May 04, 2008 05:16 PM
4392 Views
I had started subcribing to Aviva SaveGuard insurance policy from 2005 onwards and paid the premium diligently, about Rs 1 lakh an year. I had paid the three years policy(minimum requirement) and recently I called them to check the current value of my investment before I made the 4th payment. How fortunate I was.
To my absolute horror and shock the nearly 3 lakh rupees I invested is now reduced to 2.7 lakhs after 3 years! (This is in a period of boom time in the stock market in India when any mutual fund you invest would have returned about 30% yearly). But wait a minute, read the whole story. The net value shown of my investment currently is Rs 3.5 lakhs BUT the thugs at Aviva are taking a whopping cut of about Rs 80, 000 as service charge and I am left with only 2.7 lakhs - a loss! What thugs they are! In the best period of Indian stock market growth they made a poor peformance.
Needless to say I will be quickly redeeming my AVIVA policy and wont touch cheaters like Aviva with a barge pole. MY friends who took LIC policies made a good profit in this same period.
We in India must be aware of these multinational companies with nice air-conditioned offices and sweet talking representatives, claiming to be global experts. In India they can exploit, cheat, the customers and get away with it. They cant do the same in the West. This is why they are coming here in droves to set up their financial institutions.
