I want the readers to know my experience with BSLI and with Citibank that sold this insurance policy to me.
I own the Enhancer version of BSLI Flexi Lifeline, paying a premium of INR 75000+ every year. The policy has a surrender value of nearly INR 10, 00, 000.
Here is the facts about this policy
I have paid around INR 5, 25, 000 till date, for 7 years now. The policy value now is INR 5, 35, 000 or something. The returns that the Citibank agent worked out in a print-out was much higher, luring me into buying this
The entry load on this policy was for several premiums, a huge 30% plus. This means 30% of the premium(mind you, not the returns) goes as commission. A honest agent should have shown this explicitly to customers. But this was the greedy Citibank, and so they NEVER EVER told me about this. I didnt check the details which is my mistake as well. But I guess the financials institution of Citibank’s supposed reputation was involved, so I did NOT expect this from them.
My view of this is that, if Citibank says the customers should have verified this, then they are no differnet from the other ponzy schemes and roadside cheaters, who will also say the same about products they sell without full disclosure.
My take