I had taken a life insurance policy around 5 years back the Bajaj Allianz Life. This hapenned to be my first insurance policy then and I hardly knew much about the insurance world as such. But to my bad luck this company was a disastor then and continues to be that way even now. Hence I decided put a review post for other members to know the sad state of affairs of this company.
Below are just a few goof ups from Bajaj Allianz Life Insurance Co:
Inspite of paying all my premiums on time, around the 2nd yr of my policy term I was reported that my policy lapsed. After repeated calls to their customer care I could not get a solution and I had to personally visit the branch office at Andheri. At first I was told by one of the asst managers that it was a system error from their side and they would get it rectified soon. But I had to visit their office thrice until the my policy was revived. Most of the time the concerned person had forgotten to look in to my case leading to delay and I visiting their office again. The interesting part was the asst manager called me up after a week and after doing some sweet talking he inquired if there were vacancies in my organization for himself. I was like DUHHH I wouldnt want you anywhere close to my organization after providing such terrible service.
Up to last year this company did not have online premium payment facility nor any other better mode of payment. Depositing cheques at their barnch seemed the only best way to pay premiums. I had to personally visit their branch at Andheri to pay my premiums
Recently in Mar 09, when my premium was due I was surprised to see the premium intimation letter along with a business reply envelope for sending the cheque. I was happy that I woudnt have to go to their branch again. So I religiously sent my cheque thru the business reply envelope much before the end of the grace period. But when I saw the cheque wasnt presented for 10 days, I spoke to the customer service to find that they had not received the cheque.
I was then told that I could make the payment thru their newly started online payment system. So I issued a stop payment request for the cheque to my bank and made a payment thru the online facilty. The customer service also assured that if incase they receive the cheque the same would not be processed and would be sent back to me. But, to my surprise after a month the cheque was presented and ofcourse it bounced. I was quite sure that the cheque was received by them on time was kept and forgotten in someone’s drawer. On enquiring they apologised for their mistake and said that they would send a copy of my cheque along with letter stating the facts of the case and that premium was already paid.
But when I received the letter(after a month) I was shocked to see that the letter infact stated that I should repay the premium in cash or DD along with a bank charge of Rs. 100.
Well, I have raised a severe protest against such irresponsible letter sent to me but I seriously doubt the company’s integrity and its ability to treat customers fairly. It works more like a small shop which deals with problems only when they come to their neck.
The worst part is after paying about 38k in premiums in the last 6 yrs my surrender value is just 15k and hence a huge loss on surrender. So I guess I have no other options but to bear and deal with them for rest of the period.
So friends BEWARE of any Bajaj Allianz salesman knocking at your door or on your phone. DONOT fall in to their trap. I could provide many more instances of their failures. Do let me know if you like to know more about them incase you contemplating buying any product from them.