On Feb 2009 I took a Birla Saral Jeevan ULIP policy no. 002862899 from Birla Sunlife with annual premium Rs.60000.Two Citibank financial adviser came to my residence and advised me to take this policy. After selling this product they said they have left the job and later they terminated their mobile phone service.
After one year when I go through the policy statement I observed more than 45% of my initial investment is deducted as allocation and insurance charges. I contacted the Customer care and they said this is the standard charge of Birla Sunlife ULIP policy. This kind of charges are nowhere mentioned in the policy brochure. I asked them to send this information in writing by mail, but they did not do that. The Citibank agent while selling this product told me that, 100% of the investment would be invested/allocated. I expected roughly 20% appreciation for my investment, but in this policy 50% of the investment is deducted as charges.
Please refrain from this kind of ULIP policies.