[Resolved] Bajaj Allianz — fraud by bajaj allianz for super saver plan | |||
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 around 29000. So if i surrender policy all i will get is way too less and loss for me. I had asked the policy for 5 years and these people had sent the documents for 10 years. Now as per the policy documents if i continue to pay the premium of 15000 till 10 years, at end of 10 years all i can expect is 1, 08, 000. A mere return of 1, 08, 000. An effective rate of return at 1.6% per year. Even savings account earns 4% interest. I asked the customer care what will happen if i do not pay the premium for the remaining 2 years out of the 10 years, they said it will be huge loss for me as there will be a lot of deduction + no insurance coverage + no bonus etc. Also, there is no provision for 2grams of gold which was promised to me while purchasing this plan. I had a lot of trust on bajaj allianz and therefore bought this plan and i am totally heart-broken with the overall experience and fraudility. Was this information helpful? | |||
Mar 1, 2019 Complaint marked as Resolved Bajaj Allianz customer support has been notified about the posted complaint. Verified Support Jan 29, 2019 Bajaj Allianz Customer Care's response Hi, we sincerely regret the inconvenience caused. Kindly share your policy number and contact details so that we can assist you further on the reported issue. Regards, Bajaj Allianz Life Insurance Team | |||
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