Mar 21, 2014 01:34 PM
37193 Views
Dear Friends,
First of all, I am not reviewing the whole Max Life Insurance as a company as I am not sure what plans/offers they are giving for other policies,
I am particularly writing about the policy, the Unit Link Insurance Plan I have opted from them.
Way back in 2006 when I was early in my career I was looking for an investment plan and some one suggested ULIP is better than a traditional insurance plan, so I opted for an ULIP for tax saving purpose.
I took a plan Max New York Life maker ULIP which is tied up with market, and started investing monthly. I agree that this is a monthly plan linked to market and will not give return from day 1. Till date I have invested Rs.1, 40, 000/- and my fund value is just Rs.1, 43, 000 after 7 years.
1) Why does MLI company charge more than other insurance companies?
2) Have you ever experienced their UI? Even in the age of modern development and GUI tools, they are still way behind using Java Applets. I am not criticizing their technical abilities, all I want to say is that it is not user friendly. Every time you want to check the fund value it shows data not available.
3) No executive has contacted me to discuss the fund or to advice what can be done.
This ULIP and company has hefty administrative charges/usage charges, so please beware before opting for any ULIP and especially this scheme from Max Life Insurance.
