[Resolved]  Bajaj Allianz — Sarva Shakti Suraksha - returns

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 Empoyees and Agents TRAP.

Thanks,
Being Human !!

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-[protected]

Ref no [protected]

Please help me.

Regards,
Sasmita Choudhury
Mob: [protected]

Even I want to close the policy. What would be the steps to do so?

Product name - Sarve Shakti Suraksha
Master Policy Number - [protected]
Member Policy number - [protected]

Same here with me, Same policy opened for amount 3000/ per month with Citi bank account and the bank people told us to get the 8.5 % rate of interest compounded and they did not told us about any deduction and charges.

In my company group of people have been cheated by citi bank.

Its totally fault of Citi Bank they did not provide full and correct information.

i also want my full amount refund.

Policy number: [protected]

Regards,

BRAJESH KUMAR MAHOR
[protected]

Hi, ,

I want to close my policy.Please tell me how much amount i will get, I have deposited premium from June-2011.Reply asap. its urgent.
policy details:
Master Policy Number-[protected]

Policy No - [protected]

Member Name - MR MANOJ KUMAR GUPTA

Thanks
Manoj Gupta

My god,

This is scary. I have also taken 2 policy of 1500. I have asked BAJAJ ALLIANZ for fund value. After reading all these i am now thinking to close my policy.

Hi All,
I am also one of the victim It is a fraud policy implemented by Citi bank with help of Bajaj.
These two companies are No1 fraud companies in India. Dont trust on these institutes.

Thanks,
Srinivas

This is too much, I am also one victim of this :-(
Attached a chat where they clearly mention that they assist only those who has to take new policy not to those who are already fooled by taking the policy.

I called, and got to know that i will get back Rs.14, 000 against a total paid premium of Rs.21, 000

Hello Forum Moderators,

Can you people please help us in getting our principal amount back if we want to surrender this policy?
At the time of account creation with CITI, they BAJAJ ALLIANZ representative had promised that one would definitely get the minimum sum assured on completion of the term. He also promised that if the fund does well, an interest will be added at the time of return.
Although I have completed only 3 years on the policy, I called up the BAJAJ team to know if what their representative said is TRUE, since I have read some very bad reviews on this and other forums about the policy? To which I get the answer that they are not responsible for what the representative said and that they will not be able to assure of any interest on completion. I said that I am happy even if the principal is returned in full on completion and expected that he assures me of that. To my surprise, he assured me on the basis of his calculations that I shall receive more than the sum assured on completion but was not in a position to provide that in writing. I had expected for them to atleast endorse their claim of returning the complete minimum sum assured without any deductions but, they were diplomatic on to answer and commit the same.

On behalf of all those who have submitted complaints on this forum, I would like to request the forum owners to help us and start a movement against the cheats in order for us to get our money invested in the faulty scheme.

Thanks,
Parag

https://www.bajajallianz.com/Corp/content/Group/SarveShaktiSuraksha.pdf... Guys i also suffered big time loss... they are making fool...As going through this pdf found all above statement are true they charged 25 % admission charge at first year of premium then 6 %...penalty charges also mentioned...Not even getting money what you have accumulated so far... pls stop using sarva sakti suraksha plan...

https://www.bajajallianz.com/Corp/content/Group/SarveShaktiSuraksha.pdf...kindly go through this bajaj sarva sakti suraksha is fraud dont invest here...

Like every one here, I also had the same experience, While opening citi salary account this guy from BAJAJ pops up from no where and told me if I am looking for policy, and I needed some monthly investment so I asked him all about the policy, whatever he said if atleast 50% happenes I would still be happy. Here are the events.

1) He explained this is life insurance cum Health insurance policy so even for accidents or health issues I can seek claim.
2) I will have to pay only 1500 pm and after 3 year I can close and I will get 7-9% return (He did some math calculations :) probably to fool me)
3) If I dont like the policy term and condition I can surrender within first 7 days. (I HAVE NOT YET RECEIVED MY BOND AFTER MANY FOLLOWUP WITH THAT GUY AND CUSTOMER CARE. AND THE ANSWER I RECEIVED WAS "WHY DONT YOU FOLLOWUP WITH COURIER", "WHY YOU ARE ASKING FOR BOND AFTER 3 YEAR"). I was speechless with such answers.
4) Since I didnt receive bond I dont know what was mentioned on term and conditions and I went by what that executive said.

ok, I said whatever I will surrender since its 3 year and atleast some part of what he said would be true,

now they wont give me my full amount, leave the returns, my own money is not coming to me. I paid 54000 and they Said I will get 45000. BAJAJ GUYS, STOP FOOLING PEOPLE IF YOU CAN'T GET CUSTOMER BASE BASED ON YOUR SERVICES. citi is good bank hence i bought this policy. I was wondering if I am alone who faced this but I WAS wrong. BAJAJ GUYS ARE WROST AMONG ALL POLICIES I HAVE!!

another similar thing that happend to all o[censored]s is POOR customer care representative, I wont bother for money if they talk softly. fullfil what they say. Its been 5 days they said they will send me address of branches in Hyd but I have not received anything, they said they will call back, heard back nothing.

PLEASE DO ATLEAST 1 GOOD THING FOR CUSTOMERS.

I REQUEST AUTHORITIES TO PLEASE LOOK INTO AND PUT PANELTY ON BAJAJ SUREKSHA POLICY BUSINESS.


Thanks
Devender Singh
[protected]
Policy no - [protected]

Hi All.

Like every one here, I also had the same or wrost experience, While opening citi salary account this guy from BAJAJ pops up from no where and told me if I am looking for policy, and I needed some monthly investment so I asked him all about the policy, whatever he said if even atleast 50% happenes I would still be happy. Here are the events.

1) He explained this is life insurance cum Health insurance policy so even for accidents or health issues I can seek claim.
2) I will have to pay only 1500 pm and after 3 year I can surrender and I will get 7-9% return (He did some math calculations :) probably to fool me)
3) If I dont like the policy term and condition I can surrender within first 7 days. (I HAVE NOT YET RECEIVED MY BOND AFTER MANY FOLLOWUP WITH THAT GUY AND CUSTOMER CARE. AND THE ANSWER I RECEIVED WAS "WHY DONT YOU FOLLOWUP WITH COURIER", "WHY YOU ARE ASKING FOR BOND AFTER 3 YEAR"). I was speechless with such answers.
4) Since I didnt receive bond I dont know what was mentioned on term and conditions and I went by what that executive said.

ok, I said whatever I will surrender since its 3 year and atleast some part of what he said would be true,

now they wont give me my full amount, leave the returns, my own money is not coming to me. I paid 54000 and they Said I will get 45000. BAJAJ GUYS, STOP FOOLING PEOPLE IF YOU CAN'T GET CUSTOMER BASE BASED ON YOUR SERVICES. citi is good bank hence i bought this policy. I was wondering if I am alone who faced this but I WAS wrong. BAJAJ GUYS ARE WROST AMONG ALL POLICIES I HAVE!!

another similar thing that happend to all o[censored]s is POOR customer care representative, I wont bother for money if they talk softly. fullfil what they say. Its been 5 days they said they will send me address of branches in Hyd but I have not received anything, they said they will call back, heard back nothing.

PLEASE DO ATLEAST 1 GOOD THING FOR CUSTOMERS.

I REQUEST AUTHORITIES TO PLEASE LOOK INTO AND PUT PANELTY ON BAJAJ SUREKSHA POLICY BUSINESS.


Thanks
Devender Singh
[protected]
Policy no - [protected]

#################### procedure to get surrender value money################

1) send mail to

2) reply received follow this
Dear Sir,
Greetings from Bajaj Allianz Life Insurance Co!!!

Request you to kindly send request letter duly signed by you on below mentioned address along with below mentioned documents:

Address:
Tata Consultancy Services Insurance Operations
Tek Towers, 7th Floor, 11, Rajiv Gandhi Salai
Old Mahabalipuram Road, Okkiam Thoraipakkam
Chennai – 600097
Documents:

1. Original policy document/Certificate of Insurance AND.

2. A cancelled cheque where “Name on the Account Holder” and “Account Number” is printed since it would require to ensure the successful NEFT / Direct Credit AND

3. Communication address and contact number for any correspondence/requirement for the cancellation of the subject policy/membership.

Note:

1.All the above documents are required to be mailed at the address mentioned above. On receipt of all the above documents are received, we will get back to you for the remaining formalities, if any.
2.We will de-activate your ECS associated with the policy after receiving request documents.
Regards,
Service Desk

##################### To raise complain aginst this policy to IRDA###############

1) https://igms.irda.gov.in -> register complain against this policy to IRDA. please all atleast register your complain here so they can take against this.

2) i raised to IRDA but they reply in favour of bajaj sarva shakti suraksha policy so all register complain so they take action against them.

for your reference:
We wish to draw your kind attention to; we have examined the matter thoroughly and would like to share our observations, as follows:

Your policy was issued based on the duly filled and signed proposal form received by the company along with relevant documents. As per the proposal form, you have opted for policy “Sarve Shakti Suraksha”, with monthly premium of Rs. 3000/- for benefit term & premium term of 10 years respectively. Policy document clearly mention policy terms and conditions of policy.

As per the policy conditions the surrender value is the account value of the member’s individual account, subject to the market value adjustment as applicable on the date of such closure less Surrender Penalty as below.


The minimum Guaranteed Surrender Value is 70% of net premium paid till date subject to surrender penalty, if any.

At the end of each financial year, the Company credits the investment returns to the individual account of each member as earned on the fund less Scheme Administration Fee (after crediting Investment Return in member’s account).

As you have raised your complaint almost after three years and continued to avail insurance cover also, we have no other option but to presume that you were satisfied with the policy as issued. It is further informed to you that the Insurance Company is bound by the terms and conditions of the policy which is approved by the Insurance Regulatory and Development Authority.

We regret to inform you that there is not any discrepancy in process the surrender payout as per the policy conditions.

For any further assistance you can get back to us, we would be glad to assist you

Thanks and Warm Regards,

sent mail to Citi service/Pune HO/Bancassurance/Bajaj Allianz for your surrender the sarve shakti suraksha policy.

Hello,

I'm a policy holder from Bajaj Allianz SARVE SHAKTI SURAKSHA policy through CITIBANK and paid 49 months till this date.

When I took this policy, I was informed that after 4 years I can withdraw amount without any deductions.

I called Bajaj Allianz about this policy details and they said that I've 61K balance where it should be 73500/-

I was shocked to know my account balance. I request someone please help me about getting my total amount atleast.


My Policy Number: [protected]
Phone: [protected]

I also told that i will get 9% returns after 3 years and they said this is like a investment kind of Recurring Deposit, This is kind of the cheating Citi bank people are doing, they are not telling the truth while giving the policy. Even it is wrong with as well as we never reads the document before doing the signature.

I am also victim of this policy BAJAJ ALLIANZ SARVE SHAKTI SURAKSHA, this policy is started on 22/12/2010 and monthly installment is 1500/- where as actual premium of the policy is 1473/-.

Sum Assured is given as 7, 20, 000/-.

Can some one tells us if i continue this policy till 10 years what is the returns i will get?

Worst Company and worst Policy.

Agent not informed me about any fee/charges, Now I come to know they are deducting 25% on 1st year and 6% afterward.

After so many days of harassment from Bajaj, when I had no patience, I had to file a complaint in IRDA Portal, I would request everyone who has their issue pending please do that same using the below link to bring this into regulators notice.

https://igms.irda.gov.in

I'm too facing the same problem. I opened this stupid policy in 07/2012 with an investment of Rs. 1500/- per month. Now, instead of returning 63000/- they are giving just 52000/-. Which is significantly a loss of 20% approx. Please help me how to address this issue and get me principal amount back.
Policy No.-[protected]
Sharan
[protected]