[Resolved] Birla Sun Life / Saral Jeevan — ULIP Mis Selling | |
Hi All, I bought a policy with Birla sunlife last December (Dec 2007). I have to admit that I am a layman when it comes to ULIPs. I was completely brainwashed by one of Birla sunlife's agent that Saral jeevan offers excellent returns (30%). I bought the policy on December 12th. Policy number is[protected]. Premium amount was Rs 50145 (Fifty thousand one hundred and forty five). I received the policy document promptly and was schocked to see that there were monthly charges of Rs 1551.39 on the policy. A net amount of 18616.68 Rs would be deducted towards charges in a year, which is nearly 40% of the premium that I have paid. When the agent came to my house to get my signature and cheque, he gave me a brochure which HAD ABSOLUTELY NO MENTION OF CHARGES. I felt cheated. I called him up and told him to cancel the policy. He told me that there are indeed charges in the policy. However, they are applicable only after the policy starts yielding returns..meaning the charges will be deducted from the profit and not from the premium amount. The premium amount of Rs 50145 will remain intact. After three months, I placed a call with Birla sunlife and I was startled to know that they have indeed deducted monthly charges on the policy. I got furious and asked them to cancel them the policy. They cooly replied that the surrender value of the policy is in negative.. meaning that I have to pay more money to cancel the policy. Ridiculous!! I contacted my agent and he said that he will do the necessary to cancel the policy and that I will get my Rs 50145 after 3 years. I contacted the helpline and they said that there is no way I can get the money. They said that I have signed the policy and had a 15 days grace period to get out the policy. When the agent came to my house to get the form filled up he gave me a template to fill up and took just my signatures on the application form. I now know why he gave me a template to fill up and not the actual application form. The application form has all the charges listed in it. He wanted to deliberately hide the information about the charges on the policy. This 50145 Rs is my hard earned money. I have worked round the clock to earn this money. I decided to fight against this misselling. I launched a complaint with Birla sunlife. They said that they will escalate it to the highest level possible. Finally I got a letter stating that my claim is not valid as I have signed the application form. I have gone through a lot of mental agony over the past 10 months. As you can recall, I had invested about 50145 Rs in December 2007. Currently the value of the fund ( as of today - 31st October) is Rs 10984. Can you believe this? I am not going to renew this policy. No person on earth would renew this policy. Birla Saral Jeevan is a clear case o[censored]LIP misselling. But I am a common man and can do little against a big corporate house like Birlas. I will however advice you all not to buy this policy. Better go in for LIC policies.. They are far better in terms of coverage and benefits. I would like to end by saying that the I feel cheated, deeply hurt and never expected this from a corporate house of Birla's calibre. I would like to know the IRDA's stand on ULIP's misselling. Such things can happen only in a country like India. Best Regards, Karthick Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 44 Comments | |
Comments
Birla Sun Life Insuranc Eco. Ltd — Pick up not done - 942 Token No.
Had booked a call on[protected], for pick-up on 6th june for some urgent delivery to Pune. Call was booked by Ms.Poonam and token no. given was 942. The pick-up person did not turn up, neither anybody gave call to inform the same. Otherwise we would have arranged for the pick up thorugh some other Reputed Known company...After calling the pick -up cell for complaint, Ms.Dipti informed that cannot provide any answer before 4 pm about the reason for non-pick up, also cannot arrange for the pick-up before 12:00 pm ?????
Surprised to see, such unprofessional attitude of BLUE DART oeprations...
Thanks a lot dude..
even the agent who came to said same thing..
I am planning to sign on it tommorrow..ur post helped me lot..now i wont sign on it..
even the agent who came to said same thing..
I am planning to sign on it tommorrow..ur post helped me lot..now i wont sign on it..
agrred
Hi,
I too have same problem with Sun birla..Please let me know how to overcome with this problem
I too have same problem with Sun birla..Please let me know how to overcome with this problem
thanks a lot, i was planning to start that policy by looking at the returns
but now no... a big NOOOOOOOOOOOOOOOOOOOOOOOOOOO to it
i am very sure now that birlas are the cheaters. they earn their profits by taking the money from the common man. but one thing sure it is the hard money of the public & i curse them for this they surely come down to a big zero ...
i know the case of food n fresh also which is birlas outlet. which alwys use to charge more money for the prdts but now it is getting closed in almost every area.
but now no... a big NOOOOOOOOOOOOOOOOOOOOOOOOOOO to it
i am very sure now that birlas are the cheaters. they earn their profits by taking the money from the common man. but one thing sure it is the hard money of the public & i curse them for this they surely come down to a big zero ...
i know the case of food n fresh also which is birlas outlet. which alwys use to charge more money for the prdts but now it is getting closed in almost every area.
Thanks bro for this post ... An agent came to me and tried to sell this policy ... he never mentioned anything abt the charges, and was keen on signing the policy on the same day, however the charges were mentioned in the brochure . so, i dicided to take some time, learn abt the policy and then take it . your comment really helped me . thanks for positng it . i consulted a friend of mine and he too suggested not to take this, now my money is saved . i know how it feels when u lose ur hard earned money, i hope u get back ur money
a guy from citibank explained my this and he also never talked abt charges and said there is "CAPITAL GAURANTEE" that is what ever i have invested is guaranteed to be returned. But now i understand its all bogus.. thanks for ur post .. its mentioned in their website about fund management charges
http://www.birlasunlife.com/birlasunlife/Insurance/BSLI_MP/BSLI_InsPlans/Individ...⇄
so even though fund is not doing good they will be charging for management which is same in mutual funds too... i think thats what is happened in your case.
i have asked that citibank guy to send a mail from birla sun life mail id about capital guarantee lets see if he comes back.
but anyways i have already decide not to buy this.
http://www.birlasunlife.com/birlasunlife/Insurance/BSLI_MP/BSLI_InsPlans/Individ...⇄
so even though fund is not doing good they will be charging for management which is same in mutual funds too... i think thats what is happened in your case.
i have asked that citibank guy to send a mail from birla sun life mail id about capital guarantee lets see if he comes back.
but anyways i have already decide not to buy this.
Birla Sun Life Insurance Co. Ltd / Birla Dream Plan — Free look policy cheque not received
Dear Sir,I opted for a Birla Dream Plan (Policy No.[protected]. To my surprise I found that my fund allocations are wrongly done. My yearly premium is Rs. 20007.57. As a result of this I opted for free look which was accepted by them on 24.02.2009, but till date I had not received the cheque. I had talked with the Branch Manager atleast 15 times and with the customer care for atleast 10 to 12 times.Their response is like they are here to make only new policies and are least bothered about the pending cases. I am in total dismay about what to do.
I shall be highly obliged if kindly do the needful. A little bit of co-operation from your part will be highly appreciated.
Thanking you
Partha Seal
mob:- [protected]
Address of the branch
23, Nachan Road,
Tapas Bhawan,
2nd Floor,
Bhiringi More,
Durgapur - 713113
West Bengal
Birla Sun Life Saral Plan — not received statement of receipt
I have shifted my house that i inform to MR.Hardik thakker([protected]) who has been transfeerd in baroda office but at present i have not received residential proof which is your required.i have possention letter. i am residingin new house303, aangi -1 appt.near naranpura rly.crossing, naranpura, ahmedabad14.
in this connection last 3 months i am asking statement and receipt but he is always given excuse me.
as per income tax rules i have to keep record updated and i want to know status also.
please do the needful at your end
thank you very much dude
tomorrow i am planning to take a policy
but now no no and completely no
tomorrow i am planning to take a policy
but now no no and completely no
I agree to you . I also facing the same problem. Birla sunlife is allocating 100% of money to units initially, they are selling units at every month in current market price stating premium for insurance, taking 1212rs every month. It incurs me more loss on selling units at lower market prices. I lost almost 75% of money invested in 1 year. I spoke to Birla sunlife customer care to cancel the policy, They said that i have signed in the agreement, so its not possible to sell before 3 years.
Birla Sun Life / Life Insurance — No return of extra amount taken at the time of insurance Even after continuous foul-up for almost one year.
Dear Sir,I had parched a life insurance police from birla sun life insurance in June 2008.
My Client Id is: [protected], policy no is :[protected].
I had submitted a check of amount Rs. 13000/-(face amount of policy )
My annual premium charge is Rs.12284/- So company had to refund my Balance Rs.716/-amount in the same month but Even after continuous foul-up for almost one year with his several representative at his toll free numbers[protected] and[protected] and almost 66 mail communication at his company mail id [protected]@birlasunlife.com. I have still not get the same till date.
When ever I had call them on tool free they says “ u’r refund will be at u’r doorstop by next 5 working days” but that day have still not come.
I am providing some of my communication details below with complain ID.
Date: 10/10/2008 Comp ID: 603148
Date:26/12/2008 Comp ID[protected] name of person sradha
Date[protected] Comp ID 27/02/2009 name of person nikita
Date 4/4/2009 Comp ID[protected] name of person hardic
Date 21/04/2009 Comp ID[protected] name of person nikita
Even today I have talk to nikita for the same and again she assured for noxt 5 working days.
If a company is not in position to resolve a complaint of as low as Rs. 716/-( extra amount paid to company for insurance) how can I believe that he can pay my assured money at the time of maturity of policy.
I have spent my lots of time to do the foul-up with this company and get a little bit of tension almost every month since july 08.
Please instruct the company to pay my outstanding money with interest of one year and whatever tension I have taken for this period.
Regards,
Randhir Chaudhary
Plot no 988, F-2, Ganpati enclave
Ranisati Nagar
Jaipur, Rajasthan
Ph:[protected].
Dear Sir,
This type of mis-selling used to go in the market. There is a ward known as Insurance Ombudsman. Basically we don't go through the policy Documents, if we do that after getting every policy, then this problem used to be solved. Even if now, you can lodge a complain against the company as well as against the Agent, this "Insurance Ombudsman" is basically consumer forum type of thing where your problem will be solved by the IRDA. And from now onwards before doing any Insurance Policy please go through the Proposal Forms and donot allow any agent to fill it up.
And do Insurance if you need it.
Thanks & regards,
Ayanangshu Bhattacharyya
This type of mis-selling used to go in the market. There is a ward known as Insurance Ombudsman. Basically we don't go through the policy Documents, if we do that after getting every policy, then this problem used to be solved. Even if now, you can lodge a complain against the company as well as against the Agent, this "Insurance Ombudsman" is basically consumer forum type of thing where your problem will be solved by the IRDA. And from now onwards before doing any Insurance Policy please go through the Proposal Forms and donot allow any agent to fill it up.
And do Insurance if you need it.
Thanks & regards,
Ayanangshu Bhattacharyya
Hi To All
Saral Jeevan is one of the best ULIP plan for long term investors. Its having 10 funds option.. we can switch depend upon the market at free of cost.. obviously charges will be high for 1st 3 yrs.. after than it ll be low as all common ulip products.. its not a mutual fund to yield with in a year.. Its a long term investment
Saral Jeevan is one of the best ULIP plan for long term investors. Its having 10 funds option.. we can switch depend upon the market at free of cost.. obviously charges will be high for 1st 3 yrs.. after than it ll be low as all common ulip products.. its not a mutual fund to yield with in a year.. Its a long term investment
such things happens TO STUPIDS LIKE YOU ONLY.ITS NOTHING TO DO WITH BIRLA. ITS YOUR GREED AND STUPIDITY WHICH IS THE REAL REASON YOU BOUGHT THIS POLICY FOR AND NOW YOU WANT TO BLAME OTHERS.BEST THING FOR YOU IS TO CATCH HOLD OF THAT BROKER OR AGENT.AND LEARN THER ARE NO SHORTCUTS...
I think this guy is paid by the rival companies to write such kind of blogs and articles.
I am having Birla saral jeevan policy and very happy with this. This has very less charges when i compared with other exixting policies in market and it is simple. Not so many rules, conditions for claims etc.
I am getting a very good return from my policy Saral jeevan which is 2 and half year old. I took in quarterly mode 15000/- .
I am having Birla saral jeevan policy and very happy with this. This has very less charges when i compared with other exixting policies in market and it is simple. Not so many rules, conditions for claims etc.
I am getting a very good return from my policy Saral jeevan which is 2 and half year old. I took in quarterly mode 15000/- .
Sir,
with due regards I would like to say you that I am not satisfying with the policy terms and condition.there are some mistakes had been done in my policy.i had complaint so many times but no prpper response had been given by your company.
i want to know that how would can i see my policy requirements on to internet.
thanking you
with due regards I would like to say you that I am not satisfying with the policy terms and condition.there are some mistakes had been done in my policy.i had complaint so many times but no prpper response had been given by your company.
i want to know that how would can i see my policy requirements on to internet.
thanking you
I took the same plan. The premium amount is 30, 000/-.
Monthly charges are 1, 000/- (administrative charges plus service charges).
It's been 1 and half years, till now I have paid 47, 600/-. now the current fund value is 33, 000/-. ( the time period is between apr 2008 to oct 2009)
Indeed I read the brochure before signing.
the brochure says "Policy administration charges for first 3 years is monthly 25/- per 10, 000/- of sum asssured. thereafter 2.5/-"
I misunderstood the statement, The agent told me for 30, 000/- it'll be only 75/-,
I agree this is my foolishness, the total sum assured is 3, 30, 000/- so it's coming around 825/ and plus all other extra nonsense it's coming 1000/- per month. monthly investment is 2500/- but the charges are 1000/-
They are not charging for the money you put guys, they are charging for the sum assured they promised.
for first three years they are getting around 12, 000/- per annum.
It's most infuriating robbery. these don't deserve this much charges. they're allocating funds like any other mutual fund, they haven't put the best to manage our money. I can use all curse words I've ever known to scold them. that wont solve the problem. It's obviously a cheat.
https://www.consumercomplaints.in/complaints/birla-sun-life-saral-jeevan-c99316....⇄
As of today my fund value is 33, 000/- so I've lost 14, 000/- till now. it's been one and half year and if I withdraw now I'll definitely lose. So I decided to wait, I've distributed my investments to various plans ( maximiser, multiplier etc., ). and I am closely watching the fund value.
Whatever you say, they are looting money from us for the first 3 years. I will be sticking around till I get back the money close to my investment.
I'll never allow them to get profit from my money after that. I'll pull out and go for other investment.
don't think after 3 years we'll be getting lot of profit, there are other mutual funds which are charging the same like what these are charging after 3 years. Trust is important to run any business.
mutual fund is making profit from our money and the guys who invests on behalf o[censored]s will take some of the profit. but these guys are too greedy.
So what I'm doing now is I'm telling everyone about this and stopping them to invest on birla.
So guys spread the news and make noise, post about these guys on the forums.
we can't encourage the cheating.
I invested on Metlife also at the same period and I paid 38, 000/- and the current fund value is 41, 000/- in one and half years. Considering the recession period this is very good.
The market performed same, and they are buying almost the same shares and making almost same profit( I have gone through the distribution chart), but birla guys are greedy pocketing the profit plus our money to their pockets.
In future I'll never go near to any of the birla products.
Monthly charges are 1, 000/- (administrative charges plus service charges).
It's been 1 and half years, till now I have paid 47, 600/-. now the current fund value is 33, 000/-. ( the time period is between apr 2008 to oct 2009)
Indeed I read the brochure before signing.
the brochure says "Policy administration charges for first 3 years is monthly 25/- per 10, 000/- of sum asssured. thereafter 2.5/-"
I misunderstood the statement, The agent told me for 30, 000/- it'll be only 75/-,
I agree this is my foolishness, the total sum assured is 3, 30, 000/- so it's coming around 825/ and plus all other extra nonsense it's coming 1000/- per month. monthly investment is 2500/- but the charges are 1000/-
They are not charging for the money you put guys, they are charging for the sum assured they promised.
for first three years they are getting around 12, 000/- per annum.
It's most infuriating robbery. these don't deserve this much charges. they're allocating funds like any other mutual fund, they haven't put the best to manage our money. I can use all curse words I've ever known to scold them. that wont solve the problem. It's obviously a cheat.
https://www.consumercomplaints.in/complaints/birla-sun-life-saral-jeevan-c99316....⇄
As of today my fund value is 33, 000/- so I've lost 14, 000/- till now. it's been one and half year and if I withdraw now I'll definitely lose. So I decided to wait, I've distributed my investments to various plans ( maximiser, multiplier etc., ). and I am closely watching the fund value.
Whatever you say, they are looting money from us for the first 3 years. I will be sticking around till I get back the money close to my investment.
I'll never allow them to get profit from my money after that. I'll pull out and go for other investment.
don't think after 3 years we'll be getting lot of profit, there are other mutual funds which are charging the same like what these are charging after 3 years. Trust is important to run any business.
mutual fund is making profit from our money and the guys who invests on behalf o[censored]s will take some of the profit. but these guys are too greedy.
So what I'm doing now is I'm telling everyone about this and stopping them to invest on birla.
So guys spread the news and make noise, post about these guys on the forums.
we can't encourage the cheating.
I invested on Metlife also at the same period and I paid 38, 000/- and the current fund value is 41, 000/- in one and half years. Considering the recession period this is very good.
The market performed same, and they are buying almost the same shares and making almost same profit( I have gone through the distribution chart), but birla guys are greedy pocketing the profit plus our money to their pockets.
In future I'll never go near to any of the birla products.
I agree with this complaint. The investment sales guy completely fooled me :( . I told him I wanted to have an investment which will yield a return comparable/better than FD but would give have liquidity so that I can withdraw money after 2 to 3 years as I need it for higher studies :( . But now due to the term life insurance costs (which will not be paid back even at the end of the 20 year term period), the current fund value is much less than what I have paid so far.
This is a very high cost of life insurance for the money assured in case of death. I didn't need life insurance in the first place and I already had a LIC insurace :( . Should have just gone with LIC..
got fooled by Citibank+Birla Sunlife sob s!
This is a very high cost of life insurance for the money assured in case of death. I didn't need life insurance in the first place and I already had a LIC insurace :( . Should have just gone with LIC..
got fooled by Citibank+Birla Sunlife sob s!
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ULIP Of Future Plus — Short payment of surrender va
I surrenderd 1489.030 units o[censored]LIP No.[protected] of Future Plus but received surrender value of 1424.003 units only.Plz rectify.