Jul 10, 2012 01:28 PM
9246 Views
I took the Birla Sun Life dream plan (Enhancer) after recommendation from my financial advisor. The annual premium is 30k. I explained to my advisor that I already have adequate insurance and I want a plan To save money for my son's future. I also told him all my doubts about ULIP plans but he assured me that the Dream plan from Birla Sun Life will meet my expectations and help me achieving the target. I believed him and that was my mistake. I took the plan in Oct 2009.
Initially they provided me internet access very late. And after that I tried multiple times to get my premiums paid through ECS but they had some or other issues. Because of this I couldn't pay couple of my premiums on time and they deducted charges for it. The enhancer plan only allows you to have maximum 35% exposure to equity . This I came to know very late even my advisor had no idea about it.
When I checked my account statements recently on net I found that they are deducting 800 Rs /month for various charges and my fund value is 60k (whereas in Oct 2012 my investment amount itself would be 90k). It's a shocking loss of 30k. I could see that in the name of charges itself they are deducting 9600 Rs annually. So in all I've earned nothing so far.
I know that ULIPs are front loaded schemes; it means that they will be charging you for first 3 years - 5 years and then start giving returns. However, after reading so many negative feedback from numerous investors and looking at my ROI I don't want to continue with this plan.
I strongly discourage people to opt for this plan. If you don't want to lose your hard earned money don't go for this plan.
