Oct 09, 2012 03:35 AM
14044 Views
(Updated Oct 09, 2012 03:38 AM)
I invested in TATA AIG/AIA ULIP starting from Oct 2009. I was informed by the idiotic agent that I will be locked in for 3 years post which I can withdraw. Amount was 5000 every quarter. I chose the option of Large Cap/Mid Cap Equity at 50:50 ratio so that the NAV will track markets as they were on an upswing.
I invested for 3 years in total 60000. And today the fund value stands at 24000. I was never informed of the 20000 from first year will go towards some charge. Then after that for every transaction they charge humungous amounts citing various reasons. The equity markets have almost doubled since the 2009 range when I invested, and yet the fund has underperformed big time. It is almost unbelievable to see the fund manager buying units when the markets are at the peak and selling when they are at the bottom. God knows which idiotic fund manager does that, even a donkey could perform better in markets.
I have serious reservations that the fund managers are working in collusion with some market players and using our hard earned money to pump in other investments and gain the charge. Nothing else can explain the untoward means of fund allocation.
I wish the fund manager's balls get crushed and he dies a slow and painful death.
