Aviva Life Insurance Company — BIG CHEATER
As I mentioned in my earlier comments also, AVIVA IS A BIG CHEAT n FRAUD COMPANY.I have analysed the unit statment recieved from them.
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 mail me on email@example.com.
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