Location/place: Mumbai
Name of company/service: Bajaj Allianz Life
Dear Concerned,
want to bring to your kind notice that Bajaj life is selling a product name Sarve Shakti Suraksha through its banking partners. This product is bringing bad name to Bajaj and Insurance Industry as a whole.
Reasons for the you can judge once you go through the product highlights.
Its not a ulip plan still they are charging Allocation charge by the name of admin fee @25 % for the first year and 6% for the subsequent years.
Thereafter 1.25 % every year as another charge.
In return they are giving 8.3 % return and 1.1 times insurance cover.
they are pitching this product for 5 years. But if your calculate the BEP for the customer is coming after 7-8 years.
This product is a total case of Mis -sell.
I don’t understand that how IRDA gave approval for this product where there is nothing for the customer.
Regards
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