[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
Thanks mate, the agents & the call centre executive all tell only lies, I was planning to buy the policy just asked him the website to reconfirm what he claimed & it gave me the shock of my life. Really if you calculate deeply you are bound to loose coz deduction is from ur ULIP units drop in market in any month will leave u a pauper, this is the worst ULIP.
Thanks man. :)
Thanks man. :)
HI All
After reading all the above comments no one will invest in ulip that is for sure but it is not like that ulip's are such bad investment option i[censored] invest regularly for 10 years and withdraw after same period of time in that scenerio you can easily earn a return of 18 % to 20 % with vairous fund options.
In ulip there are charges for intial three years and after three years you only have to pay nominal charges around 3.7 % pa for insurance coverage and fund management then again even if you take out 3.7 % charges still you are earning 15 % approx returns over a term of 10 years if you compare these returns with fixed deposits post office where returns are still in the range of 7.5% to 8 % that to taxable so in actual you are getting a return of 5% which is nothing and you are not taking inflation in account which is around 10 % if we take inflation in account your investments with 5 % returns (after tax) are in negative by 5 % so if we think our money is save in fd's and saving bank account we are making fool of ourself's whereas in ulip there might be possibilty of high returns and insurance companies are providing capital gauratee in ulips if you invest for 10 or above .
Guys m not from any finance background m working with a It company
as a software engineer all the above knowledge is given by my investment manager Rahul Sharma from jumpstart insurance consultant he is the guy who is looking after my investments and now the main part
i invested approx 1.53 lacs through jumpstart in birla sunlife in three polcies and followings are the fund values of my birla sunlife policies :
1 SARAL JEEVAN POLICY ISSUE DATE 13 MARCH 2009 PREMIUM 50145 FUND VALUE ON 15 DEC 2009 IS 107348.59 AND I YET HAVE TO PAY MY SECOND PREMIUM
2 F-58 ISSUE DATE 23 DEC 2008 PREMUIM 51000 FUND VALUE ON 15 DEC 2009 IS 75520.72
3 DREAM PLAN ISSUE DATE 21 DEC 2008 PREMIUM 50000 FUND VALUE ON 15 DEC 2009 IS 62430
ALL THE FUND VALUES ARE AFTER DEDUCTION OF ALL THE CHARGES .
So according to me ulip are not such bad investment options all you guys need a good investment manager or wealth management company like jumpstart consultants pvt ltd
you can contact jumpstart @ [protected] they might help you in solving your problems
All the Best
Regards
Gauurav
After reading all the above comments no one will invest in ulip that is for sure but it is not like that ulip's are such bad investment option i[censored] invest regularly for 10 years and withdraw after same period of time in that scenerio you can easily earn a return of 18 % to 20 % with vairous fund options.
In ulip there are charges for intial three years and after three years you only have to pay nominal charges around 3.7 % pa for insurance coverage and fund management then again even if you take out 3.7 % charges still you are earning 15 % approx returns over a term of 10 years if you compare these returns with fixed deposits post office where returns are still in the range of 7.5% to 8 % that to taxable so in actual you are getting a return of 5% which is nothing and you are not taking inflation in account which is around 10 % if we take inflation in account your investments with 5 % returns (after tax) are in negative by 5 % so if we think our money is save in fd's and saving bank account we are making fool of ourself's whereas in ulip there might be possibilty of high returns and insurance companies are providing capital gauratee in ulips if you invest for 10 or above .
Guys m not from any finance background m working with a It company
as a software engineer all the above knowledge is given by my investment manager Rahul Sharma from jumpstart insurance consultant he is the guy who is looking after my investments and now the main part
i invested approx 1.53 lacs through jumpstart in birla sunlife in three polcies and followings are the fund values of my birla sunlife policies :
1 SARAL JEEVAN POLICY ISSUE DATE 13 MARCH 2009 PREMIUM 50145 FUND VALUE ON 15 DEC 2009 IS 107348.59 AND I YET HAVE TO PAY MY SECOND PREMIUM
2 F-58 ISSUE DATE 23 DEC 2008 PREMUIM 51000 FUND VALUE ON 15 DEC 2009 IS 75520.72
3 DREAM PLAN ISSUE DATE 21 DEC 2008 PREMIUM 50000 FUND VALUE ON 15 DEC 2009 IS 62430
ALL THE FUND VALUES ARE AFTER DEDUCTION OF ALL THE CHARGES .
So according to me ulip are not such bad investment options all you guys need a good investment manager or wealth management company like jumpstart consultants pvt ltd
you can contact jumpstart @ [protected] they might help you in solving your problems
All the Best
Regards
Gauurav
My hr is after me for investment proofs n m looking for investment in ulip intially i thought to invest for three years bt after goin through ur article i hv changed my my mind nw i ll invest for 10 years n hopefully in birla sunlife .
thanks gauurav
thanks gauurav
I have invested money through Jumpstart in Birla sunlife.Please... Take care before to investment .
people are in this agency are totally fake and provides the fake information and are irresponsible person.
I am strugling with the problem last 3 months but getting no information or right answer from jumpstart.
There is need to take care to Birla Sunlife, they are makig bad name in market due to the jumpstart agency.
people are in this agency are totally fake and provides the fake information and are irresponsible person.
I am strugling with the problem last 3 months but getting no information or right answer from jumpstart.
There is need to take care to Birla Sunlife, they are makig bad name in market due to the jumpstart agency.
It is not the mistake of Birla SunLife as a company..you received the policy papers with all the charges clearly mentioned..and you could cancelled in the free look..u should blame your financial advisor and yourself..Also ULIPs should always be taken for long term..
plz detail of saral jeeven plan
Feel Free To Contact us we can definitely get the money recovered legally.
Thanks & Regards
Sudeep Bhandari, Senior Associate,
LEGAL KNIGHTS™
Advocates and Solicitors
Chamber No.403, Delhi High Court,
New Delhi-110003 (INDIA)
Email:- [protected]@legalknights.in
URL:- www.legalknights.in
Cel:- +91-[protected]
Off:- +[protected]
Thanks & Regards
Sudeep Bhandari, Senior Associate,
LEGAL KNIGHTS™
Advocates and Solicitors
Chamber No.403, Delhi High Court,
New Delhi-110003 (INDIA)
Email:- [protected]@legalknights.in
URL:- www.legalknights.in
Cel:- +91-[protected]
Off:- +[protected]
I have taken a ulip policy for 65K for my spouse. These guys have changed it to 95K and changed the amount I paid from 65K to 58K and were asking of rest of the amount. They changed my policy advisor name and put some other guys name so my policy advisor could not help. I have not received the copy of the policy but they contest i did. i was finally was able to convince them to cancel the policy after 3 months. The 15 days grace period applies after you receive the policy. And one final thing about the charges. I will consider only policy administration charges (excluding other charges) is 25 per term. No of terms for your policy ~ (sum assured/10K). In my case it is (6.5Lacs/10K = 65). So my policy administration charges alone comes to 65*25 = 1600+ per month. So I'm paying birla sunlife almost 1600*12 = 18K as policy administration charges alone. So it your money and your call but don't forget to read the fine print before you decide.
And finally this is not a official site where you can post complaints and they get resolved. Use sites such as mouth shut to let other users know or go to a consumer forum.
And finally this is not a official site where you can post complaints and they get resolved. Use sites such as mouth shut to let other users know or go to a consumer forum.
Birla Sun Life Group Protection Solutions — mistake name of nominee
my nominee name is printed sagueta perween i.e sagufta perween on group policy no[protected] Hace 10 años que tube un accidente con secuelas muy graves, (yo hiba en una moto y habiendo ya cruzado la calle un auto se me vino encima, me atropello y me abandono a mi suerte).
Aun la justicia no se ha expedido, no solo que ha sido lenta sino que me abandono.todas las intervenciones médicas(siete cirujias+tratamientos costosisimos) fueron costeadas por familliares, y los tratamientos actuales me los costeo yo.Hoy ya no me puedo hacer los tratamientos como es debido.
Mi abogado me dice que las leyes son asi, que debo esperar, puesto que la otra parte hace apelaciones y que es ley lo ampara.Pero son mas de 10 años de mi vida aruinada.
Si uds. pueden informarme al respecto de mi causa, yo mandaria material informativo por E-mail si les interesa.Gracias.Eva Moia.
Aun la justicia no se ha expedido, no solo que ha sido lenta sino que me abandono.todas las intervenciones médicas(siete cirujias+tratamientos costosisimos) fueron costeadas por familliares, y los tratamientos actuales me los costeo yo.Hoy ya no me puedo hacer los tratamientos como es debido.
Mi abogado me dice que las leyes son asi, que debo esperar, puesto que la otra parte hace apelaciones y que es ley lo ampara.Pero son mas de 10 años de mi vida aruinada.
Si uds. pueden informarme al respecto de mi causa, yo mandaria material informativo por E-mail si les interesa.Gracias.Eva Moia.
hello this side mukesh bansal
Hi every one
The FUND VALUE of Rs 30000/- invested in BIRLA SUN LIFE SARAL JEEVAN is as underon[protected]
Portfolio Details as on 28-Dec-2009
Fund Name Unit Price (Rs.) No. o[censored]nits Unit Fund Value (Rs.)
Maximiser 13.9666 3, 078.465 42995.69
Total Fund Value (Rs.) 42, 995.69
I am not understanding whether it is benefitiable or not. you suggest me?
I think they are charging monthly insurance charges
Date Description Gross Amount (Rs.) Loads/Charges (Rs.) Net Amount (Rs.)
28-Jan-2009 Deposit 30, 528.00 0.00 30, 528.00
28-Jan-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Jan-2009 Service Tax -124.07 0.00 -124.07
28-Feb-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Feb-2009 Service Tax -124.07 0.00 -124.07
28-Mar-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Mar-2009 Service Tax -103.40 0.00 -103.40
28-Apr-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Apr-2009 Service Tax -103.40 0.00 -103.40
28-May-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-May-2009 Service Tax -103.40 0.00 -103.40
28-Jun-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Jun-2009 Service Tax -103.40 0.00 -103.40
28-Jul-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Jul-2009 Service Tax -103.40 0.00 -103.40
28-Aug-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Aug-2009 Service Tax -103.40 0.00 -103.40
28-Sep-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Sep-2009 Service Tax -103.40 0.00 -103.40
28-Oct-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Oct-2009 Service Tax -103.40 0.00 -103.40
28-Nov-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Nov-2009 Service Tax -103.40 0.00 -103.40
SHUBHAM
The FUND VALUE of Rs 30000/- invested in BIRLA SUN LIFE SARAL JEEVAN is as underon[protected]
Portfolio Details as on 28-Dec-2009
Fund Name Unit Price (Rs.) No. o[censored]nits Unit Fund Value (Rs.)
Maximiser 13.9666 3, 078.465 42995.69
Total Fund Value (Rs.) 42, 995.69
I am not understanding whether it is benefitiable or not. you suggest me?
I think they are charging monthly insurance charges
Date Description Gross Amount (Rs.) Loads/Charges (Rs.) Net Amount (Rs.)
28-Jan-2009 Deposit 30, 528.00 0.00 30, 528.00
28-Jan-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Jan-2009 Service Tax -124.07 0.00 -124.07
28-Feb-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Feb-2009 Service Tax -124.07 0.00 -124.07
28-Mar-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Mar-2009 Service Tax -103.40 0.00 -103.40
28-Apr-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Apr-2009 Service Tax -103.40 0.00 -103.40
28-May-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-May-2009 Service Tax -103.40 0.00 -103.40
28-Jun-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Jun-2009 Service Tax -103.40 0.00 -103.40
28-Jul-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Jul-2009 Service Tax -103.40 0.00 -103.40
28-Aug-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Aug-2009 Service Tax -103.40 0.00 -103.40
28-Sep-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Sep-2009 Service Tax -103.40 0.00 -103.40
28-Oct-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Oct-2009 Service Tax -103.40 0.00 -103.40
28-Nov-2009 Cost of Insurance -1, 003.84 0.00 -1, 003.84
28-Nov-2009 Service Tax -103.40 0.00 -103.40
SHUBHAM
please send me my a/c detail
niyas.k
poyill[h]
naiketty [p.o]
sulthan bathery
wayanad[dts]
kerala
pin.no 673592
my mob;no [protected]
e.mail id www.niyas.[protected]@gmil.com
niyas.k
poyill[h]
naiketty [p.o]
sulthan bathery
wayanad[dts]
kerala
pin.no 673592
my mob;no [protected]
e.mail id www.niyas.[protected]@gmil.com
BIRLA SUNLIFE AND ALL ULIPS ARE RUN BY GREEDY WHO ARE NOTHING BUT DACOITS IN THE DISGUISE OF SALESPEOPLE...NEVER INVEST IN ULIPS...IT IS BETTER TO INVEST IN STOCKS LIKE RELIANCE, L&T, INFOSYS AND SBI...ATLEAST THEY WILL GIVE SOLID RETURNS...THESE ULIP MOTHER[censored]ERS SHOULD BE PARADED ON DONKEYS WITH BLACK PAINT ON THEIR FACES AND GARLANDED WITH OLD CHAPPALS... SONS OF ...I HOPE THEY ALL GET AIDS AND DIE...
I Had purchased a Birla Sun Life Capital Guarantee Policy through Citibank for Rs. 50035 and now find that after 1 year my NAV is 40K . I tried to cancel the policy but the customer care guy says that I will receive only 35% of my money back!!! I was shocked to hear such a thing especially is this day and age a company can cheat consumers even with well drafted laws by IRDA.
Any way I will never invest with Birla Sun Life again as they are nothing but cheats and extortionists.
I hope my post will be a warning to others before they make an investement.
Any way I will never invest with Birla Sun Life again as they are nothing but cheats and extortionists.
I hope my post will be a warning to others before they make an investement.
Hi
Birla Sun Life ULIP policies suck big time!! - They start taking money out of your premium as insurance charges right from the first premium you pay!!
Your fund value will NEVER NEVER will be equal or more than the premium's you paid!!
Birla Sun life is a big CHEATER!! Be warned
Veeresh, Hyderabad
Birla Sun Life ULIP policies suck big time!! - They start taking money out of your premium as insurance charges right from the first premium you pay!!
Your fund value will NEVER NEVER will be equal or more than the premium's you paid!!
Birla Sun life is a big CHEATER!! Be warned
Veeresh, Hyderabad
BIRLA's POLICIES ARE CHEATERS..., PLZ PLZ PLZ FOR GOD's sake friends don't invest. I AM AT VERGE OF LOOSING 75000 RS.
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