[Resolved]  Birla Sun Life Saral Jeevan Policy — Beware of Saral jeevan policy in Birla sunlife Insurance

I bought this policy yesterday and today search what is the profit of this type policy. then i read your message. i shocked what i can do. i am already purchased this type policy please suggestion me what i can do for this type mater.

Thanks


Birla Sunlife Saral Jeevan Policy Complaints - Beware of Saral jevan policy in Birla sunlife Insurance
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Birla Sunlife Saral Jeevan Policy
Posted:[protected] by GURUBRAHMAM KOTHA Send email


Beware of Saral jevan policy in Birla sunlife Insurance
Hi All,

Beware of Saral jevan policy in Birla sunlife Insurance,

CITI BANK and Birla Sunlife Insurance is cheating / robbing the people by way of insurance policy.

I bought a policy with Birla sunlife last December ( May 2007) through "CITIBANK" I I have to admit that I am a layman when it comes to ULIPs. I was completely brainwashed by one of Birla sunlife's agent that Saral jeevan offers excellent returns (30%). I bought the policy on May 28th. Policy number is[protected]. Premium amount was Rs 39309 (Thirty Nine thousand three hundred and nine rupees ). I received the policy document promptly and was schocked to see that there were monthly charges of Rs 1387. on the policy. A net amount of 16644 Rs would be deducted towards charges in a year, which is nearly 40% of the premium that I have paid. When the agent came to my house to get my signature and cheque, he gave me a brochure which HAD ABSOLUTELY NO MENTION OF CHARGES. I felt cheated. I called him up and told him to cancel the policy. He told me that there are indeed charges in the policy. However, they are applicable only after the policy starts yielding returns..meaning the charges will be deducted from the profit and not from the premium amount. The premium amount of Rs 39309 will remain intact. After three months,
I placed a call with Birla sunlife and I was startled to know that they have indeed deducted monthly charges on the policy. I got furious and asked them to cancel them the policy. They cooly replied that the surrender value of the policy is in negative.. meaning that I have to pay more money to cancel the policy. Ridiculous!!

I contacted my agent and he said that he will do the necessary to cancel the policy and that I will get my Rs 39309 after 3 years. I contacted the helpline and they said that there is no way I can get the money. They said that I have signed the policy and had a 15 days grace period to get out the policy. When the agent came to my house to get the form filled up he gave me a template to fill up and took just my signatures on the application form. I now know why he gave me a template to fill up and not the actual application form. The application form has all the charges listed in it. He wanted to deliberately hide the information about the charges on the policy.

This 39309 Rs is my hard earned money. I have worked round the clock to earn this money. I decided to fight against this misselling. I launched a complaint with Birla sunlife. They said that they will escalate it to the highest level possible. Finally I got a letter stating that my claim is not I have gone through a lot of mental agony over the past 10 months. As you can recall, I had invested about 39309 Rs in May 2007. Currently the value of the fund ( as of today – 3rd march October) is Rs 13984. Can you believe this? I am not going to renew this policy. No person on the earth cant renew this policy

“CITI BANK AND BIRLA SUNLIFE” BOTH the companies are cheting / robbering the corporate employees in the form of savings.

Birla Saral Jeevan is a clear case o[censored]LIP misselling. But I am a common man and can do little against a big corporate house like Birlas. I will however advice you all not to buy this policy.



Frustrated Customer of
City Bank / Birla sun life
GURUBRAHMAM KOTHA

They charge the Policy administration charge based on the Cover provided to you, not on basis of the premium amount. I am paying 800 rs p.m. for a cover of mere 2.7lacs !!!

out of 25000 premium, around 10000 is gone for administration charges due to life cover.

additionaly there are mortality charges, again based on life cover..

guys i[censored] want life cover better goto lic, who gives cover of 25 lacs cove at a charge of mere 8000 rs per year, as compared to 2.5 lacs at 10000 per year...

really frustating..

my nav havegone up 50 %, then also my fund value is depreciated 50% as lot o[censored]nits have gone in life cover only..