[Resolved] Uti Ulip — SUBSCRIPTION AMOUNT NOT CREDITED | |||
I have subscribed Rs 7500/-towards my annual instalment in may 2005 against my uti ulip membrship No.[protected] in the name of Kamal Krishan Jain,as detailed under.But the amount has not yet been credited to my a/c inspite of many reminders. . I have already sent to UTI, the proof of my deposit of subscription of May 2005.Now I had sent to uti an irrevocable proof obtained from UTI’s, Main Representative at Sirsa to whom I have deposited the subscription amount. On persistent demand he made me available the Photocopy of Inward Sheet for collection maintained by him. The Inward Sheet clearly shows the receipts of my subscription along with the subscription amount of two other investors and the amount so collected was sent to the concerned authorities for credit to the investors account by Demand Draft No 472507 dated 18/05/2005 for Rs.10965/- purchased from Central Bank Of India, Sirsa and drawn on New Delhi after deduction of Rs.30/- as bank charges. The Inward Sheet contained the detail as under (copy sent to uti by post) Member. No Name Cheque No Drawn on Bank Amount [protected] Harish Chander 33383 P.N.B 2000.00 [protected] Vijay Kumar 445666 P.N.B 1500.00 [protected] Kamal Krishan Jain 530863 S.B.I. 7500.00 TOTAL 11000.00 Now what else proof th UTI require? Why you do not UTI confirm it from their Chief Rep./Banker? . Please take up the matter with the UTI for immediate action alongwith suitable panelities against Uti Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
 1 Comment | |||
Top 10 Reasons For Avoiding ULIPs in India
10 Reasons For Avoiding ULIPs in India
ULIPs are like Dynamite in your hands which can destroy your financial Planning if you do not know the charges and other finanial Implications o[censored]LIP’s
Here we are Giving 10 reasons Why ULIPs To be Avoided
1.Premium Allocation Charge:This Charge is the Highest and is Front loaded.Depending on the ULIP 20 to 30 % amount is not invested and is deducted for various accounts like Cost o[censored]nderwriting, medicals & expenses related to distributor fees.Means if you invested Rs 1 lakh there is strong chance that you will be shocked to see only 70000 to 80000 is invested .This charge decreases progressively and in most cases it is negligible after 3 years
2. Policy administration charges:To recover the expenses incurred by the insurer on servicing and maintaining the life insurance policy like paperwork, work force etc.Normally Units gets deducted by small nos each month for this charge.
3. Mortality Charges: These are the charges provide you life cover
4.Fund Management Charges: These charges are deducted for managing the funds, Typically 0.5 to 2 percent per month
5.Always separate Insurance and Investment.For insurance, Term plans are best while for equity investment stick to MF’s
6.Does not offer flexibility to exit if your fund manager is a non-performer
7.Very Complicated products its very tough to compare ULIP’s and choose the Best
8.ULIP’s are For Long term even then return is not fixed or guaranteed above or at Par with indexes
9.lack of standardisation in ULIP products
10.There are indications from government that Non pure life ULIPs may be taxed(MF’s too)
Source Avoid Ulips 2010