Nov 30, 2013 11:03 PM
16157 Views
I took a BALIC policy in 2008 through a Bajaj Allianz agent who stalled in my office(MNC). He explained me that the policy will give me assured gain in 5 years term. I have to pay a premium of 25K for first 3 years(75K in total) and I get an assured gain of 1.25 Lacs at the end of 5th year. He also mentioned that the premium I paid will be invested in share market(sector as per my interest).
I paid 25K for first 3 years, In 3rd year I confirmed with BALIC associates that this will be my last premium amount and I will get the assured sum of 1.25 Lacs at the end of 5th year. After one year, I was in need of money and so decided to surrender my policy. When approached the BALIC office, they said that the current market value of my fund is only 50K and I will get only that amount if I surrender now and also they said that there is nothing like assured amount, even after 5 years I may only get 50K or even less depending upon the market value/situation.
My first premium was not taken into consideration, my 2nd and 3rd premium was allocated to the fund and it was used in share market and that is the amount that I can get at any point. That 1.25 lacs is the insurance amount that I(my nominee) will get only if am dead. It was so frustrating to know that I get only 50K after investing 75K and waiting for 4 years. Even if would have kept that 75K in my savings account I could have got some interest.
The BALIC agents/Associates are giving completely fake information about the policies and betraying the people like anything. Never take any policies from BALIC.
