[Resolved]  Bajaj Allianz Life Insurance — Deduction of charges from my policy

Dear Sir,

I have bought a policy of Yours in March 2007, i have paid a premium of Rs.20000/- at that point of time. My money was invested in two Funds namely Accelerator Mid Cap Fund and Equity Index Fund II and i have allocated 789.2988 units and 780.3516 units of both the fund respectively. While allocating the funds you have deducted Rs. 500/- from both the Funds i.e Rs.1000/- has been deducted from total premium amount and you have allocated units for the value of Rs.19000/-. Today when i saw my account statement i found that you have further deducted certain charges through out the year and total units that is available as on 08/02/2008 was 720.146 and 715.3981 of Accelerator Mid Cap Fund and Equity Index Fund II respectively. If i consider the intial NAV as on 08/03/2007 i.e 12.036 and 12.174 i have suffered a loss of Rs.832.032 and 790.74 on both the funds respectively, and if i consider the NAV as on 08/02/2008 i have suffered a loss of 1093.16 and 1078.09 respectively.

Do LIC also deduct such charges every month from the premium paid by the insurer.


Their agent did not tell me anything about such expenses at the time of making policy.When i contacted customer care today their representative told me that everything was written in the Policy Bond, so that means we have already informed you.

Could you please tell me sincerly, have u ever read the terms and conditions written in the agreement when you are investing in Shares, Mutual Funds, LICs etc

Please help me
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Aug 13, 2020
Complaint marked as Resolved 
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DEAR SIR
i like to inform you that i was make one S I P for gold and i will pay first time rs 6000
and my cheque no 933104 and date was 24 05 2011 but that was monthly 3000rs i will
pay at a time two month because your representive told me i have to pay first two month
and after every month deduct from your account monthly 3000 rs but now i follwod that
after that no deduct from my account till to day so now i want to know what is my status
of my gold sip please let me know as soon as possible what is my status
thank you
my details
rupa simlai 34/1a biren roy road east barisha kolkata 700008 phone no [protected]
[protected] united bank of india
pls note ... my bank book show me BAJAJ ALLIANZ cheq no 933104 date 24 05 11
Hi,

EVEN I AM ONE AMONG YOU.I HAVE BEEN CHEATED BY BAJAJ ALLIANZ POLICY # [protected]
THEY ARE MAKING CRORES TOGATHER AND MAKING PUBLIC SUICIDE.I HAVE NO WORDS TO SAY.
My self Rakesh Tiwari Mob No.- [protected] have taken two policy.one is [protected] and one more policy on 2008 for my brother.They are always telling please pay the premium amount, we already paid 3 times (30000).They are telling that you have to pay 2 more premium.But I said that I am surrendering my policy then said please provide document for surrender.I have submitted 1 cancelled dd with with required format, 1 id with address proof, Revenue stamp, and the document which I recived by courier from the bajaj Allianz also I have asked from the officer OFFICE Address- Pandari Raipur Dist- Raipur (C.G) 492001(I will just confirm his name and mention here) they told me everything fine and will completed within 15 days.

But when I left the office I am getting sms from LM-BJAZLI that request No[protected] is pending for some requirement from your side.

Most Important thing i want to say i had paid
(1) 30000 Rs but they are returning only around 12, 000 Rs.from my policy
[protected] Rs but they are returning only 1, 10, 000 Rs.

I just want to say here at-lest they have to return customer basic price whatever he had paid.That's the Rule and Policy.At the time of Policy Processing they informed us only benefits and at the time of returning they tolds it rules and you already Sign, you can complain any where in India for the same. They are gambling with Customer Money.Govt need to close this so that this type of fraud is not happening.

Sir, Respectfully I request you take some serious action so that harassment of customer should stop.
I am writing this review regarding two products I had subscribed with Bajaj Allianz Life Insurance. Two products cover Equity Linked Insurance and Life Insurance respectively.

Product: I haven't seen any positive benefits of any of the product so far while agents selling these products will show it as best investment available in India if not world. I waited for 6 years to improve rates of equity linked product and it's still in negative - I can't believe stock market is running so negatively since last 6 years. It means, their selection of stock is not at all wise so not able to generate positive returns. On top of it, regular monthly charges for maintaining the portfolio is highest of all. I am surprised why can't the agents tell you cleary while selling the product?

In terms of customer service, it's the worst I have ever seen. To surrender the policy, my wife went in person during her visit to India (we are in UK currently) and they asked for exactly same signature as I had done 6 years back. When I had sent new form through post, they asked for authority letter. That's not all, representative in office even would not talk to you over phone.

In summary, never go for Bajaj Allianz for any kind of life insurance product. I believe ICICI and HDFC are far better than this.
Very Very bad.

On customer care executive.

Dear Sir,
Your customer care executive irritating me through calls .. i have disconnected calls several times due to busy in office even so they are calling me again and again which is very bad image for your company ..they r for helping customer not for irritate them

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