[Resolved]  Birla Sun Life Saral Jeevan Policy — MisLeading

Dear Sir,

I am policy holder of Birla Sunlife ULIP Saral Jeevan.

While taking policy the agent didnt tell me anything. I have invested 30000. now the fund value 15k something. till now they have incurred the administrative and service charges upto 6500.

Now only i came to know that they are doing the business this way.

I told them to that i am going to surrender my policy and now they are telling me is that you wont get any money by surrendering.

I am middle class person and all my hard earned money is going in vein.

i dont know this is the way they are playing with emotions of the people.


Please help me out in this matter sir.
i have policy of 333000 sum assured.
if i surrendar it now i wont get anything out of my invested amount.

becoz per 10k one cover.
900*33=29700 surrendar charges.

You tell me what should i do.

my contact no is: [protected]

please find policy details herewith.

The surrender charge is applied if and when you surrender your policy in the first 3 policy years. The amount you will receive will be the fund value less this charge. This charge is guaranteed to never increase.

per Cover *
Policy Policy Term
Year 10 Years 15 Years 20 Years
1 Rs. 1044 Rs. 936 Rs. 900
2 Rs. 696 Rs. 624 Rs. 600
3 Rs. 348 Rs. 312 Rs. 300
4 onwards nil nil nil
* Cover: sum assured in Birla Sun Life Insurance Saral Jeevan plan is available in easy Covers of Rs. 10000 each. One Cover = Rs. 10000 sum assured.



What are the charges applicable in this policy?


Premium Allocation Charge

No premium allocation charge is deducted from your policy premium. This means all of your policy premium will be invested in the investment funds of your choice.

Fund Management Charge

The daily unit price of each investment fund is adjusted to reflect the fund management charge. We may increase this charge any time in the future subject to a maximum of 1.50% per annum for all fund options except Multiplier at 1.75% per annum.

per annum & reflected daily in Unit Price
Investment Fund Investment Fund
Assure 1.00% Creator 1.25%
Protector 1.00% Magnifier 1.25%
Builder 1.00% Maximiser 1.25%
Enhancer 1.00% Multiplier 1.50%

Policy Administration Charge

The policy administration charge will be deducted monthly by canceling units proportionately from each investment fund you have at that time.
This charge is guaranteed to never increase for the first three years, after which it can be increased by no more than by 5% per annum since inception.

monthly per Cover*
Policy Policy Term
Year 10 Years 15 Years 20 Years
1 to 3 Rs. 29.0 Rs. 26.0 Rs. 25.0
4 onwards Rs. 4.0 Rs. 3.0 Rs. 2.5
plus Rs. 40 (on the first Cover only)

Mortality Charge

Every month we will deduct a mortality charge for providing you with the death cover. We will take these charges by canceling units proportionately from each of the investment funds at that time.
The charge depends on the policy term as well as the age and gender of the life insured. This charge is guaranteed to never increase. Sample rates are provided for your reference.

monthly per Cover*
Issue Age
25 35 45 55
Policy Term Male
10 Years 1.77 2.35 4.77 11.27
15 Years 1.92 2.65 5.48
20 Years 2.41 3.28 6.46
Policy Term Female
10 Years 1.73 2.04 3.73 8.76
15 Years 1.85 2.27 4.29
20 Years 2.33 2.84 5.12

Please refer to the application form for the rate applicable to you.

Surrender Charge

The surrender charge is applied if and when you surrender your policy in the first 3 policy years. The amount you will receive will be the fund value less this charge. This charge is guaranteed to never increase.

per Cover *
Policy Policy Term
Year 10 Years 15 Years 20 Years
1 Rs. 1044 Rs. 936 Rs. 900
2 Rs. 696 Rs. 624 Rs. 600
3 Rs. 348 Rs. 312 Rs. 300
4 onwards nil nil nil
* Cover: sum assured in Birla Sun Life Insurance Saral Jeevan plan is available in easy Covers of Rs. 10000 each. One Cover = Rs. 10000 sum assured.

Revival Charge
The current charge for policy revival is Rs. 100. We may increase this charge at any time in the future subject to a maximum of Rs. 1, 000, subject to IRDA approval.

IRDA Approval

Only when specified and within stated limits, we may increase a particular charge at any time in the future. We, however, need to get prior approval from the IRDA before such charge increase is effective. Otherwise, all other charges in this policy are guaranteed to never increase during the tenure of the policy.

What happens if I miss out paying my premiums?

If you are unable to pay the policy premium by the due date, you will be given a grace period of 30 days during which time all insurance cover under your policy will continue.

If you do not pay your premium within the grace period of 30 days, the following will be applicable:

During the first three policy years - Your policy will lapse if we do not receive the entire policy premium by the end of the grace period. The insurance under your policy will cease and your fund value will be held in suspense after deduction of Surrender Charges. This net fund value will be paid out to you only at the end of the third policy year or the end of the two-year revival period, whichever is later. You can revive your policy within two-years from its lapse date (due date o[censored]npaid policy premium) by paying all outstanding policy premiums and providing us with evidence of insurability satisfactory to us.
If the life insured dies while the policy is not yet revived, we will pay the fund value as of the lapse date immediately and terminate the contract.

After three completed policy years - If we do not receive the entire policy premium by the end of the grace period, then you will be given a period of two years (starting on the due date of the unpaid policy premium) to pay all outstanding premiums till date. Your policy will continue during these two years, as well as all insurance cover and charges. At the end of this two-year period, we will give you the choice to either surrender your policy or continue it without the payment of additional policy premiums. Your policy will, however, be deemed as surrendered should your fund value equals one annual policy premium.

What if I change my decision of buying the policy?

You will have the right to return your policy to us within 15 days from the date of receipt of the policy. We will pay the fund value plus all charges levied till date (excluding the fund management charge) once we receive your written notice of cancellation (along with reasons thereof) together with the original policy documents.



Terms & Conditions

Service Tax

Service Tax and other levies, as applicable, will be levied as per the extant tax laws.
Unit Price

On each business day and for each investment fund, we determine the unit price by dividing the net asset value (NAV) of the investment fund at the valuation time by the number o[censored]nits in existence for the investment fund in question. We publish the unit prices of all investment funds on our website www.birlasunlife.comas well as in the newspapers.


The NAV is determined based on whether we are purchasing (appropriation price) or selling (expropriation price) assets in order to meet the daily transactions o[censored]nit allocations (redemptions) associated with the investment fund. When appropriation (expropriation) price is applied, the NAV of the investment fund is the market value of investment held by the fund; plus (less) the expenses incurred in purchasing (selling) assets; plus the value of current assets; plus any accrued income net of fund management charges; less the value of any current liabilities or provisions. This NAV divided by the number o[censored]nits existing on the valuation date, before units are allocated (redeemed), gives the amount of money we put in to (take out of) the investment fund per unit allocated (redeemed).
Suicide

We will refund higher of fund value or policy premiums paid to date in the event the life insured dies by suicide, whether medically sane or insane, within one year after the issue or revival date, whichever is later.
Section 41 of the Insurance Act, 1938

No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
Section 45 of the Insurance Act, 1938

No policy of life insurance effected after the coming into force of this act shall, after the expiry of two years from the date on which it was effected be called in question by an insurer on the ground that statement made in the proposal or in any report of a medical officer, or referee, or friend of the life insured, or in any other document leading to the issue of the policy, was inaccurate or false, unless the insurer shows that such statement was on a material matter or suppressed facts which it was material to disclose and that it was fraudulently made by the policyholder and that the policyholder knew at the time of making it that the statement was false or that it suppressed facts which it was material to disclose.
Provided that nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent


Regards
Chandru

[protected] Forwarded message[protected]
From: <[protected]@birlasunlife.com>
Date: Tue, Feb 10, 2009 at 1:26 PM
Subject: Re: Web-68764-[protected][protected]
To: [protected]@gmail.com



Dear Sir,

We regret the delay in response to your query for policy number[protected].

We wish to inform you that you are holding Saral Jeevan plan with us wherein, the issue date is August 27, 2008.

We would like to inform you that the plan taken by you is a Unit Linked Policy (ULIP) which is a combination of insurance coverage and market related investment. In today's volatile market, ULIP plan is one of the best investments to have which will reap benefits in the long run. Every insurance plan comes with charges be it ULIP (Unit Linked Plan) or a pure Term plan.

Every month cost of insurance which includes administration charges and mortality charges are deduted in terms o[censored]nit which is reflecting in Policy Account Statement.

NAV varies on daily basis depending on market fluctuations.

We are herewith attaching the Policy Account Statement for your immediate reference.

We look forward for your continued patronage and support as always. In case, you have further queries, feel free to write to us.

For any further information or assistance, please feel free to contact us between 9 a.m. to 9 p.m. IST [Monday to Saturday] on our toll-free numbers[protected] and[protected], or on[protected] [non toll-free]. You may also visit our website www.birlasunlife.com.

We value your trust in us and assure you the best of our service at all times.

Regards,



Customer Service.
FAX No.:[protected].
EFAX No.:[protected].


<[protected]@birlasunlife.com>

01/29/2009 03:08 PM

To
<[protected]@gmail.com>
cc
<[protected]@birlasunlife.com>
Subject
Web-68764-[protected][protected]






This is a auto generated email from website with following details:-

Cip Number : [protected]
Name of the Person : CHANDRASHEKAR B Hiremath
Email ID : [protected]@gmail.com
Docket No. : 68764
Request : hi Policy no is :[protected]. i have invested 30000 in[protected]. The NAV was on that date is 20.84. Units allocated are 1456.08. but the system is showing 1041.28 units. I would like to know the status of this. Present NAV is 14.5. my fund value came down to 15000 for 1041.28 units. what about other ledt units.