[Resolved]  Bajaj Allianz — Surrender charges

Address:Pune, Maharashtra

I had taken Bajaj Allianz policy 40992104.
This policy has completed its three policy years and all these three years the premium was paid on time .and when I went to surrender it they are asking for a HUGE surrender charge of around 26 thousand rupees.

If I pay this charge ,the value of my policy will go negative.

I am aware of this charge but this is required ONLY when you do not make premium payments for the three policy years.
I later checked in the policy document and it has the surrender chanrges even after three years. This is totall rubbish. Fraud!!!

I had taken other policies from ICICI and Birla. They do not charge after completion of three policy years.

People reading this, My suggestion to you is please do not buy any policies of bajaj Allianz.
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Aug 14, 2020
Complaint marked as Resolved 
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bajaj allianz life insurance-capital unit gain plan — not able to get the sum assured

Respected sir,
My policy no is [protected] i have paid 25,000 per year for three years from 2007 to 2009.The term for the withdrawl of the money was anytime after the period of three years.We had told the insurance agent that we would like to withdraw our money after 5 year period ,he had issued the policy for 50years instead of 5 years and when this mistake was reported they said it is not a problem and the amount could be withdrawn anytime after 3 years When we approached the concerned authorities to withdraw the money after 4 years a heafty penalty 52% (that is a sum of 13000) has been put.Even after 5 years the policy fund value remains 75000 inspite of high share value.
kindly guide me regarding the above.
Dr Pavithranand
I have a policy from Bajaj Allianz Named "Unit Gain Plus Gold".

Policy number - [protected]. commencement date - 27/06/08

Annual Premium payable - Rs 20, 000/-

I bought it from a cousin who as an agent and kept pestering me with it.He told me to pay the premium for 3 years and I could withdraw after that. So I paid my premium regularly for 3 years. I am a regular in the stock market and sort of an expert in the F&O segment but nothing could have prepared me for this shock

My 3 years were up on 27 June 2011 and sadly my fund total was a meagre 62297 on 29 june2011. This is because I chose ULIP as my invesment plan instead of directly buying a Mutual fund. There are several charges on these plans per year on percentage basis which reduces your fund value to a large extent. Ok I thought no problem lesson learnt. Never invest via ULIPs.

Even in a stupid bank saving A/c which gives 3.5% annual return I would have done better than what BAJAJ ALLINAZ has managed with my 60, 000 for 3 years during which CNX NIFTY went from 4400 in July 08 to 5600 in june 2011. Market did go up by almost 25% but my investment went up by 3 - 4 %. Guess who made a fortune while my investment bled and bled all those administration and allocation and whatnot charges... you're right Mr Rahul Bajaj ( since he is the promoter of Bajaj Group). Add up millions of these policies which they sell and you wont believe what they make in a year. Right to Information Act Anyone ???

So with bitter experience I went to collect my 62 thousand and some change from Bajaj Allianz after 27 June2011 and what was waiting for me was a Nuke bomb..no less. BAM _ BAM. After talking to some guy at the counter I was told that If I withdraw after three years I would be charged ..hold your breath (48.6%) of my annual premium which was 20, 000. That was roughly Rs 10, 000 from my fund value. Only If i held that 60, 000 for 10 years would they apply no surrender charges. What a bunch of thieves. From what I learnt about ULIPs who would want to hold that trash for 10 years. You want to add up all those fund charges for 10 years. It would come to around 20% of my entire fund. That with no guarantee of making any returns. Even If Nifty went back to 2800 they would happily deduct all those charges. They dont give a damn.

What do I feel like??... I feel like I bought something from Chor-Bazar and was duped completely. I feel that Bajaj Allianz trains its agents to not share all facts ( only what the customer should know) about a certain product. They knew that NO-One would buy this policy if they were told of these Surrender charges. On your face they will tell you that' You can withdraw money after 3 years' . No word about surrender charges. For that You'll have to dig deep into your Bond copy into section 35 g.

It can be simply called financial cheating or Fraud. White collar thieves who pounce on ignorant or too busy investors with sweet-talk. Stupid Apologetic smiles on their facesas they say " sir, kya kijiyega Bajaj Allianz mein yahi hota hai" ( I cant do anything..this is what goes in Bajaj Allianz). well I dont have any audio proof of that either.

BUT all hope is not lost... I went throught their entire Bond Copy ( blue file ) and on the second last page there are 23 Notes of importance at the end of which I signed along with their sales guy. Note 20 says that

" If First Three Years' regular premiums have been paid, there is NO SURRENDER CHARGE on surrender of policy from fourth policy year. If three years premuim have not been paid, then surrender charge would be 100% of the first years' Annualized allocated premium. "

Can anyone explain that to me like i am a 6 yr old. Sounds like I have a case here ( and so do you if you have sadly invested with Bajaj Allianz. Tommorow, Friday ( 1 july2011) is election here in Jamshedpur so on Monday 4july 2011, I will be headed towards Consumer court with my little piece of hope. Well Dont blame me... I hate Liars and Cheaters.
Yes I totally agree for the above complaint.In fact, if some body sees my complaint, I am also sailing in the same boat. I suggest to the viewers to come forward and complaint it to IRDA which I have already done. If as I read above complaint, /i understand the SEBI has banned it. Now IRDA should come forward and instruct M/S Bajaj Allianz Company to refund all the payments of subscribed premiums with market interest rate to Policy holders with immidiate effect.
I started policy in 2007.I paid premimum of 25000 p.a for two years but there is no escape out of this.How to surrender the policy???Bajaj Allianz ULIP insurance policy is worthless in totality .IRDA has to pitch in in such cases other wise the company will be in safer side by misguiding the people.Nobody should buy the policy even by mistake...Bajaj Allianz is cheating company which should perish immediately unless it acts on its fauly policies.
Year Surrender Penalty
Completion of three full policy year: 56%
4 54%
5 52%
6 49%
7 47%
8 44%
9 42%
10 39%
11 36%
12 32%
13 29%
14 25%
15 22%
16 18%
17 14%
18 9%
19 5%
20 0
Really Bajaj Allianz cheats the customer. I have taken policy as "Family Gain" from Bajaj Allianz. Now i want to surrender my policy after completion of three year. But they are asking charges as 25%. At the time of joining no one told me this. Also my fund value is around 19000 and I paid premium of 30000 so far. If I pay 25% surrender charges again then it will get 14000 in hand. So there is more than 50% loss in this policy. There is no use of calling customer care or registering complaint. This is my mistake that I Choose Bajaj Allianz. At this time i need money, but i wont get at least my invested amount properly.

Details of Family Gain policy after three years
Total premium paid - 30000
Fund value -19000
Surrender charges - 25%
Take home money - 14000

So don’t go for Bajaj Allianz or any policy from private company. I[censored] want policy then go for LIC where they will give u assured amount.
I agree with every bodies grievences againsy Bajaj, With such a large number of complaints aired on internet, why IRDA take a note of this and do some justice to customers. They have done a lot to make the policies pro customer friendly after hearing such comments and Insurance companies had come in the market with no such absurd clauses as in the policies under question, Now government should intervene or some body should put a judicial complaint in the court with necessary inputs.

PREMIUM PLUS POLICY — I WANTED TO PAY ONLY 3 YEARS PREMIUM INSTEAD OF 25 YEARS

MY RELATIVE WANTED TO HAVE ONLY A LIFE COVERAGE POLICY. SHE WANTED TO PAY ONLY 3 YEARS PREMIUM @RS.12500/- EVERY YEAR AND TOTAL FOR 3 YEARS. THE POLICY NO. IS [protected].THE LIFE ASSURED NAME : S. SUMATHI. POLICY STARTS FROM 16.08.2010. NOW I GOT A PHONE CALL AND TO PAY THE PREMIUM DUE AND SHE HAS TO PAY THE PREMIUM OF RS.10000/- EVERY YEAR FOR 25 YEARS. WHETHER IT IS POSSIBLE TO CHANGE THE PLAN AND TO PAY ONLY 3 YEARS IN TOTAL INSTEAD OF 25 YEARS.SHE IS NOT IN A POSITION TO PAY FOR 25 YEARS. PLEASE GIVE REPLY.

CELL: [protected]
BAJAJ ALLIANZ'S AGENTS GET HUGE COMMISSION FOR TRAPPING PEOPLE.
MY POLICY NO. [protected] IS CASE OF FRAUD BY THESE BUGGERS.
AFTER PAYING 1ST PREMIUM OF RS 30, 000 I CAME TO KNOW THAT THEY HAVE DEDUCTED 19000/-AS UPFRONT CHARGES!!!
I COMPLAINED BUT YOU ALL KNOW IT IS OF NO USE IF YOU HAVE ALREADY PAID MONEY.

I DID NOT PAY ANY OTHER PREMIUM TO THEM. MY 30, 000 RS WERE LIKE LOOTED BY BAJAJ ALLIANZ.
BLODDY FRAUDS...
Well I Have registered a case in the consumer court and am very hopeful to get justice. I encourage everybody to do the same. It just takes some paperwork and time. No Hassle. You dont even need a lawyer to start. Just go to the consumer court and they will direct you. Or better search online about documents required to file a complaint. and type them yourself

Be Fearless. Show these cheaters that its time for PAYBACK.

unit linked policy — surrendered amount was not transferred

I P.Ernagappa had ing life insurance policy no: 00558971 was surrendered on 08-12-11,i have contacted the inglife insurance anantapur branch they are giving arrogant and recklees information.so far the policy amount was not credited to my account .
thanking you
P.Ernagappa

Dear Friends, जागो ग्राहक जागो
Through mail I am appealing to all of you that all o[censored]s should avoid to invest our money in bajajallianz. I am making this appeal from the experience which I had taken. I am giving the details below.

Three Years ago I had invested Rs.25000/- in bajajallianz's unit gain policy( or I may say that Unit loss/rob Policy). I was being told that only 2% fund as admin charges will be deducted and 98% fund will be invested. But when I saw the status of my policy after three years I was shocked. Bajajallianz had deducted about 13.98% fund as hidden charges. And now they are giving very cute explanation that the charges are deducted towards i) Mortality Charges

The mortality charges depend on
(a) The amount of Life Insurance Cover.
(b) The attained age of the Life Assured
(c) The occupation of the life assured
(d) The health of the life assured
The mortality charges under this policy per Rs 1000 of Life Insurance Cover for varying ages is given in Annexure I.

Now I want to show you the cheating of bajajallianz please see below:
Amount I invested: 25000/-
Allocation Rate %: 98
Allocated Amount: 24500/-
on date: 21-FEB-08
Unit Price on date 21-FEB-08: 15.0360
Allocated Units: 1629.4227

Now I show you Deduction:
Deduction First:
On Date: 31-MAR-09
Policy Admin Charge Adjustment Single: 5.00
Unit Price On Date: 31-MAR-09: 8.8640
Deducted Units: 0.5641

Deduction Second:
On Date: ?(Not Given in fund summary)
Charges:? (Which?)
Net Amount Deducted: -3490.90
Unit Price On Date(?): ?(not given)
Deducted units: -262.3652

Remaining Units: 1367.6216
Now when I checked the historical NAV rates of this fund I saw that the highest rate of this fund was 17.99 on date 13/10/2010.

Dear Friends if you see that if I multiply my remaining units with the highest rate of this fund still the amount will be less than the amount which I had invested. see below
see that when I calculate( remaining units x highest NAV) the amount is less than the amount I had invested.

1367.6216 x 17.99 = 24603.512584 < 25000/-(the amount I invested).

So now it is time to awake and be aware from such type of cheating. जागो ग्राहक जागो. Say No to BAJAJALLIANZ (MISALLIANCE)




--
Pawar Yogesh A.
SRES's K.B.P.Polytechnic
Kopargaon
I and my friend also invested in this company. I went to branch offices which are near to my city, they gave me different answers so I went to another office and now I am decided to sold the policy because I lost 40000/- in this by investing in Century Plus because it reduces our money upto 19% at the starting time and also 13% whenever we want to surrender. So I decided to never buy any policy from Bajaj Allianz Life Insurance.
beware of bajaj allianz
this policy was total worst case policy in india ...
please dont go for it ..
absuolutly 200% right...bajaj allianz is a big cheater cock ...and so their agents
are the bajaj allianz people `deaf and dump ? why not the crooks answering the complainant Rohit sablok 77 ?
im a lady doctor and these bajaj guys have cheated me.I have bought policy number [protected] under new unit gain plan in my name Dr Usha Gupta in 2006 and paid the nesxt three premiums on time of twenty thousand each. now when i want to withdraw and all i have in my policy is 22000 rupees.I dont know what kind of joke these guys are playing on senior citizens.I want to complain strictly against these guys and Kindly guide me how can i recover my lost money..
Agree. Bajaj is the worse. I too bought the Insurance plan for 15 years and paid 2 lakhs per year since 2009. Total of 4 lakhs. Now after 3 years if I surrender I will be losing 48000. Its fraud and Bajaj is bad.I bought this through my junk cousin whose bank had tie up with Bajaj. Do not go with Bajaj.
Instead of investing money in Bajaj we can donate the money to social services. I lost around Rs 20000 by investing in Bajaj
chor

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