Dear Sir,
In an interview published in Economic Times, you say that “I think, this suggestion copying what is done in New Pension Scheme and Mutual Fund sounds a bit far-fetched”
This was part of an answer to the question on agency commission to be removed from 2011 and replaced with a fee-based system from a panel headed by PFRDA chairman D Swarup.
My question to you is “Why are Insurance companies trying to sell Insurance in the garb of Investment products?”
Especially, since Insurance and Investments are two different products, to my mind. Should one mix Insurance and Investment and Insurance v/s Investment
I find it paradoxical that you try to compete with investment products and then complain too.
Regards,
Yours faithfully
Ranjan Varma
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I would love to see Mr Kamesh’s comment here
Somehow these questions are just swept under the carpet again and again.
I agree with Ranjan
And also ask them why they even call the insurance provided as “protection cover” when its not more than 1-2 times of their yearly income ..
I know that its customers responsibility how much he asks for , in that case who’s reposibility is it to educate them about the right insurance requirement ?
Manish
http://www.jagoinvestor.com
nice article,
people in armani suits selling crap to gullible people
“Hi Ranjan! Thanks for the article & it’s nice & informative. I think that investment & insurance are two different terms & both must remain separate.
dear all,
welcome!thanks for the service.
A good question to a wrong man in a good place…
Bajaj life is a big brother in taking huge front loaded ulip polices,their UNIT GAIN(ALLOCATION 30% ONLY) created hurror in the markets in early 2004.
dear all, true!
life insurance and investements,tax saving are different objectives.
Donot try to mix them.
term planplus family floter health policy, ELSS and front line equity shares are simple to understand and execute.
thanks for this service.
STAY AWAY FROM ULIPS!
From: india511@hotmail.com
To: customercare@bajajallianz.co.in
Subject: RE: policy renewal problem
Date: Wed, 9 Jun 2010 05:36:48 +0530
sir,
ref no. track Number: 5129129
My cell is perfectly working this is your scam to not settled claim by giving excess credit in policy and when customer ask for claim you reject it with reason policy is not renewed updated pls give me a concrete solution and not
stupid excuses’ I am looser and I am ready to pay renewal payments also then why you are not accepting payments
pls don’t make BAHANA,S for refusal of claims I assure you I press it in leading media about this your tactics to
cheat a customer and it will affect your reputation I mean it
chandrakant t. bhabal
> From: customercare@bajajallianz.co.in
> To: india511@hotmail.com
> Subject: policy renewal problem
> Date: Tue, 8 Jun 2010 19:23:52 +0530
>
> Dear Sir,
>
> In reference to your mail, we have tagged your query under I track Number: 5129129.
>
> We tried to contact you on 9323577783,however there was no response.
>
> Kindly provide your updated contact number for further assistance.
>
> Thanks and Warm Regards,
>
> Swapna P.
>
> Customer Focus Unit
>
> Toll Free Numbers:
>
> Tata Users 1-800-209-7272
> Bharati Users 1-800-103-7272
> BSNL Users 1-800-233-7272
> Reliance Users 1-800-3000-7272
> General Insurance: 1-800-209-5858
> Fax number 02040111502
> Email id customercare@bajajallianz.co.in
>
> Thank you for reaching the Customer Focus Unit of Bajaj Allianz Life Insurance. It is our endeavor to serve you as quickly as possible.
>
> For further related queries or concerns mail us at customercare@bajajallianz.co.in .In case you are not satisfied by our response; you may kindly escalate according to escalation matrix.
>
> malthi.joshi@bajajallianz.co.in
>
>
>
> __________________________________________________________________________________________
> From : india511@hotmail.com
> Send : 07-JUN-2010 07:07:20 PM
> Cc : Life/CFU/Pune HO/Bajaj Allianz
> Subject: policy renewal problem
>
>
>
> sir
>
> I have mediclaim policy no 0055307807 with you
>
> my name is chandrakant tukaram bhabal I want to renew the policy but my problem is somebody deposited a amount in my policy which not allowing me to renew my policy
>
> I have sent money to deposit with your prabhadevi office your concern staff told that this policy is having sufficient money to cover my mediclaim and it is not possible to deposit money further due to maintaining full premiums in my policies I have not renewed my policy and somebody erroneously deposited premium in my policy pls refund the amount to concern person and accept my renewal payment
>
> your staff is not allowing me to deposit in my policy due to excess payment showing in my policy
>
> my problem is that if I need a mediclaim and at the same time you refunded the amunt deposited in my policy then I will be in trouble that you are not allowing me to my renewal and at the same time claim cannot be settled due to not renewal of policy who will be responsible for such negligence at your end or I will write to IRDA .
>
> chandrakant t. bhabal
>
>
>
>
CANT GET EXPLANATION FROM MR.GOYEL REGARDING MISSELLING OF SINGLE PREMIUM POLICY,WHERE SAME FUND BEING USED BY WITHDRAWALS,AND REINVESTED WITHIN A PERIOD OF WEEKS.FUNNILY ENOUGH,TO COVER UP THE PROCEDURE,CUSTOMER BEING PROVIDED WITH MICROSOFT SPREADSHEET ,NOT THE FACTUAL REAL STATEMENT OF ACCOUNT,SHOWING,ALLOCATION CHARGES,UNITS,NAVS.NO HARM IN EXPLAINING,THIS TO CUSTOMER ,WHEN ASKED FOR REPEATEDLY.SILENCE IS THE BEST POLICY?WHEN NO VALID EXPLANATION NOT AVAILABLE?
dear sir,
I was planning to buy and ULIP policy with Rs 250000/-annual premium but after reading so many compaints from different customers about wrong advise, non payment of claims, non delivery of policy, no response from customer care etc.. list is endless. I want to know from you why should I go ahead and put my hard earned money with BajajAllianz?
I have four policies which include General insurance, Health Insurance & Life Insurance registered with Bajaj Allianz. When I want reimbursement regarding my claims the employees of Bajaj Allianz, Begumpet are denying saying that my claim is wrong. I applied for reimbursement on March 2010.I have all the genuine documents and i submitted all the necessary documents before the mentioned insurance expiry date(DEC 2010).My claim has been kept on hold and there was no follow up for this.The Marketing Executive at Begumpet, Hyderabad abused and threatened me .He did not accept his negligence .I tried many times to know about claim reimbursement but I was kept “on hold” , “diverted” “rejected” on phone.I lodged a written complaint against him but there was no use, I was betrayed by entire Bajaj Allianz. I met other Senior Executives at Bajaj Allianz Begumpet They did not help me. The Marketing executives & HR executives are demanding 25% bribe in the reimbursed amount. I did not accept to give bribe. After many complaints My claim has been rejected saying that it will come under 2010 year ending and will not be reimbursed in this year 2011. This information is given recently after the expiry of my claim reimbursement.Now I have decided to lodge complaint against Bajaj Allianz in the Consumer court and want to retrive my policy claims. I Would like to inform and request Mr.Kamesh Goyal CEO of Bajaj Allianz to kindly lookover this matter and please do the needful. I further want to request Mr.Goyal to take complete overview of employee behaviour & attitude before appointing them into your company.Kindly look out for customer satisfaction and respect.If this query also won’t work I will be forced to take Legal Action against the company,employees responsible for my loss and i would like to retrieve my charges towards my expenses and losses in this procedure through legal actions
Dear Customer,
May we request you to send us your complete contact details, Policy No. and e-mail-id on help.support@bajajallianz.co.in OR customercare@bajajallianz.co.in.
Regards,
Bajaj Allianz
My Claim no is Claim No.:OC-11-1103-1801-00017377
I am tensed and in problem due to the bajaj Allianz.
No one is responding for my emails and each and everything i have sent to them for my claim process but all are useless.
i will escalate this issue to the top level,IRDA,Consumer Court,every where coz i need justice at any how.
Sohail Khan
09990046786
Sir, i want to complaint of your claint mrs kisra siraj kazi, residence at mira road, had a mediclaim policy of bajaj alliance, and she had showed admission in sai aashirwad hospital mira road, from 17 may 2011 to …., she is a staff of hospital( pro) and she got all fake medical bills and laboratory bills and hospital bills, for reimbesment, she is cheating your company, so please take immedete action, and do further investigation, hospital address- house no.1,evershine enclave , near rassaz mall mira road, hospital phone no-02228125101
My son, Mr. Jithin sreekumar had requested to redeem the amount of his policy no 0029862042 at Thiruvalla office, Kerala abount 3 weeks back.
At that time it has been informed that then same will be credited to his account with in 4 working days.
But till now he has not received any amount to his Bank Account.
All the ncessary documents are submitted at the office.
I request you to look into this matter urgently and transfer the amount.
Thanks and regards
Sreekumar Sivadasan
Father of Mr. Jithin Sreekumar
Tel: 00971504588128
The Marketing executives & HR executives are demanding 25% bribe in the reimbursed amount. I did not accept to give bribe. After many complaints My claim has been rejected saying that it will come under 2010 year ending and will not be reimbursed in this year 2011. This information is given recently after the expiry of my claim reimbursement.Now I have decided to lodge complaint against Bajaj Allianz in the Consumer court and want to retrive my policy claims.
————————
sweety
In the Year 2008 I was convinced by Mr Sumanta Mukherjee from Standard Chartered bank to buy this product century Plus of Bajaj Allianz I was told by him that this is a single premium product and the best in the market. Since I stay away from India/Kolkata so I didn’t had the time to read the policy document which arrived after I left kolkata for Abu Dhabi.
Since late 2009 and early 2010 I realised the complete feature about the Policy and I keep cursing myself of why I had gone for it.
I kept approaching to the guys of Standard Chartered bank as well as I went to the Branch office in kolkata seeking help from them
But Till date I am not able to get any help from any one
The reason for this is I have invested 500000+25000+25000=5500000 and as on today the policy value is 327000.
There is a huge annual charges (48000 to 50000) getting deducterd from my policy. This is a 10 year policy and more I keep it alive
more will nbe the duductions. The time will come when the policy value will be in negative.
I have few more policies and none of them has given me this bitter experience as this.
It has become a thorn in my neck. I am struggling,completely frustrated and not getting any help from any where to sort this problem and this is the reason for which this mail is being addressed to you.
I would appreciate if you can keep the goodwill of the customer and help me out from this difficult time.
If you need any details,I will be very happy to provide it to you.
Reference : Policy No. 0127968857
Policy Holder Name : Shantanu Mishra
Sir,
I have a complaint regarding my aforesaid policy I have purchase this plan in 2009 by your representative he promise me that i have to invest only Rs. 25000/- & I will get Rs. 35000/- After 3 years.
but now when i check my policy fund value this is only Rs. 19403.85 which is lesser then my paid amount & the signature in my policy document is also not mine.
So I request to you to take action against my insurance advisor & refund me my amount (Rs. 35000/-) i have make the complaint to your customer care if you not solve this matter then i have to go to consumer court.
thanks & regards
Shantanu Mishra
+91 9219726400
Please see the comment by Bajaj care below that says, …. send your complete contact details, Policy No. and e-mail-id on help.support@bajajallianz.co.in OR customercare@bajajallianz.co.in.
I WAS SOLD/MISSOLD 25 ULIPS OF BALIC,ANNUAL PREMIUM 60 LACS THROUGH STANCHART KOLKATA.EXTREME MIS SELLING.POLICIES IN QUESTIONS ARE 1.0014947526,SINGLE PREM.POLICY.SAME FUND OF 10LACS WITHDRAWN,REINVESTED,WITHIN A SPHERE OF WEEKS,TO FETCH ALLOC.CHARGES,SHOWN AS TOP UPS.NAV DIFFERANCE CAUSING 65000/LESS PAYMENT.(JAN.06-0/11/06).WROTE TO MR.GOYAL.NO RESULT.2.ULIPS ARE KNON TO BE LONG TERM INSTUMENT.BUT IN OUR CASE,AS SOON AS LOCK IN PERIOD WAS OVER,NEW ONE SOLD,WITH HIGH CHARGES,EVEN AFTER WITHDRAWING FUNDS FROM EXISTING POLICIES.EVEN 5 POLICIES WERE SOLD AFTER WITHDRAWING FUNDS FROM 4 POLICIES
WITH CHARGES @10%,THOUGH 4 POLICIES IN LAPSED STATE 0077201202,0084036225,0072633180,0057707330.HOW CAN YOU SELL A POLICY,WHEN POLICIES ARE IN LAPSED STATE BEFORE LOCK IN PERIOD IS OVERI.E2YS.RUNNING POLICY BEEN SURREDERED TO MIS SELL NEW ONE WITHIN DAYS0022453022 SUR.ON 23.09.09,SOLD 135451707 ON 30/09/09.POL.NO. MIS ADV.TO STOP PAYING PREM.01.09.09
NEW POLICY SOLD WITH HIGH CHARGES 01.08.09,RATHER EXISTING POLICY SHOULD HAVE BEEN CONTINUED.POL.NOS.25969615,132998085.NOW I AM UNABLE TO PAY PREM.DUE TO LACK OF FUND ,DUE TO MISADVISORY,CAUSING EROSION OF CAPITAL.TOTAL BREACH OF TRUST,REVENUE FOR BANKASSURANCE,PROMOTION FOR AGENTS,LOSS BOOKING FOR CUSTOMER.COURTESY STANCHART/BALIC.
contact:9331008553
DEAR SIR ,
I WOULD LIKE TO INFORM YOU THAT AGAINST MY POLICY NO.0109959084
MY AGENT GAVE A WRITTEN CLOSURE LETTER FOR MATUARITY
BY TELEPHONIC CONFIRMATION CALL I WAS BEING SUGGESTED BY BAJAJ ALLIANZ NOT TO CLOSE THE POLICY
OTHERWISE I WOULD HAVE TO BEAR 50% LOSS, SO ASKED HIM NOT TO MATURE THE POLICY
SO KINDLY GO THROUGH MY PROBLEM AND TRY TO GIVE NEEDFUL RESULTS