[Resolved]  Bajaj Allianz — Misleading information and cheating

Address:

Bangalore, Karnataka

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 1,00,000. So if I surrender policy all I will get is 15,000.

I had asked the policy for 10 years and these people had sent the documents for 15 years. Now as per the policy documents if I continue to pay the premium of 50000 till 15 years, at end of 15 years all I can expect is 8,35,200. A mere return of 85,200. An effective rate of return at 1.6% per year. Even savings account earns 4% interest.

When I contacted Bajaj Allianz customer care, this is what they had to say regarding surrendering the policy

"The Policy can be surrendered after completion of three Policy Years provided first three Years? premiums have been paid in full.
The minimum Guaranteed Surrender Value (GSV) will be equal to:
GSV = 30% X (Total premiums paid till date less premium paid in the first Year less any extra premiums and additional rider benefit premiums, if any). The Company may also declare a Special Surrender Value (SSV). SSV will be calculated by multiplying SSV factor to the Paid-Up Value, per Section 10, at the time of surrender. The higher of GSV and SSV will be paid as the Surrender Value."

I requested them to provide me the SSV factor company has declared for 2011 and 2012 (as policy had started in 2008), they refused to do so. I don't understand why they cannot provide this figure.

Has any of you received information regarding the vested bonus announced for super saver policy holders?

This policy has to be named super destroyer not super saver. The agent had offered a 2g gold or some other electronic appliance if I take the policy. I came to know that IRDA prohibits this kind of gifts and is illegal.

It looks like there are lot of innocent victims like me who have been cheated/mislead/duped into buying this policy from Bajaj Allianz. If you are one such victim and like to take some action please contact me. Collectively we can approach IRDA.

I have learned hard way that best insurance policy is pure term insurance policy. It is better to keep investments and insurance as separate.

Please contact [protected]@gmail.com