[Resolved]  Bajaj Allianz Life Insurance Company Ltd. — Refund amount not paid

Bajaj Allianz Life Insurence. — Non Payment of Surrendered Policy Amount

1. I surrendered my Unit Linked Life Insurence policy on 28 Mar 09. I was told that payment will be made on 02 Apr 09 positively.

2. On 02 Apr 09 I was told there is some problem in our system and payment will be made by 07 Apr 09 positively. Inspite of telling that it is very urgent requirement no official gave me satisfactory Answer and amount could not be deposited till 11 Apr 09 resulting my urgent requirement could not be made.

3. Because i could not finalize my deal i am stressed and harrased by company and feeling cheated.

Life insurance — Non-payment of the matured policy from bajaj allianz

Dear Sir/Madam,

With reference to your letter dated:[protected], i had visited your office situated in sector-8, chandigarh for the maturity benefit payout of my policy no. 3986932. There i met Mr. Rajiv Deol and Madam Ruchi, who actually told me to surrender orignal policy bond and fill down the discharge form only after maturity date of the policy i.e 23-Feb-2009 to get the full payout. Then i surrendered orignal policy bond and dicharge form and application form on 04-Mar-2009 at your office recieved by Madam Ruchi. After few days i recieved a letter from the pune office which states that my request cannot be processed because as per the policy condition after vesting date of the policy cannot be surrendered and i have to purchase annuity.
Few things i would like to ask:
i) Is bajaj allianz employees are unaware of the policy conditions or they are incapable to explain to the clients ?
ii) Why had they accepted the application request for the full payout after the vesting date ?

After waiting for the four months, i took a soft step to contact your customer care regarding the same. I recieved some calls from your pune office but nobody has actually come out with any solution. It is requested to make the full payout of the above policy or return my original policy(/documents) at my place.

Thanking you,

Dharam Pal Gupta
House No.: 3304,
Sector 46-C,
Chandigarh.
Ph: [protected]

As there is no contact information, please contact the nos below and we will be happy to help you.

Helpline Number
LIFE INSURANCE
Toll free numbers Standard STD rates apply
MTNL/BSNL[protected] Tel (+[protected]
Tata[protected] Fax (+[protected]
Bharti[protected] Email [protected]@bajajallianz.co.in
Reliance[protected] SMS [protected]@56070

GENERAL INSURANCE
Toll free numbers Standard STD rates apply
Any Landline/Mobile[protected] Tel (+[protected]
MTNL/BSNL[protected] Fax (+[protected]
Bharti[protected] Email [protected]@bajajallianz.co.in

bajaj allianz policy document and number yet not received, plz send it.
yearly premium 10, 000/-
3-4 months back policy taken.

Plz kindly reply,
Abhay Sinha

kandasamy — non payment

Dear sir
i paid my monthly subscrib for airtel at 24.04.2010.chcque no 859414 Andhra Bank.i have all the details. but they will stop the service and also talk the april month payment from last 4 days one by one.I tell them all the details but they are not take it.please take the nessesary action

Sorry cheque no chenged Dear sir
i paid my monthly subscrib for airtel at 24.04.2010.chcque no 859412 Andhra Bank.i have all the details. but they will stop the service and also talk the april month payment from last 4 days one by one.I tell them all the details but they are not take it.please take the nessesary action

Mr. Gupta,

First few questions : -

1. The policy which you have bought was a Pension Plan?

2. Did the policy has reached the period of Vesting?

Let me give you some of the answers : -

If the answer of the first question is yes, then ideally you have the option to withdraw 1/3 of the entire fund Tax free. Rest 2/3 of the funds have to be utilised for Annuity...

Any policy which reaches vesting period can, t be surrendered and can have the full surrender value.

This is the regulation/characteristic of a Pension Plan.

Yes I agree to your second question that if your policy has reached vesting date why they have agreed to take such request from you... This I can surely take as a mistake.

Dear Customer,

Greetings from Bajaj Allianz! We have noted your issue and would like to address it. Our team is currently investigating your issue and
our representative will get in touch with you soon regarding the resolution of your concern.

Alternatively, you may also post your concern at http://support.bajajallianz.com/support/.

Regards,

Bajaj Allianz
Life Insurance

NOBODY EVER GETS IN TOUCH FROM BAJAJ ALLIANZ WHO KNOWS HOW TO SOLVE THE PROBLEM. ALL THEIR EXECUTIVES WILL SEND AN EMAIL SAYING "WE WILL GET BACK TO YOU IN 4-5 DAYS" AND WHEN THE PERIOD IS ABOUT TO BE OVER, THEY WILL SEND YOU THE SAME EMAIL AGAIN!!!

They are FRAUDS and in association with Citibank they are selling their policies making it sound like an investment. They give high commissions to Citibank officials to sell the policies by any means - Hook or Crook!!

DONT FALL IN THE TRAP.