[Resolved]  Aviva Life Insurance Company — BIG CHEATER

AVIVA LIEF INSURANCE COMPANY LTD — AVIVA- BIG CHEATER Just know how to secure their company future by puting customer investment at stake

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 drop me mail on [protected]@gmail.com.

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 drop me mail on [protected]@gmail.com.

Yes, I am also facing the same problem.
But My Premium is 36750/-, So i am loosing my big amount if the surrender the policy.
So, can any guide me what to do, because my 4th premium due date is 21March 2009.
My mail Id is [protected]@gmail.com.

Yes, I am also facing the same problem.
But My Premium is 7500/- & now I am STOP PAYING THE AMOUNT...THEY ARE CHEATERS...I DONT KNOW WHY THEY ARE DEDUCTING THE CHARGING>>>>>AT the time of paying the amount, NO ONE TOLD ME there are Charges...

MAY BE SOME ONETHERE THERE TO PAY MY CHARGES BACK...ITS A HARD EARN MONEY.

Please guide me what needs to be done.

Yes, I am also facing the same problem.
But My Premium is 7500/- & now I am STOP PAYING THE AMOUNT...THEY ARE CHEATERS...I DONT KNOW WHY THEY ARE DEDUCTING THE CHARGING>>>>>AT the time of paying the amount, NO ONE TOLD ME there are Charges...

MAY BE SOME ONETHERE THERE TO PAY MY CHARGES BACK...ITS A HARD EARN MONEY.

Please guide me what needs to be done.

v need it like this type of statement...

yes i m facing the same problem i ve started a policy of 2100 per month from 28 feb 2008 my hard earned money of 25, 200 is now of 15, 644 can i surrender my policy (POLICY ; LIFE BOND 5 POLICY
POLICY NO;LBD1885856)& GET MY money back, if yes what amount will i get on surrender.

Yes, I am also facing the same problem ... The executive from aviva first cheated by telling after 3 years policy holder can take back upto 70% of his money ... but when i enquired after 3 years .. they are telling i will get some 10, 000 /- ... where as i have paid 1, 25, 000/- rupees ... if I surrender they are going to pay me some 50.000/- ...but what about the rest of 75, 000/- ?

Now what should i do ? If any one lodging complaint on this cheater... i am also there ...

Sir,
I opened an policy of life bond 5 for amount of Rs. 75000/- for 3 years and annualy comes to an amount of Rs. 25000/- annualy. On March'09 my policy term completed one year and paid 25000/-. Now what is the fund value of my policy and if I surrender how much amount i will get back!!!

Hello,
I have the same problem. When I bought this policy no one told me the hidden charges. I have invested 60K so far and have already completed 3 years. I have stopped paying premium and asked for the fund value. They have provided me the details and the fund value is 23K only. They have cheated me and lots of other guys like me. Is there any way to get my money back from them.

yes, i agree with all these complaints.All the compalints are correct.They do cheat people like this.

Hi,

Can we file case on them with proper studies.

thanks
[protected]

Aviva are the biggest cheaters in the unit kinked life insurance scheme . They rob money by means of secret & hidden costs and have a calculation mode to gallop all the money investors had paid .

i will be happy to help you in this case i am an advisor in aviva, you can contact me at any time.some of the scheme under aviva are modeled such that it will be benefitial to take your money out after 5 years, life long is also same, this is so because you will not be deducted by any surrender charge after 5 years (or maximumly 1% in some cases).i will like to recommend you not to take your money out before 5 premiums paid.you can also see that the market is performing well now a days, this is a benefit o[censored]lip funds, when you feel that your fund as earned enough you can shift your self to secure fund value you will not loose much even if market goes down .every company deduct the charges you said above and it is under control of government.you can take it as a long time investment and you will surely earn more than with banks if you earn wisely.liquidity is provided everywhere in insurance sector.you will earn more than bank(i and my customers use to do it, with the same kind of policies)with a benefit of insurance.dont get afraid, insurace licence is granted by irda and if government will feel that its public is been cheated it will not sit ideally.you just need to understand it properly

Hi,

M also facing same problem, when I bought this policy I am not aware of all hidden charges, I have invested 1, 30, 000 Rs. since June 2006 and now my surrender charges are only 62K which is worst. I do agree that we all should have gone thro' Policy Docs which we have not done at that time but for that we all are paying very big amount.
If anyone from AVIVA is reading this like earlier post of Manish Jain, please do something for all o[censored]s, at least give us our principal amount back.
Can anyone suggest on partial withdrawal ?

Thanks,
Chaya

this is for all the above person(excluding my self).you must be aware that policy administration charge is deducted on monthly basis, here is an example, if you had invested in aviva sachin century, then policy administration charge is rs 3600/year that makes 300 per month, mortality charge(about300 for age group 30-40)is deducted yearly on the day when policy is inforced, fund management charge rs 1.50%/year of the total fund.suppose you invested rs 10000 anuual premium.in the first year 5% of the initial value(rs 500)1.5% of initial fund management charge(rs 150)and 300 as mortality charge will be deducted.that makes a total of 950 rs.it means you have 9050 rs left in your account.suppose you invested when nav was 20(it was 20 in growth fund when market was at aout 800 i.e in jan this year, i invested money of a lot of people in that time that was a good period to invest in ulip in growth fund), then you will get 9050/20i.e 452.5 units.now policy administration charge is deducted in form o[censored]nits at the end of 1 month, suppose at the starting of month nav was 20, at the end it goes to 21, now 300 rs will be deducted as follows.at nav of 21, 300 rs equals to 300/21=14.285 units, this will be deducted from your 452.5 units, means you have 452.5-14.285 units i.e438.215 units, this means after deducting fund management charge you will have fund value of 438.215*21 rs=9202.515 rs.so your fund has earned about 170 rs after deduction of policy administration charge.as i had earlier told fund management, mortality charges are only deducted at the starting .hence your fund will only have to pay policy administration charge every month.

again if the nav becomes 22 in next month 300/22=13.636 units, 438.215 units now so 438.215 less 13.636 means 424.578 units at nav of 22 it is 9340 rs.

if in the third month suppose nav goes to 27, then the calculations are as follows:

300 at 27nav means 11.1111 units
you have 424.578 units now 424.578-11.1111 units means413.466 units
at nav of 27 it is equal to 11163.606 rs.

this means your fund has earned a interest of more than 10 % in 3 months(that is what i said as more than bank)

now if you see that as enough change you self to secure fund investment option (simply fill an endorsement request form or request online by registering you email id).now nav in this fund changes very slowly (very slowly as compared to growth fund), so even if market goes down u will not loose much(first decide your target of how much you want to earn )

if you have any doubt that whether nav changes in the manner i said simply go to aviva website and check for the past 5 months nav it has performed in a much better way as i had said (in growth fund).so it is practical to earn in that way.

one thing more, as your fund value will rise you will earn even more in the way recommended above, because all the charges are fixed (except fund management that is only 1.5% of total fund value).

enjoy

thanks

Hi Manish,

We all agree with the explanation given by you.
But we want to get out of this policy with our principal amount back we are not aware of all terms and conditions which policy is having. Kindly help us.
There must be some way to do this else will loose at least 80K which I have invested in first 2 policy years.

i synch 100%, this company is CHEAT as i had even worse experience on 3 policies with AVIVA, now happy to get rid of this brand

I dont think that your complaints are right, at the time of purchase you should clarify all these things with the person from whom you are buying an insurance.

Thats your fault that you are not behaving like an educated person. you would have think b4 writing this composition and make yourself educated enough.

You had the 15 days to cancel the policy if you are not satisfied. Were you sleeping at that time or you were thinking that you are doing a favour to a LIMTED COMPANY by giving your 10K or 50K. Have you started going to school after investing???????????

Aviva gave you a website to clear your confusions, how can you say like that Aviva is a big cheater. May i know that who is your Advisor? is He or She your spouse or family member?

and you got a good amt of commission and After 3 years you realize that commission is not sufficient and you are blaiming the co.

Kindly i suggest all the investors who are investing in any insurance co must read and educate themselves about the co and product before investing because it is all about your HARD EARNED MONEY.

Companies do not hide their charges but people must be aware of these.


Thank you and mension not for the Gyan session i gave you.

yes AVIVA is a big fraud and most of its advisor are also cheaters.

I took Aviva - LifeSaver Growth Fund for investment purpose and min (3.5 lakh) death coverage. He was having just a zerox copy of one page of the policy and do not have any more details. i left for US next week and have not seen the policy details... believing Aviva as a company and its advisors...

when i came back after 10 months, i got the premium renual receipt and seen that the policy term is changed from 10 years to 20 years... i asked the advisor (better call them agents, as they can hardly advice...) and he told me that the policy can be closed any time after 3 years.. so it will not effect you..

but what i have seen is that the admin charges for 20 year term is 10% extra as compare to 10 year term for next 3 years...

hence i lost a huge in my 1st yr and second yr premium...

i complained to AVIVA... and they have the same response that they cannot so anything as the customer have the option to close the policy within first 15 days...

even i requested them to chane my premium from yearly to monthly and they told that they cannot do that as it can be done only before 15 days of premium renual date... what is f* is this?

i am planning to surrender the policy as soon as i will get my money invested. but according to the calculation... i will be able to get my investment back only after 9 years if i pay premium till then with 5% returns from next year.

just ask yr advisor to calculate for you... when r u getting yr money back?

Regards,
Sandeep