[Resolved] Bajaj Allianz — Sarva Shakti Suraksha - returns

vmshenoy

from Bengaluru, Karnataka

Apr 5, 2013

Address: Bangalore, Karnataka

Hi,

I have taken Bajaj Allianz SARVE SHAKTI SURAKSHA policy through CITIBANK and have been paying premium for the same @1500 pm for the past 33 months.(premium is deducted automatically from salary account)
Now I want to surrender the policy. I called BAJAJ ALLIANZ customer care but they were unable to furnish any details regarding what amount exactly I will be paid.

So since on phone nothing worked out, I went to the Bajaj Allianz office in Jayanagar,Bangalore and to my surprise they didn't have the complete information. They said my policy started in July 2011, though it started in July 2010. I called the Citibank customer care people,who confirmed that it was an error and told to me that my policy was started in July 2010 only.Finally, i dropped courier to Citibank office to surrender my policy.
I was completely wrong when i thought my ordeal ended here. Who knew it was just a start.

As mentioned already, I had paid a premium of 1500Rs for around 33 months. So it comes around 49,500 Rs. Now since i asked Citibank to surrender my policy,I got a call from Bajaj Allianz representative on confirmaiton of closure. Now, I was SHOCKED to hear that out of Rs. 49500Rs/- premiums paid by me , I will be getting around Rs. 30,000Rs/- back only.Come on,I was like what are you talking about? This was not communicated to me at the time of applying for policy.I started this policy when i was opening the Citibank Salary account .The then representative guaranteed me good returns after 3years.He was like, after 3 years you can stop this insurance and you will get good returns.So
now I am left in complete mess thanks to the these two Companies Citibank and Bajaj Allianz.I am fully depressed and sad, since i feel i am cheated by companies which i trusted. And the worst part is that there are many people who has suffered from this,and many definitely are.So iam quite sure you guys have realised it is best way to mint money from innocent people.

Also, if this was not enough, I called the citibank customer care people ,to ask about this. The representative said, no one here can tell you
and suggested me to drop a mail to "citi.[protected]@bajajallianz.co.in". I did the same, and its already 5 days, and no one has bothered to reply to me despite sending reminders. And why will they afterall, its about returning money.Seriously,i never expected this in worst of my dreams.

i expect some positive reply from u asap. At least expect my principal amount back

An unahppy customer
Policy Reference No. :- [protected]
Application No:- CB01452

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No (4)

Yes (12)

Aug 13, 2020

Complaint marked as Resolved

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Comments

atish Gupta

from Delhi, Delhi

Feb 8, 2016

Dear Shri Rahul Kumar,

With warm Regards!

I do hereby request you to please furnish me the details of my policy no. [protected] purchased by punjab & Sind Bank in name of Rajesh Gupta against membership no. [protected].In continuation to the same, sir i have paid a amount of Rs. 50000/- in a period of five years.
How the maturity amount of Rs. 47636/- i get in return.
Please clarify ASAP.

I am attaching my certificate of Insurance also. In this document also no such charges have been mentioned.

Then how can they deduct such high charges.They are making fool of customers.

Can anyone help me out on this issue. How can I get my full money back which I have paid forgot about the interest

Thanks & Regards
Rajesh Gupta
[protected]

abhinav

from Chennai, Tamil Nadu

Feb 8, 2016

I am also victim of same policy, CITI bank rep cheated me by offering an scheme as recurring deposit claiming interest of around 8.75% with 4 year lock-in period, while after paying for first few months they never send any policy documents so that I can come to know that this is actually an insurance policy that too with a very clever surrender clause.

BAJAJ ALLIANZ SARVE SHAKTI SURAKSHA
Membership No [protected]
Application Number [protected]

Pavan Sky

from Bangalore, Karnataka

Feb 23, 2016

Same issue, paid for 44 months, got the policy document before a week, which had misrepresented facts.
Raised the concern to IRDA with the ticket no: [protected].
Register and Please do raise your voice at below link.
https://igms.irda.gov.in/WebPages/PolicyHolderUserDetails.aspx

Pavan Sky

from Bangalore, Karnataka

Feb 24, 2016

Hi All.
Please Register and raise your voice at below link.
https://igms.irda.gov.in/WebPages/PolicyHolderUserDetails.aspx

Artist Kiron MP

from Chennai, Tamil Nadu

Mar 19, 2016

Amazingly Citi bank is a partner for this cheating game . When I am starting my account citi bank officer informed me I get 9.5 % interest once the policy get matured . Shockingly they not even ready to give the payment what we paid .

Amitgudla88

from Hyderabad, Telangana

Apr 5, 2016

Hi,

Even i did call Bajaj Allianz today to find out my current fund value for this Sarva Sakhti Suraksha policy taken with citibank + Bajaj Allianz. Till date, I had paid 2000*60 = 120000/- RS and today when I called them, i was told that the current account value is 102000/- RS. :( ... nothing was told by the agent while taking this policy and instead told that i would 8% returns on the policy after the maturity date but there is nothing such with this policy. And the Bajaj Allianz customer service person tells that they are providing Sum assured of: 9, 60, 000 as Death benefit if in case something happens before the policy maturity date. If i had to look for Sum assured then why would i take this worst policy instead i would go for Term Policy. Why does IRDA approve to launch such policies with no benefit for customers, just to fool people and take away their hard earned money. Where is the money going???

Seriously, action should be taken against this. CITI Bank and Bajaj Allianz are fooling people and making money.

Thanks & Regards,
Amit
Policy # [protected]

mrayapati

Apr 13, 2016

I have completed 5 years and now I am trying to close the policy as I have moved to US. No one is responding from Bajaj Allianz when I try to all their support numbers and no response for the query we post in support potal

Bajaj Allianz Customer Care's response, Apr 10, 2017

Verified Support

Hi,

We hope your query has been addressed. Do get back to us if you need any further assistance. Thank you.

Regards,
Bajaj Allianz General Insurance

anantjain88

from Ahmedabad, Gujarat

Apr 14, 2016

I have faced the same problem. CItibank and Bajaj Allianz have just made a joke of these policies. They even do not care to reply and take any action. This policy has given me a loss of 13K. I invested for 48 months with 1500 each month and now I am a value which is not acceptable.

If any government official in the IRDA department is reading this, please help the people here. Its really sad that such big groups are involved in such petty crimes.

j4jas

from Noida, Uttar Pradesh

Apr 30, 2016

Hi,

I am also a sufferer from Dec-2010. got online access to policy. but cant even check my statement.
only last transaction details are available. didn't even get a single paper from Bajaj. not even policy copy.

raghav_nitw

from Bengaluru, Karnataka

May 12, 2016

Hi All,

Those who have raised a complaint to IRDA against this policy get any response ? What happens after we raise a complaint in IRDA ?

I think they BAJAJ ALLIANZ will not care if we give complain as a single policy holder. We need to be a group of people facing the same problem with the same entities only then we can make them think that they cannot get away with their fraud.

As we can see that this case comes under perjury I need support and proof that this happened to many people.
Those who want to part of this. Please update the sheet

https://docs.google.com/spreadsheets/d/1l77AcBiNxQ76EqDONxCLVzzXMqLl4ftv51CK4IZR...⇄

jsee

from Bengaluru, Karnataka

May 16, 2016

Bajaj Allianz is a worest worest service, dont join.

jsee

from Bengaluru, Karnataka

May 16, 2016

i have raise a surrender request on APpr 13 .2016, still did not get money back and too much of deducting while surrender, waster policy this is.

jsee

from Bengaluru, Karnataka

May 16, 2016

I surrendered my policy on 13 April and still my policy is not goes to surrender status. Its been one month alreay, when i will get money ?. Why are you delaying and wasting of our time.

j4jas

from Noida, Uttar Pradesh

Jun 3, 2016

hi
i tried to surrender it after 3 years, but representative said i will get good return after 5 years. but i m not even getting my invested money back forget about any returns. they are big fraud. i am going to withdraw it. tell me if we can join together and fill a case against these two companies as an association?

Sandynair1589

from Mumbai, Maharashtra

Oct 10, 2016

Share this on facebook, twitter etc. Lets see how long these people can fool us

j4jas

from Noida, Uttar Pradesh

Oct 11, 2016

Hi,

i have surrendered my policy after 5 years and got my money. almost equal to what i paid.
if i have invested somewhere else it could have grown to 10-12% atleast.

Now i m thinking to go to court against Citi bank and Bajaj Allianz. is there anyone interested. we can make an association and fight the case collectively, by this mean our case will be more stronger and court fee burden also be reduced individually.

br

Mathi2014

Oct 13, 2016

Hi Guys,

Even i opened this account (EMI of rupees 1500) while opening my CITI bank salary account in IBM, I'm paying last four years, while casually searching about the policy in google to surrender, i got this link, and now i'm completely shocked to know the return values everyone mentioned above. Can you guys tell me what is the procedure to close and is there any action taken till now for your grievence?
My policy no is: [protected]

Jogo1985

from Pune, Maharashtra

Mar 3, 2017

Guys,
Same here. I realised few months back that 2000/- is getting deducted from my CITI Bank salary account towards Bajaj Sarve Shakti Suraksha Policy. I have no idea when I said "Yes" to such a policy. After reading all above comments I think I should stop this as early as possible.

Thanks
Himangshu Hazarika

Sisir Ranjan

from Delhi, Delhi

Mar 6, 2017

Quickly going through policy doc,
https://www.bajajallianz.com/Corp/content/Group/SarveShaktiSuraksha.pdf

You can see, they are saying
" The guaranteed surrender value is 70% of the net premium paid till date subject to surrender penalty, if any."

And again the surrender penalty is like belo,

No. of months for which Surrender Penalty as % of Premiums are paid for a member first year’s Net Premium
1 – 23 7.00%
24 – 35 5.00%
36 – 47 3.00%
48 + 0.00%

So if you have already started investing in this policy I suggest you to keep investing until policy matures (Which is 10 years). If you have not yet invested in this policy and thinking to invest, There is a BIG NO.

Hema Salunkhe

from Mumbai, Maharashtra

Mar 23, 2017

The same incident I have faced just now. My Husband have the same policy of Sarve Shakti Suraksha from Shamrao Vitthal Bank as the bank is the agent. When we request in SVCB for locker service in 2013, the SVCB Bank manager, had forced us that we have to take this policy against locker. We had paid premium of Rs. 25000/- per year ( ECS ) for 4 installments i.e from Dec. 2013 to Dec. 2016. i.e Rs. 100, 000/- . Now I am in urgent need of fund and we decided to surrender this policy so that we get Rs. 1 lakh back. and myself and my husband went to Shamrao Vitthal Bank to take an information for policy surrender and they have simply instructed us to go to Bajaj allianz office and they will provide us details and information for surrender procedure and surrender amount. When we went to bajaj allianz office at Borivali West Mumbai branch. The executive of bajaj allianz informed us that they are not allowed to provide us details and we have to call up customer care. They could able to provide us fund value only when we accept to surrender the policy. When we have accepted to surrender the policy the he informed us that we get refund amt Rs. 85390/- against our investment of Rs. 1 lakh. and he dont have information about how they calculate this Rs. 85390/-. When we took the policy from SVCB Bank we had not been informed about this. We were in dream that we are saving Rs25000/- early. We are from middle class family and having very trouble. Now if we want our money back we have to face loss of Rs. 15000/-. This is just cheating people. We are having very bad experience from Bajaj allianz.
Regards
Hema Salunkhe