Hi ALL,
This review is nothing against Exide Life insurance as company and I believe It is a good company to have faith upon, considering you understood the plan and checked it on their website before buying . As agents on call are selling the policy with explaining wrong benefits to earn the commission . I would thank Exide Life insurance company to return my Policy amount in record 09 days period . But would like to warn people who are getting calls from Agents and based on agents input about benefits, People are taking the policy . I would say here that before taking any policy, you should be checking it on companies website also . I am writing this email so that Exide company could take some actions againest such agents . I earned this experience by taking a Guaranteed Insurance Investment plan(GIIP) policy by On call method from agents of Exide Life insurance company .
When I have bought this policy online or over the call, I have been explained below benefits of GIIP plan
1> I need to Pay Policy Premium of 30000 INR(Thirty Thousand rupees only) every year till 7 years . My Guaranteed Basic sum assured on Policy will be 8 times of first Premium Paid which is 2, 40, 000.00 INR(Two Lach, Forty thousand rupees only) which will be paid back to me after Policy completion that is after 15 years . But in Policy Bond I received on mail or physical it was mentioned as 1, 45, 424.00 INR(One lakh, Forty Five thousand, Four hundred twenty Four Rupees only) which is almost One lakh rupees less then what was committed over phone .
2> After 7 years of Premium Payment, that is from 08th Year, I will be paid 11% of Basic Sum Assured which comes to 26, 400 INR(Twenty six every year till 15th Year that is for 8 Years) . Total of this amount is 2, 11, 200.00 . But in Policy Bond this was committed to 15997.00 INR(Fifteen thousand, Nine Hundred, Ninety Seven Rupees only) which is almost Ten thousand rupees less than what was committed .
3) Aprt from this the agent also mentioned me of other benefits like, return of 20% of policy amount which is 6, 000.00 INR for first year and only need to pay for 24, 000 as Policy premium from next year although I will get a receipt of 30, 000.00 INR .
4> Other Benefits He mentioned are like Monthly scholership of 1250.00 INR Monthly for my one daughter till age of Ten years and 10% Premium refund for first year only on account of Online payment .
I do not consider or worry about the benefits mentioned in Point 3> or 4> as I have not taken policy for that but I am worried and feels cheated about Benefits mentioned in Point 1> and 2> and I am not getting it .