I request everyone to not fall for this trap with Bajaj Allianz and Citibank.
In February 2012, Mr. Savio (+919731780170) from Citibank came to our work place for opening new Salary accounts, along with which, he offered an extra product, Bajaj Allianz Life Insurance. The information he gave during that time was as follows-
1. You pay a monthly premium of Rs.1500 or any preferred amount.
2. You will earn annual interest on this amount between 7-9% as this would be your savings, and would offer tax benefit.
3. If surrendered within 2 years, certain 5-7% or so will be deducted and the rest will be refunded back, along with interest. If in 3 years, lesser percentage will be cut, and so on.
Apart from this, he had given no information. He took our signatures. We had the option to cancel the policy within 90 days if we wanted to do so.
Since this was applied for, me including a lot of people have not received any policy documents or insurance certificate (till today). Now, when I call to enquire how much amount along with interest I have accumulated, I find out that I have paid 19 installments till date, which comes to Rs.28500 in total. Bajaj executives said if I surrender, I shall get Rs.19200 approximately back as refund amount. The rest would be deducted as allocation charges, pre-surrender charges, taxes, etc. and there will be no interest earned on this amount.
We were not informed about any of these charges by the Citibank executive and since we did not receive any documents, no such information was conveyed to us by any means. Bajaj Allianz executives suggest to contact Citibank customer care for any such information given by them and Citibank on the other hand suggests to talk to Bajaj as it is their policy.
After 19 months today, instead of savings and earning any kind of interest, I am rather at a loss of Rs. 9200 approximately. Similar problem is being faced by a lot of other people in my office, and when I google, by a lot of other people in the country as well. One loses about 35-40% of the amount invested due to misleading information by Citibank and pathetically poor and disappointing service by Bajaj Allianz.
I would have rather invested in recurring deposits or LIC or any other such alternatives where my hard earned money would have been safe and earned me interest.
This is a sheer loot by both Citibank and Bajaj Allianz. On asking for surrender of policy, I had to send written letter and documents to Insurance Operations address in Chennai as suggested by Citibank. Upon calling Bajaj Allianz, they gave an entirely different address. They also suggested I go the branch in person to submit the original policy (which I never got) to surrender the same.
The documents were received on the 26th September at Insurance Operations address (DTDC Shipment# F07625115) and today is the 16th October and I still have no update if my cheque has been dispatched or not.
I need if not the interest, atleast my entire invested of Rs.28500 back. Citibank and Bajaj Allianz are both misleading their customers with this product.
Policy Number – 0264248464
Sarve Shakti Suraksha
Policy Holder – Praneet Tulshyan
DOB – 22nd March 1989
Premium Amount: Rs.1500
Premium Paid For 19 Months
Risk Cover: Rs.720000
For any discussions or queries, please contact me on +91 8951 264 911 or alternatively mail me on [email protected]. I sincerely hope to get back this entire amount.
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