Apr 08, 2011 11:29 AM
4523 Views
(Updated Apr 08, 2011 11:28 AM)
I had purchased a "Met-smart" plan in april 2006. With the advice of RAMESH MANOOR from Metlife.
Initially I had agreed for a policy of 2 lac coverage. At the last minute, he had changed it to Rs 4lac with lot of forceful convincing by luring me with lot of benefits, coverage etc. Ramesh was introduced to me by one of my friend, who was a metlife Agent.
After receiving the policy, I was shocked to know all types of charges, which were never explained to me before I purchased the fund. I am attaching some of the charges as below.
Premium Allocation Charges, Policy Administration Charge, Face Amount Related Charges, Mortality Charge, Unit Adjustment, Service Tax, Additional Cess, Educational Cess, Auto Unit Journal. After all this, the "Closing Balance" Balance was pea-nuts.
When I asked about this, to Ramesh, he said, "it will be there for the first time, but from next premium onwards, the money would grow like anything".
After the second premium payment, the story was same again. Then he said, "Nothing to worry, after the first three years, e money would double"
After that he stopped taking my calls, stopped replying to my mails. There not much to tell about the courtesy of customtakeouter care executives. The online login and account management does not work, as you need to change the password very often and it should include a complex combination of letters, numbers and special characters. You should not re-use the password which was used for last six month / 12 times, whichever is later. So I stopped using the online facility.
If you want to switch the funds, there, you would have to pay again.
All in all, it is not a Mutual Fund, Nor an Insurance policy, but only a money drainer.
After 5 years now, the fund value is less than what I have paid to them. If I want to withdraw/ close the fund value anytime, before 10 years, I have to fore-go a huge percentage of the final NAV.
Never ever plan to but a ULIP [Unit Linked Policy] product. Go for Pure Insurance, or Pure Mutual Fund.
These ULIP people are showing the benefits of Mutual Fund, and Insurance, but they have all the conditions beneath the blanket to siphon-off your money.
Thanks to IRDA for the recent rules and some courtesy towards the poor citizens.
Thanks,
dayaking@gmail.com
