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[Resolved]  Bajaj Allianz — Company ate up my 60000 rupees. No response from the company

Few Years before, n pursuance of Bajaj Allianz agent Mr. Vishnu ([protected]) I agreed to invest in their UNIT LINKED POLICY. The Details advised by the agent was as under:

Policy had Death Cover of 25 Years, life long.
Two premia of Rs. 30, 000 each needs to be paid - on commencement and at start of second year.
thereafter no premium to be paid and the deat cover will continue lif long.

Policy No. [protected] was issued.

Accordingly I paid the two premia.

Now just by curiocity I called up helpline of Bajaj Allianz and asked for the status of my policy - they replied saying it expired and nothing left in it now. I asked for details on how why, they refused to comment at all.

When I called up agent he told the pria to be deposited was 3 not 2 as said earlier, and hence policy expired.

Now I have tried several times to speak with Bajaj Allianz on advising the details how they ate up my 60000 rupees, they do not advise anything.
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Complaint marked as Resolved Aug 14, 2020
Complaint comments  4 CommentsShareTweet

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Bajaj Allianz — Bajaj Allianz ate up my Rs. 60000

Few Years before, n pursuance of Bajaj Allianz agent Mr. Vishnu ([protected]) I agreed to invest in their UNIT LINKED POLICY. The Details advised by the agent was as under:

Policy had Death Cover of Rs. 25 Lacs - Life Long.
Two premia of Rs. 30, 000 each needs to be paid - on commencement and at start of second year.
thereafter no premium to be paid and the deat cover will continue lif long.

Policy No. [protected] was issued.

Accordingly I paid the two premia.

Now just by curiocity I called up helpline of Bajaj Allianz and asked for the status of my policy - they replied saying it expired and nothing left in it now. I asked for details on how why, they refused to comment at all.

When I called up agent he told the pria to be deposited was 3 not 2 as said earlier, and hence policy expired.

Now I have tried several times to speak with Bajaj Allianz on advising the details how they ate up my 60000 rupees, they do not advise anything.
I have a policy in your insurance company paying an yearly premium of Rs.10, 000 for three years. This is the last year, i have to pay my premium but i do no know the date on which i have to pay the premium beccause i have not received any communication regarding this and let me know account status at present. Kindly inform me the details at the earliest and do the needful.

Thanking you,

Truly yours,

A.G.Raghupathy.

Cell No: [protected]
Baja Allianz is thw worst ULIP fund in the market.
If you put some money with Baja Allianz then just assume you lost that money.Their fund management is the poorest in the market and their charges are the highest in the market.They even put service charge for service charge!!!

Never ever go with Bajaj Allianz..The worst fund in the market..
I have deposited 25000 Rupees with them 3 years back in growth fund when the market was well below the current levels(Sensex was around[protected] range).Now sensex is at 17500 range..Still i am in loss of around 650 rs...So just assume about their monthly charges and fund performance..
So NEVER EVER GO WITH BAJAJ ALLAINZ..
Its a customer looting company

Ebin
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This is with reference to your complaint regarding policy number [protected] we have registered the same under issue number 2584610. As per our investigation we have come to know that the policy was issued as per the proposal form signed by you. As per the details the policy which you have opted for is UNITLINKED. The product has 3 years of lock in period. So the minimum payment for the policy to keep it in force is for 3 annual premiums. Now if you pay one more premium the policy will be revived and the previous paid premium fund value as on date of lapsation will be added with the renewal premium. If you were not satisfied with the terms of the policy, there was a 15 days of free look period for cancellation, if you were unsatisfied you with the terms and condition you should have cancelled the during FLC period. Kindly provide us your updated contact details also so that we can communicate you in future.

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    Bajaj Allianz
    Customer Care Service
    Customer satisfaction rating
    83%
    Complaints
    1838
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    0
    Resolved
    1476
    Bajaj Allianz Phone
    +91 20 3030 5858 [Customer Care]
    Bajaj Allianz Address
    GE Plaza, Airport Road, Yerawada, Pune, Maharashtra, India - 411 006
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