Bajaj Allianz Sarve Shakti Suraksha Policy :
Bajaj Allianz Life Insurance Company Ltd., introduced a new product launched for Punjab and sindh bank employees that is Sarve Shakti Suraksha Policy. One of the best product in the policy company.
Policy Details :
Sarve Shakti Suraksha is a group term insurance plan together with systematic savings to provide financial security to the employees and members of Punjab and sind bank against the risk of death.
Policy Covered :
All types of members that is employees or customers of Punjab and sindh bank.
Product Details :
Eligibility : All employees of bank or members of Punjab and sind bank in the minimum age for entry 0 years, max age for entry 65 years, satisfies the underwriting criteria of the insurer.
Sum Assured : The sum assured is 25 times the annualized premium.
Maturity Benefits : On maturity the account value in the individual account would become payable that is premium paid and annual growth and administration charges.
Policy Period : Minimum 5 years, maximum upto 70 years.
Premium and modes : Options available for yearly, half yearly, quarterly and monthly modes, for yearly premium minimum premium is Rs.500/- to maximum premium Rs.10,000/- only.
Joint Life coverage availability : Not available.
The insurer shall be liable to pay the Death Benefit subject to the submission of the documents by the policy holder and to the satisfaction of the insurer.
Written notice within 180 days of the death of the members.
The claimant’s proof of entitlement to receive the policy moneys.
Membership certificate issued by the policy holder.
Original death certificate of the member certified by the competent authority.
Medical cause of death certificate from the doctor last attending or the hospital in which the death occurred.
Nominee has to provide an authority letter.
Life insurance cover :
The effective date of the life shall commence from the day, the signed enrolment form is submitted along with premium and which is duly accepted.
Surrender Penalty :
On surrender of the master policy, individual account of all members shall be closed and account value subject to the market value adjustments as applicable on the date of such closure of all such individual accounts less surrender penalty.
No of months for which premiums are paid for a members 1 to 23, surrender penalty is 7% first years net premium. No of months for which premiums are paid for a members 24 to 35, surrender penalty is 5% first years net premium. No of months for which premiums are paid for a members 36 to 47, surrender penalty is 3% first years net premium. No of months for which premiums are paid for a members above the 48 months , surrender penalty is 0% first years net premium.
Grace Period :
One month but not less than thirty days for all modes except in monthly mode where it is 15 days.
Master Policy :
A single master policy will be issued covering all the members of the scheme and the scheme will be administered by the Punjab and Sind Bank which is normally termed as policy holder or nodal agency.
In case of death due to accident these are the additional documents are required the is First Information Report FIR, Post Mortem Report PMR and Police Investigation Reports.
In the claim is admitted, the claim amount shall be payable to Punjab and Sind Bank by Bajaj Allianz Life Insurance Company Ltd., and Punjab and Sind Bank shall pay the claim amount to the nominee or legal heir of the member.
Benefits of the Scheme :
Customer friendly insurance and savings solution available in the market.
Easy to understand, simple one page form.
No documentation like ID Proof, photograph required.
No medical test required.
Law surrender penalty.
Tax benefits under section 80C and under section 10, 10(D) of the income tax act are available.
If you want more details about this policy contact your nearest Bajaj Allianz Life Insurance Company Ltd., or Punjab and Sind Bank Ltd. and you want to purchase this policy please contact me 9886043598. It is only for bank employees.
Bajaj Allianz Life Insurance Company Ltd., introduced a new product launched for Punjab and sindh bank employees that is Sarve Shakti Suraksha Policy. One of the best product in the policy company.
Policy Details :
Sarve Shakti Suraksha is a group term insurance plan together with systematic savings to provide financial security to the employees and members of Punjab and sind bank against the risk of death.
Policy Covered :
All types of members that is employees or customers of Punjab and sindh bank.
Product Details :
Eligibility : All employees of bank or members of Punjab and sind bank in the minimum age for entry 0 years, max age for entry 65 years, satisfies the underwriting criteria of the insurer.
Sum Assured : The sum assured is 25 times the annualized premium.
Maturity Benefits : On maturity the account value in the individual account would become payable that is premium paid and annual growth and administration charges.
Policy Period : Minimum 5 years, maximum upto 70 years.
Premium and modes : Options available for yearly, half yearly, quarterly and monthly modes, for yearly premium minimum premium is Rs.500/- to maximum premium Rs.10,000/- only.
Joint Life coverage availability : Not available.
The insurer shall be liable to pay the Death Benefit subject to the submission of the documents by the policy holder and to the satisfaction of the insurer.
Written notice within 180 days of the death of the members.
The claimant’s proof of entitlement to receive the policy moneys.
Membership certificate issued by the policy holder.
Original death certificate of the member certified by the competent authority.
Medical cause of death certificate from the doctor last attending or the hospital in which the death occurred.
Nominee has to provide an authority letter.
Life insurance cover :
The effective date of the life shall commence from the day, the signed enrolment form is submitted along with premium and which is duly accepted.
Surrender Penalty :
On surrender of the master policy, individual account of all members shall be closed and account value subject to the market value adjustments as applicable on the date of such closure of all such individual accounts less surrender penalty.
No of months for which premiums are paid for a members 1 to 23, surrender penalty is 7% first years net premium. No of months for which premiums are paid for a members 24 to 35, surrender penalty is 5% first years net premium. No of months for which premiums are paid for a members 36 to 47, surrender penalty is 3% first years net premium. No of months for which premiums are paid for a members above the 48 months , surrender penalty is 0% first years net premium.
Grace Period :
One month but not less than thirty days for all modes except in monthly mode where it is 15 days.
Master Policy :
A single master policy will be issued covering all the members of the scheme and the scheme will be administered by the Punjab and Sind Bank which is normally termed as policy holder or nodal agency.
In case of death due to accident these are the additional documents are required the is First Information Report FIR, Post Mortem Report PMR and Police Investigation Reports.
In the claim is admitted, the claim amount shall be payable to Punjab and Sind Bank by Bajaj Allianz Life Insurance Company Ltd., and Punjab and Sind Bank shall pay the claim amount to the nominee or legal heir of the member.
Benefits of the Scheme :
Customer friendly insurance and savings solution available in the market.
Easy to understand, simple one page form.
No documentation like ID Proof, photograph required.
No medical test required.
Law surrender penalty.
Tax benefits under section 80C and under section 10, 10(D) of the income tax act are available.
If you want more details about this policy contact your nearest Bajaj Allianz Life Insurance Company Ltd., or Punjab and Sind Bank Ltd. and you want to purchase this policy please contact me 9886043598. It is only for bank employees.
Hi , So i pay a 1500 every month for 5 years term , How much do you think ill get at maturity ?
ReplyDeletethis is very worst policy
ReplyDeleteThis policy applicable to other employees too. Also while opening this they say u dont need any documents but while surrendering the policy they ask bunch of documents. I think they are fooling people. I am one of those victim. Please don't opt for any policies under this company.
ReplyDeleteDont buy this.. Its cheating. Search for the complaints on policy name 'BAJAJ ALLIANZ SARVE SHAKTI SURAKSHA' You ll come to know. They are all cheats.
ReplyDeleteDont buy this.. Its cheating. Search for the complaints on policy name 'BAJAJ ALLIANZ SARVE SHAKTI SURAKSHA' You ll come to know. They are all cheats.
ReplyDeletewaste policy.. Freshers entering in to corporates are cheated by this kind of CITI bank representatives...
ReplyDeletethey cheated me as well .. citi bank people
Deletesame, citi bank bastards!
DeleteThis is useful only if you die. If you surrender the policy or even wait till maturity, you will not even get the sum of premiums paid so far, forget about the interest accrued.
ReplyDeleteHello sir this sarve shakti Suraksha policy available????
ReplyDeleteThe policy disappeared from the portal and doesn't show any detail of the same when you log in to the customer portal since the portal was last updated. Just gives the feeling that this policy doesn't exist at all.
ReplyDeleteHave this fixed and show the policy details on the customer portal otherwise it impacts the company in a negative way. There are many negative reviews on this policy sarve shakti suraksha and to add to the spice this has disappeared and was never fixed.
As per RTI act every customer has the right to know the policy details, premiums paid, loan elegibility and how its performing. All this is hidden and the customer service doesn't have any idea of what this policy is or information requested by the customers. May be its time for IRDAI to intervene.
This sarve Sakthi suraksha is one of the worst policy. I have been paying rs.1500 for last 8 years. I have paid rs.144000 so far. When I checked the current fund value, I was shocked. Current value is 148000. Just 4 thousand increase in 8 years.
ReplyDeleteIn Recurring deposit logic, I have got 0.8% returns.
Don't do the mistake.
Never mix insurance and investment.
If you want insurance, take Term insurance and for investment, use mutual fund, PPF etc
I think we both started same time.. 😒😒
DeleteIts been 7 years now, I have been paying 1500 monthly. The accured amount is 1,26,000.
ReplyDeleteThere are no details like sum assured only risk coverage is mentioned. Till 3 years for the policy to mature. Will we be getting back at least the amount that we have paid till date on maturity?
For me it is showing zero.. this worst policy.. I have done without knowledge. 8 years I am paying
DeleteMe too not showing the sum assured amount in policy details . how would be claim this if it reach maturity date?
DeleteDO NOT BUY THIS Policy as they told me that return will be around 8% ( even said on mail) but received what I had invested..
ReplyDeleteHI @Paresh.. Reading about all the comments, I am a bit worried now. My policy will complete 10years maturity period next month July-2023. Did you at least get back the money you invested? I am okay if I dont receive any interest.. I just hope I get back the 1.8L that I invested. Please revert on how to contact them once it is matured, because they don't ever reply to the emails!
Deletepeople generally do this mistake because they don't differentiate between the concept of insurance and returns. even LIC agents used to sell such products back then. currently insurance products have evolved and we have better products like term insurance policies. I realized my mistake and have subscribed to a term life insurance.
ReplyDelete