[Resolved]  Bajaj Allianz — Bajaj Allianz's Citi bank Suvidha account Life insurance

I Opened Citi Bank account in Nov 2011. I was offered with Bajaj allianz life insurance for 2 Years lock period and guaranteed with 8.5% returns.It was 1500/- per month. As i completed 2 years i called up the customer care and said i want to surrender the Policy, I was said that the amount you paid so far is 39000 but your fund value is 29000 and as you are withdrawing before 4 years 5% will be deducted from your fund amount. The Customer care person asked me to continue with the policy for 4 year at least. If i complete 4 years then my amount will be 72000 but my fund value will be of 40000. What is the guarantee that i would get the amount i paid. I'am not expecting any extra amount which you they give. But Atleast you need to pay the amount i paid. As i got good opinion over Bajaj Allainz I have took up this policy. But after the call with the customer care i was shocked and it is completely fraud. We were said you will get assured returns But we are not getting what we paid also. This is a complete disappointment to the customer. Now i feel Bajaj Allainz is only to fraud people. I have asked my family people and Colleagues to never invest in Bajaj Allainz and who already have a policy I said them to withdraw that ASAP. I have wrote up an article in facebook describing about Bajaj Allainz fraud for which i got a good response and all the people agree with it and felt like it would be the best way to educate the people. I suffered being part of the Bajaj Allainz policy.i will not let others be part of Bajaj Allainz Thanks, Amarendra Balla
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Aug 14, 2020
Complaint marked as Resolved 
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Dear Amarendra,

Greetings from Bajaj Allianz! We have taken a note of your concern and would like to look further into the issue. Kindly provide us with your contact details along with your policy no. at help.[protected] basis which our representative will get in touch with you soon to help resolve your concern. Do mention reference no."ORM012612" when writing to us.

You may also post your concern at


Bajaj Allianz
Life Insurance
Dear Amar,

Thank you for providing us with the details. Our team has already initiated the process of resolution. Kindly allow us some time to look further into the issue.

Bajaj Allianz
Life Insurance
Firstly, without opted bajaj allianze guys falsely opened the group Insurance policy along with my salary account with citi bank. However as I completed more than 4 years which is locking period for policy, when I called customer care to withdraw the policy they said to charge more than 30, 000 as an administration fee. I've paid more than 75, 000 in last 4+ years and clubbing with interest of 8.5% I must be getting 96, 000+ rs, but customer care executive told me that my maturity amount would be only 65, 000 rs after deducting administration charges.

I've never seen such a fraud company like this, I cannot call this cheating I would like to them robbers.
However I'm not gonna leave them like this. I am ready to sue them cheaters.

Regards, Ravish Gupta Mumbai [protected]
This policy is really really frustrating ...I will never ever recommend Bajaj and Allianz brands to anyone...not even the motorcycles... I am just another victim of this fraud ...
This is ridiculous from Bajaj Alliance and they are cheating poor people so smartly.
Kindly never go for any private life insurance agencies.
Hello Guys,

Please never ever take this Suvidha life insurance from Bajaj Allianz. Also I recommend not to take any insurance from Bajaj Allianz.

For Rs: 1500 monthly installments, only Rs: 943 will go into your savings. Rest of the amount will be deducted from the amount paid monthly.

Please be aware of this and Bajaj Allianz is totally fraud. In the certificate documents, its said only administration fee will be deducted but there are more deductions.


Today, i got the same feedback from customer care. if it is so, then it is frustrating & i will never believe in any such policy rather i will go for income TAX deduction which is fair & clear deal for employee like us.
Even I have fallen for this trap. When I contacted Citibank to freeze the policy, I am told that they are only mediators and I need to contact Bajaj Allianz for the same. At least Citibank does not even freeze the monthly deductions being made for this policy. It is real lengthy process to send some policy surrender letter to Chennai address to surrender the policy. If the same customer needs any new policy, I am sure that insurance sales personnel would arrive at any given place within minutes. Clearly I want to take this forward and sue Bajaj Allianz.

Bajaj Allianz — policy not delivered

I was told to stay relaxed and that the policy will reach at my door step, but to the worst of all not only I didn't get my policy but also they dont ever pick my phone call. agent name : arjun Agent number : [protected]
Even I also put Bajaj Alliance life insurance policy. I also contact customer care same feedback only they given. It fully cheated both citi bank also. Please aware don't put any insurance policy along with salary account.
This really seems like a scam. After continuing with this policy for over 4 years i had to close it due to negataive returns. They do not provide any year-on-year statement and also the policy details are not available online. After closing the policy, i still have my ECS getting deducted. This is absolutely nonsense. On contacting Citi Bank they say ECS closure will be handled by BajajAllianz. On contacting Bajaj Allianz customercare i got below stupid response from them.

Samiksha Mendhe/Pune - CFU/Customer Service/Life

Jul 4 (2 days ago)

to me, Rahul

Dear Sir,


This is in reference with the policy number XXXXXXXXX

We regret for the inconvenience caused to you.

With reference to the below appended mail we would like to inform you that, the policy has been sourced by CITI bank hence the standing instruction needs to be deactivated from CITI bank first and then new bank registration will be done by us. Hence we request you to send one written application with ID proof to the below mentioned address for the deactivation of Standing Instruction from CITI bank.

Address to be sent

Tata consultancy services, Insurance Operations

Tek Towers, 7th floor

11-Rajiv Gandhi Salai

Old Mahabalipuram Road, OKKIAM


Chennai, 600097

Once the same will be deactivated, we request you to visit the nearest Bajaj Allianz Life insurance branch to register ECS.

Hope we have been able to clarify your queries. For any further assistance please feel free to contact us.


Samiksha Mendhe

Customer Experience

Escalation : rahul.[protected]

Bajaj Allianz Life Insurance Co Ltd.
I want surrender my policy number[protected] but no respomse for bajaj allianz
kaushal billore
email. [protected]
Hello sir,

I have taken suvidha insurance before 7 years. Till now I didnt receive insurance document.
Whom should i contact?
How is this issue resolved? I am still affected by this scam from a Bajaj and Citi collaboration. The bank says that the Bajaj team will help you and the Bajaj team points to the bank.
I was offered 8.5% YOY returns with a 4 year maturity period but in reality, the policy bond states that it is a 20 year maturity period with negative returns. It's a complete scam.

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