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Complaint against Bajaj Allianz “Sarve Shakti Suraksha Policy”

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Location/place: Bangalore

Name of company/service: Bajaj Allianz

I have taken a Bajaj Allianz Sarva Shakti Suraksha policy at the time of opening salary account with Citi bank. I am paying 1500/- Per month.
But Now I want to surrender my policy. When I called them to ask the procedure to surrender they are telling me, About 30-40% of amount which I paid as premium will get deduct under administration and surrender penalty. This was not communicated to us at the time of applying for policy. Also it is not mentioned about administration charges are so high (about 25%) anywhere.

policy no – 0177206484
Membership No – 0262654828

Comments

27 responses to “Complaint against Bajaj Allianz “Sarve Shakti Suraksha Policy””

  1. Bajaj Allianz Avatar
    Bajaj Allianz

    Dear Goutham,

    We would be happy to thoroughly investigate your case and help you out with the issue you are facing. We have noted your policy details and shall connect with you soon to address the same. We sincerely regret the inconvenience caused.

    Sincerely,
    Bajaj Allianz Life Insurance

  2. policy holder Avatar
    policy holder

    HI Bajaj Allianz,

    same happened with me also, My paying 2000 since last 3 months, Pls let me know how much many will be deducted if i surrender my policy.

  3. Humanity !! Avatar
    Humanity !!

    Hi Everyone,

    I am also facing the pain of trusting Bajaj Groups.
    Their Employees are NOT in Sync.
    Agents says something, Banks deduct something and Then when its time to get your money, they give you NOTHING.
    That’s Bajaj Employees and Work Culture, you see.

    Please, spread this word to every one you care for, so that they stay out of the Bajaj Employees and Agents TRAP.

    Thanks,
    Being Human !!

  4. sasmita Avatar
    sasmita

    Hello Everyone,

    I am also cheated like everyone else. I have also started this policy in June 2011. I have called customer care and nobody is able to give detailed report on my policy.

    Policy details are as below:

    policy no-0177206484

    Ref no 0227009028

    Please help me.

    Regards,
    Sasmita Choudhury
    Mob: 7774056360

  5. Rameshwar Singh Avatar
    Rameshwar Singh

    Hi,

    This is very unprofessional and Bajaj allianz should stop cheating like this.
    Same thing happened with me and many others who open their salary account with Citi Bank.
    The Bajaj allianz representative never mentioned about the surrender charges and that too are damn high. What’s the benefit of investing if i am not even getting the amount i have invested. Really frustrating !!

    I request bajaj allianz team to kindly surrender my policy. Kindly provide me the amount I have invested. Am not even asking for any interest rate earned till date.

    Policy No: 0299584040
    Total premiums paid: 18
    Premium amount: Rs. 1500/- per month

    Regards,
    Rameshwar

  6. Bajaj Allianz Avatar
    Bajaj Allianz

    Dear Rameshwar,
    Post your interaction with our representative, we hope your query has been resolved. In case of any other assistance or more customer service options, please feel free to visit our online customer service page at http://www.bajajallianz.com/Corp/customer-service.jsp
    Regards
    Bajaj Allianz Life Insurance team

  7. Bajaj Allianz Avatar
    Bajaj Allianz

    Dear Sasmita,

    Thank you for reaching out to us!
    We have shared your details with our customer service team who will work further on the reported matter.
    The concerned team shall provide its response to your grievance on priority.
    For any other inquiry related to Bajaj Allianz Life Insurance you can log on to http://general.bajajallianz.com/BagicNxt/misc/iTrack/indexOnlineGrv.do.
    Best Regards,
    Bajaj Allianz Life Insurance Team

  8. Bajaj Allianz Avatar
    Bajaj Allianz

    Dear Sasmita,
    An email has been sent to you mentioning the details. We request you to refer to the same for more details. If there is any further assistance required we request you to revert to the same email.We hope your query has been resolved. In case of any other assistance or more customer service options please feel free to visit our online customer service page at http://www.bajajallianz.com/corp/customer-service.jsp
    Regards
    Bajaj Allianz Life Insurance team

  9. Sireesha Avatar
    Sireesha

    I ve been paying premium of Rs 1500 very month since 1 year. I dont receive premium payment details every month. Ive been told that this policy is covered under Section 80C. Can any one help me on this

    Policy NO: 303833385

  10. AVADHESH NATANI Avatar
    AVADHESH NATANI

    Hi

    I have open Sarve shakti suraksha account through CITI bank representative in Aug2013 with 1500 per month. They told me if i surrender policy before 4 years, only penalty of 7 % will be deducted from principle amount, but today I tried to sync with bajaj Alianz, they told me deduction of 40 % in principle amount. I shocked because this is not mentioned any palace. I need assistance to understand how deduction is calculated for pre matured policy. And how much i will get back if I surrender poilcy in this month.

    Policy No: 0307019876
    Contact No- 09766911676

    Regards
    Avadhesh

  11. sheena Avatar
    sheena

    I am also one of you, who got cheated by bajaj allianz. Nobody mentioned about the huge amt of administration charges when i started the policy. Bajaj Allianz is a cheating financial firm, who keeps cheating people all the time.

  12. Sonal Avatar
    Sonal

    Hi all,
    I have taken Bajaj alliance , sarva shakti suraksha policy 4 yrs back ..
    I am totally disappoint with it .as after 4 yrs also there no benefit as such as they have more no of charges than the benifits which gives u nothing .. They use our money and make us fool.. I have done my policy through standard chartered bank .. They just cheated don’t tell any hidden charges to us , no proper info of policy ..more surprising was when I went to surrender my policy it was showing less value than it should be actually .
    I am really very very disappointed with their policy & standard chartered bank .. As after all it’s hard money of ours & they use it for their benefit & we don’t get anything..

  13. Punam Agarwal Avatar
    Punam Agarwal

    I have also taken similar policy and am completely disappointed. The agents make false promises regarding fixed returns. As they are company authorized personnel we trusted them and took the policy. I tried closing the policy within 3 months as they said i would not incur any penalty if i close within 3 months. however, the representative did not receive my call and my documents were sent to my home address (different state) and hence I could not even read them thoroughly. I thought that instead of incurring so much penalty i should rather continue with it. However, as I understand more about this now, I want to close the policy immediately. But the representatives say it will cause hefty penalties. Help me please.

  14. Punam Agarwal Avatar
    Punam Agarwal

    I have also taken similar policy and am completely disappointed. The agents make false promises regarding fixed returns. As they are company authorized personnel we trusted them and took the policy. I tried closing the policy within 3 months as they said i would not incur any penalty if i close within 3 months. however, the representative did not receive my call and my documents were sent to my home address (different state) and hence I could not even read them thoroughly. I thought that instead of incurring so much penalty i should rather continue with it. However, as I understand more about this now, I want to close the policy immediately. But the representatives say it will cause hefty penalties. Help me please.
    My policy number is 0306639883.

  15. Bajaj Allianz Avatar
    Bajaj Allianz

    Dear Punam,

    We regret the inconvenience caused to you. We would be happy to investigate your case and help you out with the issue that you are facing. We have noted your policy details and our concerned team will connect with you to address the same at the earliest.

    Regards,
    Bajaj Allianz Life Insurance Team

  16. Purushothaman Avatar
    Purushothaman

    Name : Purushothaman Sm
    Master Policy no – 0177206484
    Ref no – 0202653862
    Request you to provide policy document for the above mentioned policy.
    I havent received it so far.

  17. abdul Avatar
    abdul

    i request everyone strongly not take this SARVE SHAKTI SURAKSHA POLICY from bajaj as they do not have proper service and never help on policy also.

    very very bad polocy and service from bajaj team

  18. Nithin Avatar
    Nithin

    Hi,

    I have a policy 300900081. I have been paying from April 2013 to till date. May i know how much amount i will be receiving if i surrender on April 2016?

  19. Sandeep Kumar Avatar
    Sandeep Kumar

    Hi ,
    I also feel cheated I have invested Rs 2000 per month (Rs 1 lakh ) for 4 years and now I called Bajaj Allianz for fund value I am surprised the fund value is 84 K only 74 % of the total amount what I paid . I am feeling cheated and fooled .
    All new policy starters please read all policy carefully , they are selling it as a investment plan but it is a trap to loot your hard earned money .

    Sandeep

  20. Bajaj Allianz Avatar
    Bajaj Allianz

    Dear Sandeep,

    We requert you to please provide us the policy number and your contact details so that we could get in touch with you to assist you better.

    Regards,
    Bajaj Allianz Life Insurance Team

  21. Madhvendra Avatar
    Madhvendra

    Hi All,

    I took the policy on 28-July-2012 and have been paying INR 1500 as EMI every month. Let me give you the return details to you. The returns are after excluding insurance charges from the total premium amount, i.e. I pay EMI of 1500 and insurance and taxes are 250, so remaining portion INR 1250 goes for investments.

    For the first year the return was astonishing 2.2%

    For 2nd year the return was super astonishing 3.1%

    For 3rd Year the return was bumper astonishing 4%

    This calculation was based on their method. Now let me explain you the my method. I have paid INR 72000 (48*1500), now as per them INR 219 goes towards LI and INR 31 goes towards Taxes. So They deduct some fund management charges and god know how much is that but as of today the value of my investments is INR 59638 which is lesser than my investments value (excluding insurance) (1250*48=60000). In 4 years the value did not break even.

    This is the fraud-est policy and most fraud company. The reason why people don’t trust Indian Companies are because of companies like them. The executive from who I have taken this policy clearly told me that they invest in government securities and return would never be less than 8% PA. I am closing this policy asap and I would recommend every people to never take any policy from Bajaj Allianz. To Bajaj Allianz this is my warning to you, I am son of baniya and you can never digest my money, will dent you more severely than you can imagine. I am not abusing you because I know how will I recover my money from you. Just be prepared.

    My Policy No: 0277373820
    Enjoy!!!!

  22. madhvendra Avatar
    madhvendra

    Hi All,

    I took the policy on 28-July-2012 and have been paying INR 1500 as EMI every month. Let me give you the return details to you. The returns are after excluding insurance charges from the total premium amount, i.e. I pay EMI of 1500 and insurance and taxes are 250, so remaining portion INR 1250 goes for investments.

    For the first year the return was astonishing 2.2%

    For 2nd year the return was super astonishing 3.1%

    For 3rd Year the return was bumper astonishing 4%

    This calculation was based on their method. Now let me explain you the my method. I have paid INR 72000 (48*1500), now as per them INR 219 goes towards LI and INR 31 goes towards Taxes. So They deduct some fund management charges and god know how much is that but as of today the value of my investments is INR 59638 which is lesser than my investments value (excluding insurance) (1250*48=60000). In 4 years the value did not break even.

    This is the fraud-est policy and most fraud company. The reason why people don’t trust Indian Companies are because of companies like them. The executive from who I have taken this policy clearly told me that they invest in government securities and return would never be less than 8% PA. I am closing this policy asap and I would recommend every people to never take any policy from Bajaj Allianz. To Bajaj Allianz this is my warning to you, I am bigger fraudster than you can ever imagine you can never digest my money, will dent you more severely than you can imagine. I am not abusing you because I know how will I recover my money from you. Just be prepared.

    My Policy No: 0277373820
    Enjoy!!!!

  23. Bajaj Allianz Avatar
    Bajaj Allianz

    Dear Madhvendra,

    We are extremely sorry for the inconvenience. Please share your contact details along with the email id so that we can assist you further on the reported issue.

    Regards,
    Bajaj Allianz Life Insurance Team

  24. mitesh prajapati Avatar
    mitesh prajapati

    I also feel cheated .I have taken Bajaj Allianz srve shakti surakasha plan on july-2012.and now after four year when I want to surrender policy account value is 64000 only (70%)of the total premium paid .that was not conveyed to me by Citi bank at the time of taking policy.policy no:0277350857 Name:Mitesh prajapati Mobile no.:9925278459

  25. Bajaj Allianz Avatar
    Bajaj Allianz

    Dear Mitesh,

    We are extremely sorry for the inconvenience. We have shared your policy details to the concerned team. They will get in touch with you shortly regarding the same.

    Thanks,
    Bajaj Allianz Life Insurance Team

  26. Gursimran Singh Avatar
    Gursimran Singh

    I too have been cheated by Bajaj Allianz … This policy was taken from Standard Chartered Bank who are no longer there agents.

    The policy returns are so poor that I don’t want to mention it … and after paying 4 premiums of 1,00,000 each I am so disappointed that my hard earned money appreciation is v v poor. They also have charged as much as 30% fund allocation charges and is there no mention of any such figure in the policy document.

    The are blaming Standard chartered for not doing there job and mis managing my policy which I refuse to accept!

    This policy is taken from Bajaj Allianz and they are responsible

    Now when I want to surrender they are dying u have to pay 5 yrs premium and then only we will pay you back your money.

    Fraud and cheating is what you are doing Bajaj Allianz

    None of the facts of high charges were discussed with me when taking the policy

    My Policy no is 0300302753 – policy is BAJAJ ALLIANZ SMART INSURANCE PLAN

    III ACCOUNT

    I want my money back

    Name Gursimran Singh
    Mobile no. 9999906915

  27. Bhopal Avatar
    Bhopal

    Same happened with me. I have taken Bajaj Allianz serve shakti surakasha plan on April-2013 at the moment when my CITI bank salary account opened and now after around 5.5 years when I got to know that my policy value is less than the amount I paid a premium. I am paying Rs. 2000 per month. it was not conveyed to me by Citi bank at the time of taking a policy that this policy is this type. they conveyed it will return you 8-9% interest and other benefits as well.

    policy no:0300465164
    Name: Bhopal
    Mobile no.:9910661431

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