Jul 25, 2007 12:05 PM
4508 Views
(Updated Jul 25, 2007 12:07 PM)
As informed by many members, I also got in to BSLI Flexi Life Plan as suggested by Citibank Wealth Relationship Manager. He has explained about the policy features, but did not inform about the quantum of admin charges. I did come to know about this only at the time of receiving the policy documents, since I have not checked up the BSLI brochures earlier.
After receiving the policy documents, then I did the home work(which should have been done prior to making the investment), and found out that upfront charges are proportionately higher in case longer premium paying plans, and most part of the first year premium towards policy issuance and admin charges, agency commission, etc., and is more or less the same with all insurance companies.
More importantly, these charges have been given in the BSLI Product Brochure. Further, BSLI has offered the 15-day Free Look Period. Had I gone through the brochures(without simply relying on the oral communication of the Citibank Agent), I could have taken an informed decision. There is no point in blaming the organisation(BSLI), when many of the complainants have not checked the product brochures before making the investment.
After review of all the documents, I have gone ahead and taken BSLI TERM LIFE Insurance Plan, which is a pure risk coverage plan with low premium.
Hence, my suggestion to all the members is that check the product brochres before you invest on any insurance plan(it is worth the time spent for the same). Dont rely on any oral assurances by any person, whatever be the organisation they are representing.
Dont mix up Savings with Insurance. Insurance is mainly for protecting the financial needs of your kith and kin, in case of your sudden demise.For Savings, you have better investments such as Mutual Funds, Bonds, Stocks, etc.,
Where ever possible, try to use the top-up options provided from the 2nd year onwards, to increase your insurance fund value(the advantage here is that, the huge policy charges is applicable only for the first year, and hence substantial portion of your top-up money will go in to your fund value.
