An executive of Deutsche Bank sold us a Birla Sun life insurance policy. It’s only at the time of 2nd premium that we came to know that the lock in was for 10 years and you cannot withdraw any fun out of it. So basically the plan is to block 50 lacs in 10 years at the rate of 5 lac premium every year. And if the market crashes during that time god knows what you will get at the end of 10 years.
They were not open about these things. I know that insurance/banking people are always ambiguous in explaining these things to customers because no person in his right mind would want to take a policy like this. The blame equally goes to Deutsche bank whose representative sold it to us. Worse still, he took advantage of our trust in the relationship with bank. To keep your money safe, never trust or invest in either of the institutions.