[Resolved] Bajaj Allianz Super Saver Plan — Misguided and Fraud

23 Reviews
Bangalore, Karnataka, India

My name is P Venkata Suryanarayana and my Bajaj Allianz Super Saver Policy number is : [protected]. I took this policy 29th November 2011.

As a part of my investment plan I contacted Bajaj Allianz Executives and Marketing guys of bangalore branch. They explained so many plans. After some days they called me and told that as a part of DIWALI offer they are giving so many other benefits like..

1. we can take insurance on my name and put nominee my Mother. After 5 years i can draw whole amount but need to put 3500 rupees in the account to continue the insurance on my mother till she is alive. no need to pay anything after that. if something goes wrong they will pay another bulk amount on behalf of my mother to me. They clearly told me to submit my mothers ration card xerox, Voter ID card and Photo along with my documents.

2. we can take 2 grm Gold

3. if you pay 30,000/- they will give one time concession of Rs.2000/- immediately as a part of offer.

I choose 1st option as it is little bit beneficiary to me and my family. But after paying Rs.30,000/- and submitting all the related documents, they sent insurance documents which are related to me. But did not sent my mother's parallel benefit insurance documents. When i called Bajaj Allianz executive Mr.Shawaiz who gave wrong information and misguided me in this issue, he told I need to submit my mother's PAN card or Passport for processing.

She is a 55 years old lady and not much educated one and she is a housewife. Why she will take passport and Pan Card with out any reason. When I seriously asked that guy Shawaiz why he gave wrong information to me.. he told me that it is their mistake only and he spoke with his regional manager regarding this and took special permission to process with ration card and voter ID only and process will be completed in 2 to 3 days. I am keep on calling that executive Shawaiz and every time he is telling today it will be completed.

I don't know why Bajaj Allianz like big companies also doing like this. I am working as a software engineer in bangalore. everyday so many friends will ask or discuss about these insurance plans. But really I don't like to tell them to go for Bajaj Allianz Insurance.

I want some one from bajaj allianz officers to look into this issue and take immediate action and to resolve this issue.

P Venkata Suryanarayana
Complaint marked as Resolved 
After the complaint, I got a call from one of the Bajaj Allianz manager from their Head Office and helped me in getting my documents with in 3 days. Also got a free insurance for my mother of Rs.2000/- for 1st year as a apart of their offer. I am satisfied with the service and Thanks for the help. Now I do not have any issues. Please remove this post from the web. I am getting lot of unnecessary call from other customers which is disturbing my work.
Complaint comments  22 Comments     Updated: Share0Tweet0


Hi Ajay kumar (Ajaykumarmn88)

I have seen your post oflate, but not sure if you have invested your money in Bajaj Allianz super saver..

If you are yet to invest.. hold your hard earned money from this Company. Their agents are totally unaware (or a marketing trick ?) of the actual plan. Their policy document will have some thing different than waht the agent canvases.

In any conflicts they will go with the policy doc. at the end you will lose your money.

Let god save you and your money

Sathya Narayanan V
Dear Mr. P Venkata Suryanarayana,

Bajaj Allianz always values its customers and hence is very sorry for the inconvenience caused to you.

Please note that we have received your request and investigating the matter. Can we request you to allow us some time into look this matter??? Our support staff will soon get in touch with you.

We would like to inform you that we have created a separate customer care portal http://support.bajajallianz.com/support/ where you can post your queries.
We appreciate your patience and time.

Thanks and regards
Bajaj Allianz Customer Support
Hello Bajaj Allianz Customer Support,

I am also from Bangalore and I have received call and brochure and illustrations (which does not have logo on it) stating that I will receive guaranteed return of Rs. 4, 85, 000 if I invest Rs. 50, 000 per month. When I asked Mr. Rohit ([protected]) of Bajaj A do I have option of paying monthly, he said yes after 1 year you can pay monthly/quarterly/annually as per your choice.

The illustration and brochure came from tamanna.[protected]@gmail.com.

Also he claimed that I will get a 4 gms Gold coin or Acer Laptop whichever you want and also a scratch card on which you will get upto 15 gms of Gold. And this offer is valid only for 1st 1000 customers.

If you send me ur mail ID I can share the documents with you.

What's gng on?

- Yogesh

Is there a scheme such as above?
Dear Mr. P Venkata Suryanarayana,

We hope our representative has communicated with you regarding your complaint and it is resolved.
We appreciate your time and patience.

Thanks and Regards
Bajaj Allianz
I am planning to purchase Bajaj super saver plan, insurance agent ( Bajaj Allianz) told me that I can with draw money at the end of five years, he assured 4% guaranteed return and 5% bonus annually( depends on company performance) is that true, he also told me that this plan has offer of 2 gm gold coin till 31 oct 2012. Confused, please advice ASAP.
Dear Admin,

I have contacted the higher management team of bajaj allianz and my issue has been resolved after 2 weeks at that time. you can remove this complaint from this website.

Appreciate your Help.

I have filed the CONSUMER COMPLAIN against Bajaj Allianz Super Super plan. I are misguiding and mis-selling the policy. Please be careful with their claims.

Please CONTACT ME ALL the policy holders of Bajaj Alalianz Super Saver Plan. You need to understand the intricacies of this plan

Your support will help me to escalate this issue so that IRDA can intervene and take strict actions again Bajaj Allainz

I am sure you will be sold this plan with wrong information so contact me if you want to save your hard earned money from Bajaj.

Hi All

I have filed a case in CONSUMER COURT against Bajaj Allainz Super Saver Plan. Bajaj is misguiding the costumer with falsifying the claims thus mis-selling the policy.

I need help from all the policy holders of BAJAJ ALLIANZE SUPER SAVER PLAN to support me in this case.

I am contesting this case of mis-selling the policy with wrong claim of protecting the regular investment with guaranteed return. This is completely wrong. So please be careful if you are also trapped in this claim of BAJAJ ALLIANZ.

I want to mobilize the support of as many policy holders to file the complain with IRDA ro that a strict action can be taken against Bajaj Allainz to cancel this plan as a whole and return money to all policy holders.

Recently IRDA has issued a similar notice to another Insurance company for mis-selling the policy

Please contact me @
Hi Admin & Manoj,

I also purchased this policy in December 2014. In December Bajaj Allianz executive contacted me they did few of promises like
1) I will get 2 grms gold coin as gift if I invest 50K before 31 December 2014
2) I will get 14 or 15% fixed return on my investment
3) I will be able to withdraw my invested amount after 5 years

Its been almost 6 months, I have not received any gift(2gms gold coin) yet. I have been communicating with my policy agent since last 6 months to get this gift, but no success now he is not picking up my calls or not replying to my email(Mr. Shawaiz Baig - shawaiz.[protected]@balic.in). Today when I contacted the customer care to clarify few of the doubts, I asked how much amount I will receive if I will surrender the policy after 5 years(as communicated by policy agent), they gave me one formula to calculate the return amount(mentioned below). I was socked after calculating the amount, after investing 250000 my return amount was only 60K, there is no exit in this policy, you need to make payment till last year of your policy term. If you will exit in between from this policy, they will deduct 70% of your invested amount as charges.

For example if I am investing 50K per year for 5 years, my return value will be only 60K

Return value(60K) = 30% of total investment(50K * 5 = 2, 50, 000) - First year premium(50K)

Surrender Value
"GSV = 30% * (Total premiums paid till date less premiums paid in the first year less any extra premiums and additional rider benefit premiums, if any)"

Now I am really feeling cheated by Bajaj Allianz Insurance company and their policy agent Mr. Shawaiz Baig. Requesting everybody not to go for Bajaj Allianz for any kind of insurance.


As you mentioned you filed a case in consumer court against bajaj allianz, please let me know if you want any details from me, I have some email conversation with Mr. Shawaiz Baig on his official id about 2gms gold coin gift.
Jagjit Swain's reply, Aug 9, 2017
I also took the policy details for the same person, Shawaiz Baig (Agent Code: 23000313346) .

Did you folks get any outcome from the Consumer Court
Hi Manoj / Admin / Bajaj Representative,


My policy number is [protected], I am facing similar issue. I have paid 2 premiums so far of 48, 468. As I was mentioned that if I pay 50, 000 for 3 years, in the 5th year I would receive about 2, 20, 000/- . Now when I checked with the customer care, they mention I need to pay for 15 years and its a traditional plan, however the agent about the claim he makes referring to the clause mentioned in the policy.

Now the agent is absconding, I have his phone numbers but seems to have changed it. I roughly have 1 month's time to pay the 3rd premium, this is really causing concern to people like us who make certain planning. I didn't expect this from Bajaj, I buy their general insurance, in the past I had a EMI loan attached, now I am forced to spread their bad name, I feel cheated and lost.

Contact me at [protected]@yahoo.com.

Regards, Jagadish
Hi Admin, Manoj,
I had bought the bajaj allianz supersaver policy in Nov'2010 for an yearly premium of Rs.25000.
I have also been told by the bajaj allianz agent that i can stop paying the premium after three years and at the end of fifth year i will get 1.5 lacs on surrendering the policy.
During 4th year premium date, When i asked the Bajaj allianz customercare, They told that i need to pay 4th year premium as well otherwise my policy will lapse and my surrender value is around Rs.24000.
Now i had paid around 1lac till now .
I feel cheated by bajaj allianz agents and losing my hard earned money.
Let me know if there is any way, I can get atleast the amount i had paid.
Contact me in kathirvel.[protected]@gmail.com for any support

Iam ARUL from chennai. Myself and my frnd have also been cheated by the Bajaj Allianz in the similar manner. They said pay 15 k/ year for 3 years and by 5th year i will get guarantted returns of 90 k. But now they are saying that you need to pay for 30 years. I have already raised a complaint and iam not getting any proper response from customer care. Even IRDA is there in the mail loop, I feel if we gather and give a complaint then necessary action would be taken against it. I need my money back and action has to be taken against the agent.
My Email Id: arul.[protected]@gmail.com
Please get in touch with me, so that we can join and make a complaint.
The complaint is not Resolved.

Please chnage the status of complaint to UNRESLVED.

Bajaj Allainz has adopted fraudulent practices to misleading the investors and cheating the investors hard earned money

IRDA, Please note: My complaints has been closed without consulting the aggrieved party.

There are so many investors cheated by Bajaj Allainz using similar fraudulent practices. As evidence you can look through and reach out any of the person who has lodged or added his grievance on this forum page.

So IRDA cannot ignore the issue which is brewing up as financial SCAM by Bajaj Allianz.

RBI please note and act upon Bajaj Allainz for adopted fraudulent practices to misleading the investors.
Hi All..

Even I got cheated by Bajaj..We should make them stand in public and hit with rotten eggs.
This Shawaiz is big cheater. He made similar promise of gold coin and cash back in Sep 2013.. I had told Bajaj about this when
they sent mail for called for feedback.But they simply registered complaint and no one reverted. Last week I have sent a official complaint mail
to Bajaj marking 'nivedita.[protected]@bajajallianz.co.in' [Customer Head]. They called me and told there was no gold coin official offer.. when I shouted back they promised of investigation. Lets see what happens. I am attaching handwritten offer sheet, I lost the guaranteed amount part. IRDA should help us also to get our money back with interest.

In the meantime.. Let us join hands and protest jointly and get back our money with what they promised. Please send me mail so that we all can visit their office and call media as well. It will be good if atleast 10 people join hands. Bajaj being a big player should help us, otherwise they will dig their own grave if they cheat customers. Also, if anyone has given complaint I can stand with them. My contact details is : rudresh.[protected]@gmail.com

Hi All,

I am also cheated in the same way on Bajaj Super saver policy. At the time of buying they told me that after 3 years I can withdraw and will get 14 % return PA after 3 years.
Now when I contact them to withdraw money they are telling I will get only 1.3 L out of 3 L investment.

I wonder how IRDA is also approving this kind of policies without looking into consumer interest.

Nobody from Bajaj could give the figure how much we will get after 3 years. They are complete CHOR and running their company on our hard earned money

Please contact me in [protected]@rediffmail.com if you all have any update. Through out India Bajaj have duped people with their agents and now removed them. You cannot contact any one by phone who were dealing the casse .
We need to work together to fight with these CHOR's

Hi Manoj / Bajaj Representatives,
My policy number is [protected], I am also facing similar issue which is described above by almost all. I have paid 3 premiums so far of 24, 575 each. (Total 73, 725 + taxes.)I had received an SMS from Bajaj which said - "Bajaj New Year offer invest rs.25000/yr for 5years & get guaranteed returns upto rs.2, 30, 000 + 2 Gm Gold Coin + life Coverage + Tax Benefits."
Since it has all the benefits for investing for short term and I was looking for 3 years, calling open the sales person I was told that if I pay 50, 000 for 3 years, in the 5th year I would receive about 2, 20, 000 and dont have to pay for remaining 2 years.
Now when I checked with the customer care, they mention I need to pay for 10 years and its a traditional plan, however the agent about the claim he makes referring to the clause mentioned in the policy.
I was totally mislead and given false promises.Now the agent is absconding, I have his phone numbers but seems to have changed it. I roughly have 1 month's time to pay the 4th premium, this is really causing concern to people like us who make certain planning. I didn't expect this from Bajaj, I feel cheated and lost.
Contact me at khan.[protected]@gmail.com
Regards, Tanzeel
Since this page shows complaint as resolved, please advise if a new complaint in new page has to be created.
The complaint is not resolved. I have raised this concern earlier

You need to mark this complaint to "UNRESOLVE".

As consumer forum portal this should be "Voice of Consumers" not other way around.

Bajaj Allianz is involved in Fraudulant Financial practices amounting to Financial Scam.

I am wondering if I should write to Finance Minister to escalate this issue.

Manoj Kumar Jain

I also have similar issue and upset on this Product

Is there an way out or resolution.
hi all,

Even i am being cheated by this. When i invested in this policy the guy told that withdrawal after 5 years is possible, but when i call the help desk now its 15 year policy and surrender value is way less.

Anybody here got any update/return from this?

Please tell.

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    Bajaj Allianz Super Saver Plan - Misguided and Fraud