Sep 24, 2010 06:19 PM
3916 Views
I was sold one life time plus policy by an ICICI agent, when I received the policy document it was totally different from what I was told. I could return back the policy as I was at the last date of the financial year 31st March so I continued...
I wanted to discontinue the Policy but when I enquired they said I will be getting 25% for the value....shocking...
Yearly premium for the policy was Rs 100000.
With the first premium they had deducted 25K as premium allocation charge so the balance is 75K only and discontinuing the policy at stage means I will get 25% of the 75K that is some 18K...
It means my 1 Lak becomes 18K...amazing...
Now I though I will pay two more premiums as I will be getting 92% of the value if I discontinue the policy after three years....So I paid 1 Lak more in the second year.. They deducted again 25K from thata premium...Now my 2 Lak becomes 1.5 Lak....amazing is not it?
Again now I paid the third premium as I never wanted to loose any money...I paid 3 rd installment and this time they deducted 4K....
However after all these drama today my fund value is 3 LAK but I cant even withraw as I will get only 92% i, e 2.82 LAK only...
Guys moral of the story is after the three years my 3LAK became 2.82 LAK.....also I lost the basic simple interest if I had the same in my bank acocunt or FD or somewhere else...
I will need to wait for another 1 or 2 years to get my money...hope Market will not down sharply during this period....
If you want to know more you contact me at 08904783175...
STAY AWAY FROM ICICI GROUP....
Regards
Harish
