I bought an Aviva Life Long policy 6 years back. Now after consulting the customer care the guy informed me that there are no surrender charges only after continuing the policy for 30 more years. He says that we apply charges on the units of first 2 years which he said is amounting some 36000 Rs. while my premium for first 2 years was only 15000* 2= 30000 . The surrender charges are whopping 70% of 36000 which is almost 25-26 thousand rupees. Now anytime in the next 24 years if I am going to think of surrendering this policy, this money is certainly going to be deducted.
Now talking about the money invested. It actually did not even grow by 1 percent. The customer care guys seem to be least educated in terms of financial understanding and he says why did you not switch to Growth fund. Seems he got his bonus during the last 2 recessionary years! Aviva is pathetic.Aviva s*cks big time. I am so happy with my LIC policies. They are what you can say is a crystal clear transparency.
Guys, please withdrwa your money immediately after bearing the load of 70% on the inflated first 2 years premium as the more you invest every year in Aviva, you will possibly end up only with the lesser money than you invested in this s*cking policy. They were going to make me crorepati after 30 years but seem they will give me a bowl if I continue with them! Beware and stay away from these fraudsters and cheaters.