[Resolved]  Bajaj Allianz — ULIP Surrender charges

I fully agree with what has been written. I suggest to forward the complaint to IRDA. I had also sent one such complaint to IRDA. In fact IRDA has notified to wind up these policies which are not customer friendly. The charges that M/S. Bajaj Insurance levies from the customers for surrender charges are not at all logical. Definitely they are looting the customers. IRDA should take note of this and see that such cases who wants to surrender their policies, the premiums paid by them should be given back by the company with reasonable market interest rate.

Dear Investor,

We humbly request you to send us your contact details and policy number to help.[protected]@bajajallianz.co.in.

Our Executive will get back to you shortly and would try to solve your queries.

Regards,
Bajaj Allianz

Very true.. Bajaj allianz is worst company not onlu in terms of Return on Investmnet but also in terms of penalty... they never miss any chance to rob the customer..They are biggest cheater in the matrket..I have also taken ULIP of bajaj allianz in Feb, 2007 and paid three installment of 25000 each. Branch manager of bajaj Allianz Sh R A pathak told me that I could surrender the policy without penalty after payment of minimum three installments. After more than 4 years, when I contaced to Customer care of Bjaja Allianz to know surrender value of my policy, he informed that there is provision of [protected]@52%.Then I also contacted to their greivence redressal officer but they all speak the same language.. Now I am very sure that they dont focus thei effort in increasing their fund performance but they focus on looting the customers by other ways like levying 52% of penalty charges. After paying 75000 rs upto2009, Now I will get only 49500 in Oct, 2011. thats clearly tells about performance of bajaj allianz.I am very upset and feeling helpless..

I fully agree with the complaints by Arvind kumar singh and other such victims including me. As mentioned by representative of Bajaj answering to my comments above and asked me to send the details of my policies their support team to resolve the issue. But before that I represented several times my compalint to M/s. Bajaj authoritirs, but no result had come and no one has contacted me. The issue is still pending. In the light of recent circulars to all Insurance companies including M/S.Bajaj, to observe what action the comapany is taking.

K.L.Soni

I also agree with the people's opinion above. Don't go with Bajaj Allianz ULIP plan - they don't convey full information to the customer while going with it. And loot people. so please please never go with this ULIP policy.

INVESTING IN BAJAJ ALLIANZ ULIP - A HUGE MISTAKE
I had bought the Capital Unit Gain ULIP plan of Bajaj Allianz Policy No. [protected] in July 2007. I invested 12000 INR per year for a period of 3 years. So my total investment was 36000 and and after that now the fund value is 31000 only. A big disappointment.
To add salt to the injury there are hidden maintenance charges and also insanely huge surrender charges . In the name of maintenance/mortality and other charges, these guys keep deducting some units every month from my fund value.
Ideally after completing five years in this policy there shouldn't be any surrender charges and these ridiculous surrender charges are nowhere mentioned on the policy documents I have. The company has fooled the customers and I'm realizing my mistake now.

I am thinking of going to the consumer court and raising a plea against this corrupt practice in case surrender charges for me are not waived off (even after 05 years into the policy)

Since this ULIP scheme was targeted to molest unsuspecting poor indian investers, IRDA took note of it and Bajaj had to withdraw this policy. This link here tells you that this plan was withdrawn after IRDA orders :
Irda orders Bajaj Allianz to withdraw Capital Unit Gain

Thanks.
yogesh
+91-[protected]


@Bajaj Allianz - If you gu

i am also enrolled in some policy and now after having paid 16k i need to surrender the policy...now the game starts...guy whom i talked to said that i would be charged 45% and on asking if i would be given the returns at the same rate they denied...I am going to IRDA to talk

In jan 2009, I had invested 12000 each in two policies of BA named "new unit gain" with policy no. [protected] and [protected].These new unit gain policy of BA was banned by IRDA in 2010 but BA never let us know all these things.

I paid continuosly for 3 years installments, hence i invested a total of Rs 72, 000.The agents of BA are so cheap and fraud they never say anything about surrender and allocation charges and give us bluff that your money will be tripled after 5 years.Although these ULIP policies of BA are meant for 20 yrs which is too high and in reality ULIP policies are meant for 5 yrs only and payment for the 5th year is always optional. Such cheap agents of BA will never be able to live in peace, God will punish them badly at some point of time.They have cheated me of my hard earned money after paying income tax.

When I had a look at my fund value after 4 yrs, I found that my fund value is reduced to rs 52, 000, over that they were applying penalty of 7% as surrender charges.I was simply teriified and feeling so much guilty within myself that I have given my hard earned money to an MNC like BA so easily. It wud have been 100 times better, had i given all these money to "Bharat Seva Ashram" instead.

Finally in March 2013, i decided to withdraw my money because I had decided that by any means I will not allow BA to enjoy interest on my money any more.They just returned me a poultry amount of Rs 46000, which means I have lost 26, 000 of my hard earned money.

I had sent repeated emails to BA but all in vain and all their CC felows are illiterate.
But the biggest scoundrel of BA is Mr V.Philip, CEO.He is a pure eunch and nothing else.
All those who lost money in BA write your emails to v.[protected]@bajajallianz.com.

Never ever think of investing in whatsover policies of BA.Let us all boycott Bajaj Allianz.

Regards
Santanu Dutta
[protected]

Same is the case with HDFC life. And may be (Why ? sure) with all the private Insurance Co.(unit linked insurance policy)their agents are Fraud, company s are CHEAT and regulatory authority IMPOTENT.I shall take up my case with consumer court separately.My request to all is to flood consumer court with such type of allegation