[Resolved] Bajaj Allianz — Surrender charges

Rahul Rishi

from Pune, Maharashtra

Apr 21, 2010

Address: Pune, Maharashtra

I had taken Bajaj Allianz policy 40992104.
This policy has completed its three policy years and all these three years the premium was paid on time .and when I went to surrender it they are asking for a HUGE surrender charge of around 26 thousand rupees.

If I pay this charge ,the value of my policy will go negative.

I am aware of this charge but this is required ONLY when you do not make premium payments for the three policy years.
I later checked in the policy document and it has the surrender chanrges even after three years. This is totall rubbish. Fraud!!!

I had taken other policies from ICICI and Birla. They do not charge after completion of three policy years.

People reading this, My suggestion to you is please do not buy any policies of bajaj Allianz.

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Aug 14, 2020

Complaint marked as Resolved

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Comments

bajaj36000

Mar 13, 2013

I am poor and bajaj guys have cheated me.I have bought policy number xxxxxxx under unit gain plan in my name xxxin 2006 and paid the next three premiums on time of twenty thousand each. now when I want to withdraw they are asking me to pay 15% of money I dont know what kind of business are they doing.I want to complain strictly against these guys and Kindly guide me how can I with draw money..

sudhirmote15880

from Delhi, Delhi

Mar 21, 2013

biggest fraud company

sudhirmote15880

from Delhi, Delhi

Mar 21, 2013

all my friend please dont take any bajaj allianz policy

shiv om sharma

from Delhi, Delhi

Jul 11, 2013

IRDA has regulatee these cheaters, and these frauds should be dragged to court.

Legally they cannot charge more than Rs. 6000.

http://www.irdaindia.org/notification/discontinued.PDF

mahender singh godara

from Mumbai, Maharashtra

Aug 27, 2013

You are saying true.
they are made for cheating the customer.

kraghurao11

from Hyderabad, Telangana

Jan 21, 2015

Hello, I had paid 5 years premiums of 50, 000/ each. and at the mid of 6th year, i tried to surrender the policy.
I got to know from the customer care that i will get 1, 98, 000/ only. Less than what i paid??
If i compare this with a FD or RD, i would have gained 75, 000/ extra.
50000 per year = 4500 interest. 5 years, investment=250, 000, Interest will be more than 4500*5=22, 500.

Since the Bajaj Allz executive gave a false information, i am in loss of 75000.
I also do not understand how the policy works with negative interest. Investment = 2, 50, 000. Returns after 5.5 years = 1, 98, 000/
How did government approve this kind of cheating??

Raghu,
[protected]
[protected]@gmail.com

uday chaddha

Feb 6, 2015

Bajaj allainz people are crooks and cheats. Duping people and lying. Never ever buy any policies from them.