Allianz made me sure that if I invest Rs 10000 x 3 = 30000 (regular premium 10000 per year for three year), I will get Rs 50000 and if I invest Rs. 10000 x 5=50000 (regular premium 10000 per year for five year), I will get more then Rs. 80000 but after investing Rs 10000 x 4 = 40000 when I go to Bajaj Allianz office to know the fund value of my Policy then the representative did not give any response to me and did not provide me my fund value statement.
Sir my complain is this plz make a very strong action to such companies who are making and made wrong commitment with customer because every customer has no sufficient knowledge of these plan and that why these company make fraud with them. At the time of investment they show a lot of benefit but when customer invest in any plan, he will not get any type of said amount.

Hope you will understand customer problem and take a strong action against it
My purchase details is
Policy No. [protected]
Dt.[protected] Rs. 10000 Invested
Dt.[protected] Rs. 10000 Invested
Dt.[protected] Rs. 10000 Invested
Dt.[protected] Rs. 10000 Invested

My Communication Address is
Uma Devi Agrawal
C/o Tarun Agrawal
153 Gurudwara nagra Jhansi
U.P. 284003
Mob [protected], [protected]
mail [protected]@gmail.com

hi,

Pls. be careful buying policy from bajaj allianz. sales executive cheats customers and when you make complaint they will not take their involvement directly all dusputes put on customers side. I spoke to one of executive Sweta kumari from, muzaffarpur district, bihar, she is totally mad she even dont' know how to respond customer. I am wonder how co. satisfied its customers. they appoint silly person as an agent in rural area basically, who misguide customers, give fake commitments, assurance and sales policy to his known one. eventually customer feels cheated.

In future I will bot take policy from bajaj and will not advise anyone who like to buy it.

Complain Number: 8902957
Track Number: 8908406

After repeatedly calling the Branch and the Customer Service, yet no one tells me the exact status of my policy.

DEAR SIR,
I RECEIVED A CERTIFICATE OF INSURENCE YOU WHICH HAVE BEEN ISSUED WITHOUT MY CONCENT . THE DETAILS ARE AS FOLLOWS-

MASTER POLICY HOLDER MEMBERSHIP NO. :[protected]
LOAN A/C NO. : 5770CD00052087

THEREFORE, I REQUEST YOU TO CANCEL THE ABOVE MENTIONED INSURENCE POLICY AND REFUND THE PREMIUM AMOUNT WHICH HAVE BEEN DEDUCTED FROM MY BANK A/C.

SINCERLY YOURS
PRADEEP KUMAR SHARMA

Sir,
I joined in Bajaj allianz Unitgain plus gold on 22.11.2007 and remitted an amount of Rs.15000/.I was told that it is a one time policy and it is a locking period for three years.In the meantime the representative got my signature in some of the papers which could not read and understand since very small letters with lot of pages.Hence,I beleived that as he said in oral will be real.But as soon as received the policy,I was really shocked that the policy period will be for ten years and the unit account value Rs.11286.68 against my remitted amount of Rs.15000/.However after three years I have received a cheque amounting Rs1657.00/ Dated:13.12.2010.for the full settlement stating that for non payment of regular premium amount.I intend to send this cheque back after getting your advise.
Allegation against this company.
Point No.1.I was not fully explained about this policy rather he got my signature.2.Puposefully they deal with me with out explaining any thing about policy and with an intention of cheating.Hence I request you to kindly take up this subject in appropriate forum to get justice for me and please guide further to proceed.

Dear Sir/Madam,
My self Vineel Dasari. i am the one of the victim of Bajaj Allianz health policies. I have taken to health insurance policies on 27-Dec-2008 50,000/- each. as my conversation with one it's Agent is he said to me pay 1 lakh and you will be cover 3 years and after 3 years you will get at least minimum 30% benefit on your paid amount. Then i said ok but i will pay only one year. he said ok no issues sir. if you pay one year you will be benefit bit less then paying remaining 2 years sir. Then i said ok and i have taken the two policies each one 50,000 on same date. After 3 years i went to one of it's branch in kakinada on 27-Dec-2010. i was shocked by hearing the what amount i will get after 3 years.is 6000/- (3000/- each) . they are saying as of now you fund value for 1 lakh is 60000/-, and you didn't pay the 2 lakh for that remaining 2 years penalty will be charged 60% on 60000/-. if you paid the 2 lakh with the lock period that 27-Dec-2010. the penalty will be 48% on that amount if you claim the full amount. if you kept the 2 lakh with us that you can withdrew 60,000 now and by year by year the penalty will be reduce so that you can get amount with out penalty after 10 years.for me now word to say. This is not digest thing for me. what should i do please help me. i paid 1 lakh and after 3 years now im getting only 6000. please do needful.

I am awaiting for your reply

policyno:78142816 ,78406235

mobile: [protected]

Thanks & Regards,
Vineel Dasari.

Hello Sir,

I had taken a policy from Bajaj Allianz 3 years back, the plan name is Bajaj Allianz Capital Unit Gain. My policy no is [protected]. I have given the first premium amount of 12000 Rs. Due to some personal reasons and hearing many fraud stories from this company, I did not pay the second and third premiums. Now the closing period is over as it is 3 years now and when I inquired about my money at the office they are telling they cannot pay it back. No where in the agreement given by them is given that they will not pay back in this situation. Please do the necessary to get my amount back.

Mob No. [protected]
Mail ID: [protected]@yahoo.co.in

Hello Sir,

Kindly refer Policy number: "74494566" under "UnitGain Plus Gold" scheme.
I recieved a cheque of Rs 5660 after a period of 3 years. I paid premium of Rs 25000 during the year 2007.
I have not yet surrendered my policy even than Bajaj Alliaz have terminated it.
Please suggest what action should I take at my end.


Regards,
Prabha Sharma
[protected]@yahoo.com

Date: 7th November 2009


Iam K.Sundaresan & my I.C.CODE NO; [protected][protected].Iam doing business since 2005 with BAJAJ ALLIANZ LIFE INSURANCE CO.LTD.During this period I have collected more than 7 lacs regular premium unit gain policy.

Because of my performance and my MBA qualfication I was offered the position of Sr.Sales. Manager(EMP.CODE.84629) for T.Nagar branch,Chennai,Tamilnadu in june 2006 .During February 2009 I have applied for medical leave as suggested by my doctor because of low back pain and I have been advised not to travel in Two-wheeler.From the period 2006 to 2009 I have done the business to the tune of more than Rs 1 crore regular premium.In the mean time my branch manager Mr.Vanamamalai has rejected my leave and terminated me from the employment service with immediate effect.During my employment service, the company had also recovered my IC Commisions from my salary.

I kindly request you to do a minimum favour of activating my IC.CODE NO. -[protected] and releasing all the renewal commission amount due to me at the earliest.Since because of non payment iam unable to work.My IC CODE AND I.R.D.A.LICENSE was renewed on 25.3.2009 and its valid upto 24.3.2012.

What bajaj was did to me.Once the agent crossed 6 lacs regular premium they will not give proper support and help.and try to offer a sales manager post as a free of cost and then they terminating within a year itself.Whey they did all you know for an a RENEWAL COMMISSION.They terminated older ic code and then they taken us a commission.In the Last financial year they took more than 300 crores from agents renewal commission itself.

This was happend many agents. Then customers money???Think all.

Hello bajaj allianz i want back my ic renewal commission do u understand-If you need more money means do someother cheating activity.Dont play with agnts and customers.I was inform this matter to bajaj allianz honorable leader CEO kamesh also.but he did make silence.

Dear Sir,
I am Govind Tripathi & working Bajaj allianz lic From 01/10/2010 to 24/02/2010 date. My Pf no MH/34020/79957.My Emp Coad 18671.bank a/c[protected].
Kindly Regards
Please sttlement earliest
Govind Tripathi
[protected]

sir,
I had visited your cuttack branch last three months back and applied for "how to access online to my ULIP policy(child gain 21+)".the man sitting in the customer care had assured me to send the user-id and pswd within a week.but till date i have not yet received any thing.please help me.