Hi,

We have taken this policy through Citi Bank, when we took the policy the terms and conditions (charges, validity, service tax on premium, etc) were not disclosed.

After taking the policy there has been no communication about the policy, and premium statements from either Citi Bank or Bajaj Allianz, we have not received a single document from them.

The premium is being deducted automatically from our salary accounts, and they are deducting charges (which they say as service tax) from the premium amount, and is not being shown in the premium certificate which they sent after a lot of follow-ups.

Even the premium certificate are word documents which don't have any sign or seal.

When we enquired about canceling the policy, they are telling that canceling charges will be applied (approx 7% of the premium paid so far)

Kindly advice the actions that should be taken to get the full amount (premium paid so far) refunded from them.

Thanks & Regards
Ujwal Mahule, Shashank Rastogi, Rashmi Jain

Dear Mr. Ujwal Mahule,

We apologize for the inconvenience caused to you, Mr. Shashank Rastogi & Ms. Rashmi Jain. Could you please send your contact details to help.support@bajajallianz.co.in?

Once we receive the details from your end, we would investigate the matter and would take the necessary actions on the issue you have raised.
We would like to inform you that we have created a separate customer care portal Bajaj Allianz Help and Support | Help and Support: FAQs, Queries, Complaints and Interaction where you can post your queries.

Regards,
Bajaj Allianz Customer Care

Originally Posted by ujwalmahule

Hi,

We have taken this policy through Citi Bank, when we took the policy the terms and conditions (charges, validity, service tax on premium, etc) were not disclosed.

After taking the policy there has been no communication about the policy, and premium statements from either Citi Bank or Bajaj Allianz, we have not received a single document from them.

The premium is being deducted automatically from our salary accounts, and they are deducting charges (which they say as service tax) from the premium amount, and is not being shown in the premium certificate which they sent after a lot of follow-ups.

Even the premium certificate are word documents which don't have any sign or seal.

When we enquired about canceling the policy, they are telling that canceling charges will be applied (approx 7% of the premium paid so far)

Kindly advice the actions that should be taken to get the full amount (premium paid so far) refunded from them.

Thanks & Regards
Ujwal Mahule, Shashank Rastogi, Rashmi Jain

We have faced exactly same issue with Citi bank and Bajaj Allianz.....

I never intended to take a life insurance policy.
Somehow it was enforced without my knowledge.

When I received a mail informing the policy premium being paid automatically from my recently opened salary account with Citi Bank, which I never agreed to take, I checked the policy details accompanied with the payment statement which states that my policy is being held with Citi bank being policyholder for SARVE SHAKTI SURAKSHA plan of Bajaj Allianz.

This is really bad on the part of City Bank, being a reputed bank, to cheat with its customers...

I need explanation on this and I also wish to lodge a complaint in consumer forum for being misrepresented in the name of opening bank account and fooling the innocent customer.

Regards,
Varsha Patil

Originally Posted by varshap2000

We have faced exactly same issue with Citi bank and Bajaj Allianz.....

I never intended to take a life insurance policy.
Somehow it was enforced without my knowledge.

When I received a mail informing the policy premium being paid automatically from my recently opened salary account with Citi Bank, which I never agreed to take, I checked the policy details accompanied with the payment statement which states that my policy is being held with Citi bank being policyholder for SARVE SHAKTI SURAKSHA plan of Bajaj Allianz.

This is really bad on the part of City Bank, being a reputed bank, to cheat with its customers...

I need explanation on this and I also wish to lodge a complaint in consumer forum for being misrepresented in the name of opening bank account and fooling the innocent customer.

Regards,
Varsha Patil

I have faced the same problem - I was misinformed about the policy while i was opening my salaried account with citibank. I have asked multiple times about the policy document over last few months, but the customer care representative always informs me that the email has been sent. A couple days back i asked them post the document - which they did after a lot of hesitation.

Now i know why. I have just read the policy - I was not informed about service payment being deducted from my premium. The policy does not give any details about how the calculation would be done at maturity. There is no information about the amount of service charge or the procedure of cancellation/surrender. I read this post and found about the 7% deduction - Which is outrageous. Since they misinformed me.

What steps should i take now?

Regards
Aditi Goswami

Exactly same thing happened with us.
We were never told its a life insurance and the citi bank suvidha account has misguided us
and they said its an RD account.

When I sign the document, they said its for 3 yrs and even if i cancel in the middle, i will get atleast the premium amount.
There is no mention of maturity date and i don't know when i will get my money back.

When I enquired in customer care of citibank, they diverted me to bajaj allianz.
when I enquired in bajaj allianz customer care, they diverted to marathahalli office.
when I go to marathahalli office in bus, they said marathahalli office is closed and
they diverted me to residency road.
When I went to residency road, they said you have to go to jaya nagar. Suddenly
they said go to malleswaram.
I got pissed off and started shouting.

They connected a phone call to nithya.soz@balic.in
She said, you will have to pay 36% cancellation charge if u want to cancel the policy.
How can I give 36% cancellation policy for the money I invested for last 2 yrs.
I would rather keep it in my piggy bank.

When they want to open the policy, they will come to ur office. But when you want
to get the money back, you have to roam around the streets.

Will someone invest in a policy that has 36% cancellation policy??
I have never ever recvd any bill from bajaj allianz.

A certificate without any seal or maturity date or how many yrs i have to pay
is absolutely crap.

One good tactic these guys do is "they never send u this certificate of insurance untill you urge them
and if you read that terms and condition, they will use maturity date every where but you won't know
the value of maturity date. same with market adjustment value."

There are three guys who are cheated in our company.

Can somebody guide me how to go to consumer court?

Originally Posted by complaints

I have faced the same problem - I was misinformed about the policy while i was opening my salaried account with citibank. I have asked multiple times about the policy document over last few months, but the customer care representative always informs me that the email has been sent. A couple days back i asked them post the document - which they did after a lot of hesitation.

Now i know why. I have just read the policy - I was not informed about service payment being deducted from my premium. The policy does not give any details about how the calculation would be done at maturity. There is no information about the amount of service charge or the procedure of cancellation/surrender. I read this post and found about the 7% deduction - Which is outrageous. Since they misinformed me.

What steps should i take now?

Regards
Aditi Goswami

Dear Ms. Aditi Goswami,

We apologize for the inconvenience caused. Could you please send your contact details to help.support@bajajallianz.co.in?

Once we receive the details from your end, we would investigate the matter and would take the necessary actions on the issue you have raised.

We would like to inform you that we have created a separate customer care portal Bajaj Allianz Help and Support | Help and Support: FAQs, Queries, Complaints and Interaction where you can post your queries.

Regards,
Bajaj Allianz Customer Care

Dear Customer,

We apologize for the inconvenience caused. Could you please send your contact details to help.support@bajajallianz.co.in?

Once we receive the details from your end, we would investigate the matter and would take the necessary actions on the issue you have raised.

We would like to inform you that we have created a separate customer care portal Bajaj Allianz Help and Support | Help and Support: FAQs, Queries, Complaints and Interaction where you can post your queries.

Regards,
Bajaj Allianz Customer Care

The same thing happened for me while taking this policy i have been informed that this is RD account and I can withdraw anytime with interest whenever i want. But after getting the policy only i came to know that this a life policy and surrender charges are there for all. This is real cheat doing by Citi-bajaj JV. some one needs to take action on this and stop this day robbery.
My policy details are as follows,

Policy number : 0233534591
Name: Ramamoorthy V
Contact no:9791174740

I have been misguided by the Citi representatives that this policy is not a life insurance and its something like a recurring deposit and I can withdraw the amount anytime I want and no charges for that. But after getting the policy and going thro’ the document only I came to know that there are penalty charges for closing before 4 years and it’s a life insurance. I am already having enough insurance with me and I would like to cancel this.

Originally Posted by nizam.sp@gmail.com

Exactly same thing happened with us.
We were never told its a life insurance and the citi bank suvidha account has misguided us
and they said its an RD account.

When I sign the document, they said its for 3 yrs and even if i cancel in the middle, i will get atleast the premium amount.
There is no mention of maturity date and i don't know when i will get my money back.

When I enquired in customer care of citibank, they diverted me to bajaj allianz.
when I enquired in bajaj allianz customer care, they diverted to marathahalli office.
when I go to marathahalli office in bus, they said marathahalli office is closed and
they diverted me to residency road.
When I went to residency road, they said you have to go to jaya nagar. Suddenly
they said go to malleswaram.
I got pissed off and started shouting.

They connected a phone call to nithya.soz@balic.in
She said, you will have to pay 36% cancellation charge if u want to cancel the policy.
How can I give 36% cancellation policy for the money I invested for last 2 yrs.
I would rather keep it in my piggy bank.

When they want to open the policy, they will come to ur office. But when you want
to get the money back, you have to roam around the streets.

Will someone invest in a policy that has 36% cancellation policy??
I have never ever recvd any bill from bajaj allianz.

A certificate without any seal or maturity date or how many yrs i have to pay
is absolutely crap.

One good tactic these guys do is "they never send u this certificate of insurance untill you urge them
and if you read that terms and condition, they will use maturity date every where but you won't know
the value of maturity date. same with market adjustment value."

There are three guys who are cheated in our company.

Can somebody guide me how to go to consumer court?

Dear Mr. Ramamoorthy V,

Bajaj Allianz always values its customers and hence is very sorry for the inconvenience caused to you.
Please note that we have received your request and investigating the matter. Can we request you to allow us some time into look this matter??? Our support staff will soon get in touch with you.

We would like to inform you that we have created a separate customer care portal Bajaj Allianz Help and Support | Help and Support: FAQs, Queries, Complaints and Interaction where you can post your queries.
We appreciate your patience and time.

Thanks and regards
Bajaj Allianz Customer Support

Originally Posted by Bajaj Allianz

Dear Mr. Ramamoorthy V,

Bajaj Allianz always values its customers and hence is very sorry for the inconvenience caused to you.
Please note that we have received your request and investigating the matter. Can we request you to allow us some time into look this matter??? Our support staff will soon get in touch with you.

We would like to inform you that we have created a separate customer care portal Bajaj Allianz Help and Support | Help and Support: FAQs, Queries, Complaints and Interaction where you can post your queries.
We appreciate your patience and time.

Thanks and regards
Bajaj Allianz Customer Support

My policy is got cancelled and i got a refund of only 14100 out of 24000 i paid. This is a real cheating by bajaj allianz. Nowhere they have mentioned about the basis which they do this calculation. In the policy they have mentioned only 7% as surrender charges. But not almost 41% they deducted from my actual paid. I want bajaj allianz and CITI to answer this and refund my money with only 7% surrender charge or else I am going to take action legally against both.