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 around 29000. So if i surrender policy all i will get is way too less and loss for me.
I had asked the policy for 5 years and these people had sent the documents for 10 years. Now as per the policy documents if i continue to pay the premium of 15000 till 10 years, at end of 10 years all i can expect is 1, 08, 000. A mere return of 1, 08, 000. An effective rate of return at 1.6% per year. Even savings account earns 4% interest.
I asked the customer care what will happen if i do not pay the premium for the remaining 2 years out of the 10 years, they said it will be huge loss for me as there will be a lot of deduction + no insurance coverage + no bonus etc. Also, there is no provision for 2grams of gold which was promised to me while purchasing this plan.
I had a lot of trust on bajaj allianz and therefore bought this plan and i am totally heart-broken with the overall experience and fraudility. Was this information helpful? | 
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