[Resolved] Aviva Life Insurance Company — BIG CHEATER | |
As I mentioned in my earlier comments also, AVIVA IS A BIG CHEAT n FRAUD COMPANY.I have analysed the unit statment recieved from them. I have taken Aviva life long policy from Jan 2006 with 10k regular premium.I come to know charges AVIVA deducting from my account are : 5 % per annum of Inital Unit value(Units purcharsed from my first two premiums * NAV) 1 % per annum of total fund value (Total units * NAV) Rs 64 per month infalated with 5 % pa as Policy administration charges Mortality & Accidental rider charges After paying three premium I come to know that If I surrender policy now.I will get only Rs 8542 on basis of following calculation. % of surrender charge is 73.21% ( derived from the formula 1-1/(1.05)^n, n = 27 ). which is applicable on first 2 years of initial units. Value of Initial units as on date = Rs.17, 094/-. Hence surrender charge = 17, 094 X 73.21% = Rs. 12, 514.50/- Therefore surrender value would be [ (17, 094 - 12, 514) + 3, 962( value of accumulation units ) ] = Rs. 8, 542/- as on 09.02.2009 which would vary basis the daily fluctuation in NAV. Here Inital units are the units purchashed from first two premium & Accumulation units are the units purchashed from 3rd premium onwards. The big calculation CHEAT aviva do is that it deduct all above mentioned charges by selling accumulated units(not intial units) so that it can charge 5 % per annum on inital units & in case person decides to surrender policy Aviva can deduct maximum charges based on intial unit value. My suggestion would be to surrender this policy as early as possible because surrender charges will be applicable only on intial unit values.In any case, policy holder will not be getting any value out of inital units as Aviva will be charging 5 % per annum on it & practiacally after 20 years would have paid up entire amount as managment charge & would be continue paying intial managment charges from accumulated units. I think all Aviva Life long Policy holder should file a case against AVIVA for cheat calculation to gallop hard earned money of innocent people. Anyone want to look in to unit statment that I got from AVIVA can mail me on [protected]@gmail.com. Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 76 Comments | |
Comments
No value of your time — Daily life Problem
People may be facing different kind of problems in their daily life.But discussing those matter here in this website does not make any sense,only wastage of time.So i request all the members and viewers to ignores the complaints and comments posted by us. Yes i agree AVIVA is Big Cheater. I m insurance agent of AVIVA and sell above 30 policy in my relative most of Life long. And after three of four year they are going to surrender the policy they will be back more than 60% deduction.
E.g. My brother in law pay Rs.10000/- p.a for 4 year = total Rs.40000/- after four year we are apply for sureender and we get only 18000/- something amout. so my advice to every one far away from AVIVA. - and honestly say, some of my client i am paid the amount from my own way apart of surrender charges
AVIVA AGENT: - Vidhyadhar Kadam
CODE: Y0512590
E.g. My brother in law pay Rs.10000/- p.a for 4 year = total Rs.40000/- after four year we are apply for sureender and we get only 18000/- something amout. so my advice to every one far away from AVIVA. - and honestly say, some of my client i am paid the amount from my own way apart of surrender charges
AVIVA AGENT: - Vidhyadhar Kadam
CODE: Y0512590
Yes i m facing the same problem i ve started a policy of 2100 per month from 28 Aug 2007 my hard earned money of 25, 200. I went in aviva office and talked with person but they said i can't withdraw my policy before 3 years. Today i talked to customer care and they told me if i am going to withdraw policy then i will get 50% money. means 50% is surrender charges. awesome man..i think so we have to open company like this and make good money. Now I want MY money back, if yes what amount will i get on surrender.
Yes, I am also going same boat.
Avia is a cheater insurance company, please let me know hoe to recover the money.
Thanks,
Avia is a cheater insurance company, please let me know hoe to recover the money.
Thanks,
Hai my friends. pls pls dot take any policy in aviva. they are big cheaters. becouse they lost my three years hard work. when i join this policy. that time the agent told me . you should pay three years continue. after three years you can withdraw your initial amount plus your intrest. i paid 50000 per year. total three year. i joned on 2006 . that time i was in uae. right now i loss my job. i came back to india. one week before i went aviva office. i check my policy. their result very shock. they saying you can withdraw 120000. i paid 150000. that means. 30000 lost.. from my initial amount...i think the agents fooling me. that was a lady.they can do other kind of job if they need money.
Don't take any Unit linked policies.Its better to invest in mutual fund and term insurance.People in india don't understand the value and logic of life insurance thats why these companies are running in india.Always buy term insurance where one can buy more insurance in less premium.Never invest in LIc's traditional plan as well as they are giving simple interest of 4 to 5% ( 40 to 50 rs. bonus)not even compounding so its better to buy term plan for your family security and invest rest of the money in mutual funds or in bank or post where you can get at least 8 to 9 % compounding interest.
Return o[censored]nit link policies from LIC is also not good.Their policies are transparent but government is insisting them to invest in some companies so they are not able to give any return.Lic has collected 10000 crores in Money plus policy which came in 2006.Its NAV is 10.65 rs. today.After that sensex goes to 21000 in 2008 after that dropped to 7700 and again goes to 20000 and currently at 16000 but NAv rose only 6.5 % in 6 year.Some private companies are giving good return but their charges are higher so ultimately you are not going to get even your invested money after 5 years. so stay away from these unit link insurance policies.
The big fraud Aviva Life Insurance, i have paid 2.25L (from 2008 until 2012 june). annually 50k, when i asked them in 2009 they promised me after 3 years i can withdraw my premium but without unit value . I accepted it and in 2011(after 3 years) i asked them for surrender of my premium as they said, but i received reply from the same person (whom i spoke in 2009) that they will charge initial amount 25k(half year).That is from my 1.5L i will get only 1.25L, and he said if paid for 5years then i can take the whole amount with unit value that is 2.5+unit value. I paid until 2012 june and rasied a question in dec to the same person in aviva. whether if i surrender my policy i will get that amount as you said. he replied me that 50k would be detucted from my intial premium amount and i will get 1.75L. I was shocked and asked him why you are changing your words. He said we never changed any words we are stable. Theives are always stable in steeling. we complaint about this to the head office complaint section. In the begining they said nothing like that no amount will be deducted from your aviva policy, but they made a calculation and said the same -50k value will be paid. This is like we are informing about a theif to another inteligent thief.
They also tolled me to wait until the market unit raise then take the amount. I was waiting for the market unit to raise. But now I received a mail and message that my policy is lapsed and all benefits has been ceased. My total earning 2.25L??????????????????
They also tolled me to wait until the market unit raise then take the amount. I was waiting for the market unit to raise. But now I received a mail and message that my policy is lapsed and all benefits has been ceased. My total earning 2.25L??????????????????
Hi All - I read almost all comments - I am also a AVIVA policy (Freedom Life) owner from last 5 years now - Its a ULIP policy. When I bought this policy, I had a 15 days cancellation option. I started studding my policy document deeply. I bought a policy with huge premium more than 1lac. I was very much worried when I saw the calculations on online account. But with the brand name, I decided to pay the premium for 3 years - as mentioned in most of the review I did find the surrender value was far far less than the premium I paid. I revisited my policy document, and re understood it from adviser as well- then I realized that due to initial policy management changes fund value is at lower side than invested value. The adviser advice me death benefits, one of the reason of low fund value and charges. To be on secured side I though may be I will put all my funds in secured/bond funds till 5 years looking at the constant growth in graphs and NAV values listed on Aviva web site. It was a long time - I have been paying huge amount for 5 years - long time to see investment is high but returns are low (very bad phase) - but from 5th year onward there are no fund management charges - all my premium amount was invested and displayed in online account - my surrender value is not stable but very low ups and downs as compare with earlier years. I stared reading/recording it in excel from last few months. Now my surrender value has become bit more than what I paid. I think we should read the policy document carefully before we buy it and we should bare with initial year fall back to get the long term benefits. I bought this policy for 20 years - may be I will run it for another year or so with secured/bond funds to see growth or fall then will decide for long term. Comparing with other Insurance companies, Aviva is charging more but its very transparent. But the with long term benifit, all my fund management changes were recovered at the end of 5th year. I still keep my fingure cross, and go ahead with this policy.
Yes its a cheat company.
I have payed 7 installments and still the value is much less than the paid amount.
It is may carelessness that I never tracked.
Moreover when ever I went to aviva office to pay premium they would ask to switch and get a better aviva product else you would loose money
I do not know what to do
please help
regards
tanwer
I have payed 7 installments and still the value is much less than the paid amount.
It is may carelessness that I never tracked.
Moreover when ever I went to aviva office to pay premium they would ask to switch and get a better aviva product else you would loose money
I do not know what to do
please help
regards
tanwer
Ever investors are saying very right. I am also the looser because I invested my hard earned money in aviva @ 15750 per month.
I started life long policy in 2006 and continued paid the premium till 2016.
Can any body help me to back the whole amount which was paid by me.
please help in this regard.
I started life long policy in 2006 and continued paid the premium till 2016.
Can any body help me to back the whole amount which was paid by me.
please help in this regard.
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+91 12 4270 9046
Aviva Tower, Sector Road, DLF Phase V, Sector 43, Gurgaon, Haryana, India - 122003
This company is a cheat . never ever do investment here atleast your hard cash.