Oct 17, 2008 07:12 PM
4175 Views
I am not here to say something good/bad about MAX or its service. I have a ULIP with MAX - Life Maker Premium. This was my first investment cum insurance and I bought this policy without much knowledge about investment or insurance. I would like to list out my opinion about MAX and my policy.
1) The agent explained me only about ULIPs and nothing else. Later I came to know about other schemes. I can say that the agent misled me, but I should have been careful.
2) Clubbing investment and insurance is a big mistake. ULIPs involve high premiums, but less sum assured. A lot of your money goes into premium allocation charge, fund management charge and policy administration charge. Out of INR 20, 000/- that I paid as premium only INR 14, 790/- was used to buy units(investment).
3) The most important point is you cannot pay your premium whenever u want. I mean u cannot invest ur money(premium) when the share or unit value is down. My premium payment mode is annual, so I have to pay it in the month of march. I dont know how the market would be at that time. If MAX is using my money to buy shares/units then why dont they let me decide when to buy it?
