Feb 07, 2009 04:34 PM
8367 Views
(Updated Feb 18, 2009 01:12 PM)
Worst Investment I have ever did. I am also a CitiBank customer, and invested in Dream plan through my Citi Bank Credit Card.
I am Investing 25K per year from 2007 for 20 year's term. "The Guarantee" which you are talking about, my Bank's Agent told me that it will be 6 Lakh. After Investing Customer care from BSLI(Birla Sun Life Insurance) told me that it will be given to me in installments.
It means, after completing 20 year, in 21st year I will receive approx 2 lakh, in 22nd year I will receive 2 lakh and in 23rd year I will receive 2 lakh(approxe). Total will be a GUARANTEED return of 6 lakh(approx) after 20 year. U can see after investing 25K in a year(25*20=5Lakh), what amount I m getting after 20 year!!! Worst Investment.
Also, my premium mode was "Yearly". At the time of investment, Citi Bank told me that they will invest my 25K from my Citi Bank credit card. and I have to pay the same amount in 12 insttalments having 0% fee. in 1st year(in 2007) it was working fine. after from next year, they changed my Premium mode automatically to "Monthly".
It means, now I am giving 2.1K to citibank credit card, and they are giving the same amount to BSLI.(making advantage from my investment). The main problem I am facing is, I have to show tax certificate of 25K in my company, but as I have paid only 5 months premium to (Citibank->BSLI), BSLI are giving me tax certificate of 10.5K only. And for this I am not able to show investment of 25K and giving Extra tax to Govt, and I need to file return(wait for my money to come into my pocket again).
I talk with citibank officer, the told me that it is a rule to change Premium mode after 1 year(with out any information) and was not supporting at all. I have closed my Citibank credit card now(why I will give him business if they are not giving me facility), and paying Cash to BSLI.
One more thing I want to add, at the time of signing procedure, they took sign in Birla sunlife documents, I have a copy of the same docs. On that document it is no where written that after 1 year my payment mode will be change from Yearly to Monthly.
After signing in documents, I recieve docs from BSLI(Policy document), & it is not mentioned over there also. That’s why this all problem arises. I have problem with Citi Bank.
As this is a ULIP Plan, I am not able to stop the same. But I will surely with draw my money after 4-5 year with "No Profit-No Loss".You can invest in BSLI(Dream Plan), but don't ever go with Citibank. Worst Plan(as per low guaranteed amount), with worst service.
