[Resolved]  Birla Sun Life Saral Jeevan Policy — Beware of Birla Sun Life Saral Jeevan

Hi Friends,

I am writing this, just to make you people aware of this policy. Never ever in life try to buy this policy, even if your corporate bank account representatives offer you some discounts or goodies. They are the real frauds.
I bought this policy through Citi bank in December 2008 with annual premium of Rs. 24000 and insurance cover of Rs. 2,60,000. Till date I have paid 24000 x3 = 72000, and you will surprise to know that as on date my fund value is Rs. 43000. This is not because the market is under performing, this is because brila sun life insurance company is charging me sum of apprx. Rs. 10,000 per annum for Admin charges, Insurance charges, mortality charges etc. and in those 3 years they have deducted 30,000 from my policy fund value.
Moreover, the policy is designed in such a way that, if anyone enters in this policy, he/she can not exit from this policy unless completing 3 years otherwise the heavy penalty will be levied. So there is no option to get money back in first 3 years and after 3 years Birla Sun Life and Citi Bank already had made lot of money from policy that they don't care if anyone is exiting from here.
So, my friends please beware of these frauds (Birla Sun Life and Citi Bank) and do not buy this policy otherwise you will also lose your hard earned money like I have lost.

Thanks,

Dheeraj Mehta
(Soft target/victim of Citi Bank and Birla Sun Life Insurance)