Jun 24, 2011 11:16 AM
6671 Views
Like everyone else here, I too had a very bad experience with Biral Sun life. I took an investment plan investing 1.5 lacs per year for 3 years. The policy mandated guranteed returns(as per the policy document) and withdrawal procedure after three years. After 3 years when I tried to liquidate the policy I was told I will loose approx 1 lacs and the difference will be paid to me. This was after when the policy document clearly stated that my investment is guaranteed to not fall below its invested value and I will guaranteed get at least the amount invested.
However, the customer service and local office would not honour the policy contract and kept making excuses. After a long battle with them and threatning them with dire consequences and threat of complaints to RBI ombudsman, I received cheques for 4.5 lacs invested in policy. It is sad that even if I had invested into a fixed deposit I would have ended up with assured returns while these investment instruments seemingly fail to deliver any profit but instead devalue your investment.
After much research I have come to conclusion that all ULIP schemes are a fraud and will almost never give you a good return. If you want good returns invest in a carefully chosen MF or shares etc. If nothing else, do a FD considering the high rates of interest, you're going to get a good return. Don;t be taken by false claims of insurance companies. Did you know that ULIP plans are only offered in India and no where else in the world insurance companies offer such nonsense schemes!
