Sep 07, 2007 11:54 PM
43081 Views
I am happy that I have found a platform where I can share my MNYL experience with others. It really robs you off your money. I think ‘Max’ stands for ‘Maximum’ fraud they do with innocent people. I purchased their policy 1year ago thro’ one of their agents.
I received account statement at the end of one year. I had the shock of my life when I saw that actual value of my units stands near 11000 out of 30000 I invested. Although NAV has increased satisfactorily over this period, but they have made huge deductions on the pretax of ‘Administrative charges’. These charges have been deducted every month to the tune of 5.32%. Their premium allocation charges are the heaviest- 25%(1st yr) 20%(2nd yr) and 5% thereafter. The investment carries market-risks, but only for investor. The company keeps s*cking your money every month at a predetermined rate.
Also MNYL is the only company which never sends you reminders for annual premium due date.
Common people who know very less about these ULIP-policies are their easy targets. The agents usually tell us that you have to deposit 20 or 30000 per annum for three years & your life insurance will run for full 20years even if you do not invest thereafter. When we receive policy statement, we usually do not read the things written in that fine print. They conceal the whole deductions in that technical jargon. After burning my fingers, I have learnt few things:
If you want good returns of your money, do not ever invest in MNYL or any other ULIP. Rather invest it in MFs etc. You may purchase separate life insurance from LIC, United Ind. Assur. etc with much less premium for same amount of sum-assured.
Always ask for monthly/annual charges, prem. allocation charges, mortality charges etc from the agent.
Always read the illustration part enclosed with the policy.
You have 15-30 days escape period after receiving policy. If somebody has stated afresh, my sincere advice is to return it immediately before it makes a big cut in your pocket.
sobergal
