BAD promise. BAD customer service. BAD returns.
Citibank has sold me the Bajaj Allianz insurance along with the salary account insisting it could provide me tax exemption under 80C. As per their briefing if the policy has been surrender within 1-23 months - 7% penalty, 25-35 months - 5% penalty, 36-47 months - 3% penalty and 48 months above - no penalty. I have clearly asked them if there is any other penalty other than this. They have promised me the same. In between I have got my address changed and I have requested them to reflect the same and asked for a soft&hard copy but no response. After continuous try I have got a response stating that wont be provided. Frustrated by their customer service I have asked them for policy surrender.The customer service was even bad for this. After 23days of reminder thru various source they finally came up with a figure which is 45% less than what I have paid. For an amount paid 27000Rs, only 16000rs will be refunded stating there are so many penalties for closing a policy before the actual term. I fought back and finally fed up due to no response.I have opted for refund and got back only 16K that too after 45 days. I have lost my money, hard earned money to these frauds. My questions have been never answered.
Mentioned the different penalty they have made. Total Premium(Gross) Rs 27000
Less Cost of Insurance(CoI) Rs 1411
Less Service Tax Rs 174
NET PREMIUM Rs 25414
Less Scheme Admin Fee on Premium Rs 7139
SAVING PREMIUM 18275
Add Return on the Saving Premium Rs 542
Less Scheme Admin Fee on A/c Value Rs 90 ACCOUNT VALUE Rs 18727
Less Surrender Penalty Rs 1999 SURRENDER VALUE Rs 16729
Very bad that they didn’t explain me of these even me asking them in detail.BAD promise. BAD customer service. BAD returns.
My advice: If you are opting for an insurance, make sure you can wait for the policy duration(10, 15, 20 years). If not, opting for insurance is waste and opting for Bajaj allianz is TOTAL WASTE. You will lose your hard earned money.