Investment Bajaj Allianz Life Insurance company Limited

Kannan606

Kannan606

New member
Bank Name
Bajaj Alliance
Customer Care Number
6594508121
Loss Amount
100000
Ratings
4.00 star(s)
Opposite Party Address
Bajaj Allianz Life Assured Wealth Goal Platinum, Bajaj Allianz House, 5th Floor,
B Wing, Airport Road, Yerawada, Pune,
Maharashtra - 411006
Toll Free Number: 1800-
Hi,
Axis bank Puducherry HQ introduced me this Bajaj Insurance Policy No.0588562346 without explaining details of the restrictions if consumer wants to close this policy prematurely.

I realize that I need to pay for this policy for 12 years, every year Rs1 lakh and after 14th year I will get returns.
If I want to exit after 1st year, I will not get any payment back. This was not explained well to NRE customer like me and not fair too.
Axis bank only keen to sell these instruments without explaining risks involved fully.

This policy also has an autopay mode linked to my Axis bank NRE account. Since I did not pay for my 2nd year term, I am getting notice from Axis bank that autopay mode has failed transactions and need me to fix in order not to get my credit rating affected.

If I write to Bajaj Allianace through their customer care (customercare@bajajalliance.co.in) to deactivate my auto pay mode, my emails are getting bounced. I contacted them online chat and they ask me to go for Video call and if I send my registered phone for video call, the chat says wrong number.. I tried many times and got fed up.

Please help in surrendering my insurance policy and return my amount in full.
I can provide more details as required.
Best regards,
Chittibabu Sridharakannan NRE from Singapore
 
Hello @Kannan606

I'm sorry to hear about the challenges you're facing with your Bajaj Allianz Life Insurance policy. Based on the information provided, it appears that you were enrolled in the "Assured Wealth Goal Platinum" plan through Axis Bank in Puducherry, without a clear explanation of its long-term commitment and surrender conditions. As an NRE customer from Singapore, it's crucial that such details are transparently communicated.

📝 Summary of Your Complaint​

  • Policy Details: Assured Wealth Goal Platinum, Policy No. 0588562346
  • Issue: Lack of clarity on the 12-year premium commitment and surrender terms.
  • Autopay Concerns: Autopay linked to Axis Bank NRE account continues to attempt deductions despite your intent to discontinue.
  • Communication Challenges: Emails to customercare@bajajalliance.co.in are bouncing, and attempts to connect via online chat and video call have been unsuccessful.

✅ Recommended Actions​

  1. Contact Bajaj Allianz Customer Care:
  2. Escalate to Grievance Redressal Officer:
    • Email: gro@bajajallianz.co.in
    • Phone: +91 20 6602 6773
    • Address:
      Grievance Redressal Officer
      Bajaj Allianz Life Insurance Company Limited
      Bajaj Allianz House, 5th Floor, Airport Road
      Yerawada, Pune – 411006
  3. Approach the Insurance Ombudsman:
    • If your grievance remains unresolved after 30 days, you can approach the Insurance Ombudsman.
  4. Send a Formal Legal Notice:
    • Draft a legal notice detailing the issue, Bajaj Allianz Life Insurance's inadequate response, and your demand for resolution.
    • This can be done through a lawyer or by contacting our team that offer legal notice services.
    • Note: Always send notice via Registered Post only.
  5. File a Complaint with the Consumer Forum:

📌 Additional Tips​

  • Document All Communications: Keep records of all interactions with Bajaj Allianz and Axis Bank, including emails, chat transcripts, and call logs.
  • Monitor Your Bank Account: Ensure that no unauthorized deductions occur from your NRE account. If necessary, instruct Axis Bank to block autopay mandates related to this policy.
  • Stay Informed: Regularly check for updates on your complaint status and follow up as needed.

If you need assistance drafting a complaint or require further guidance, feel free to ask.

Thanks
 
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