| Address: | Mumbai City, Maharashtra, 400068 |
My policy number is[protected]*.
I purchased this policy 6 years ago now and have paid a total premium of approximately rs. 3, 45, 000.
Since this is the 5th year, i am supposed to receive a bonus. I was informed the bonus declared this year is 0.6%.
That is around rs. 4, 200 (Sum assured rs. 7, 00, 000 * 0.6%).
First of all, i dont understand why this amount is so low. Is the company performance that bad?
I was told anywhere between 8 - 12 % when i purchased the policy.
Their agents have been going around lying and scamming people with these numbers and what i actually get is peanuts.
It would have been better if i had put my money into an fd as it would have doubled by now.
When it came to selling the policy and taking money from me, the agents and company is extremely quick. However, when it comes to customer service, this is absolute crap.
I would rather get my money invested elsewhere such as lic, which by the way has better returns.
Besides a rs. 7, 00, 000 sum assured isn't going to help me or my family much anyway in the case of my death. When the agent sold the policy to me, i told him very specifically that i'm looking for returns and he said that was assured and the life insurance policy was just an add-on.
When being sold the policy, the agent had told me between 10 and 12% returns and i got 0.6% after investing around rs. 360000 over 5 years.
This is the lowest bonus of all the plans declared.
When i had asked the customer care executive as to why such a bad performance and why were the returns misrepresented, she said the policy was new and the agent wasn't aware.
A customer care agent called me regarding this and i was not happy with the response at all.
I was told that its not the agents fault who sold me the policy (He quoted 10-12%), as the policy was new and the firm didn't know the historical trends.
This is the atrocious response i received.
I don't understand that, when i trust someone with my money and expect returns, the portfolio managers performance is so bad, that after 6 years of paying rs. 60000 each year (Rs 360000 almost in total), i get a bonus of rs 3839.
I feel like a fool putting in my money here.
Even i work in the financial industry and this excuse that the executive has given me is not acceptable.
A 0.6% bonus is very bad, i don't think the economy performance is that bad currently.
I have invested money in mutual funds, lic, fd, rd and ppf, and trust me, this is the worst option.
Rochelle
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