[Resolved] Future Generali India Life Insurance Company / Ulip — mis selling of policy | |||
dear sir, maine future generali se ek ULIP policy purchage kiya policy no hai 00411157. company ke represantitive ne mujhe single premium policy bata kar mere se paisa liya aur mujhe regular premiul policy issued kar diya maine imidiate complain kiya but company mere complain ko deniy kar de raha hai. sir please do the needfull as soon as possible. Thanks & Regards, Nishikant Singh Email singh.[protected]@gmail.com [protected]. Was this information helpful? | |||
Aug 13, 2020 Complaint marked as Resolved | |||
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Indiabulls Finance Centre, Tower 3, 6th Floor, Senapati Bapat Marg, Elphinstone (W), Mumbai, Maharashtra, India - 400013
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Top 10 Reasons For Avoiding ULIPs in India
10 Reasons For Avoiding ULIPs in India
ULIPs are like Dynamite in your hands which can destroy your financial Planning if you do not know the charges and other finanial Implications o[censored]LIP’s
Here we are Giving 10 reasons Why ULIPs To be Avoided
1.Premium Allocation Charge:This Charge is the Highest and is Front loaded.Depending on the ULIP 20 to 30 % amount is not invested and is deducted for various accounts like Cost o[censored]nderwriting, medicals & expenses related to distributor fees.Means if you invested Rs 1 lakh there is strong chance that you will be shocked to see only 70000 to 80000 is invested .This charge decreases progressively and in most cases it is negligible after 3 years
2. Policy administration charges:To recover the expenses incurred by the insurer on servicing and maintaining the life insurance policy like paperwork, work force etc.Normally Units gets deducted by small nos each month for this charge.
3. Mortality Charges: These are the charges provide you life cover
4.Fund Management Charges: These charges are deducted for managing the funds, Typically 0.5 to 2 percent per month
5.Always separate Insurance and Investment.For insurance, Term plans are best while for equity investment stick to MF’s
6.Does not offer flexibility to exit if your fund manager is a non-performer
7.Very Complicated products its very tough to compare ULIP’s and choose the Best
8.ULIP’s are For Long term even then return is not fixed or guaranteed above or at Par with indexes
9.lack of standardisation in ULIP products
10.There are indications from government that Non pure life ULIPs may be taxed(MF’s too)
Source Avoid Ulips 2010