I am a policy holder with Future Generali with policy no. 00747491. I have opted and taken this policy in 2011 for its ULIP type so that it gives bit additional benefit than traditional insurance. After paying the required minimum premiums for 6 years, I observed that there is no NAV growth at all in this policy though the market conditions were very good. I have 2 other ULIPs from other AMCs and have been tracking others ULIPs too in the market and they are all performing good and given good NAV when compared to this FG policy(compared the gain with a simple cumulative bank deposit too and this FG market based policy was much worser). When escalated the concern to FG people, they kept giving worthless excuses on the market only as if nothing is working in the market and as if others also don’t know the market & other ULIPs. Without even average growth in this policy, but there were ‘n’ number of charges deducted from my policy as maintenance, this charge, that charge. After seeing the whole situation, I realized later that FG team must be poorly managing the policy just to get their own gain in terms of deducting charges but not concerned about others benefit. And they stopped responding to the mails too which is strongly considered as actions of frauds. I decided to stop further premiums this year for seeing it as a worthless policy and low quality service. There are 2 things which are much concerning and consider FG people as cheats and frauds.
For whole 6 years with the premiums paid, FG people never bothered to manage the ULIP policy and to keep its performance below average level during even good market conditions. This spoiled the chances that the policy holders getting some benefit when going for ULIP based policies but end up paying too much charges to FG. It is not clearly known how this policy only getting affected by the market condition
When I stopped the premium, FG people intentionally removed my policy from the market immediately which is fine. But the past accumulated profit amount of about 10, 000 was also disappeared. When asked, they lied saying the policy will not be on ULIP if premium is not paid. Based on my other ULIP policies for which also I stopped the premium for a genuine reason, I am aware that it is not true about automatic removal from ULIP. Before stopping the premium, I dropped mails to their worthless support people asking about any impact. In a rare response from them sending the closure formalities, they didn’t mention anything about losing my previous profit amount and kept quiet on this like frauds do. When asked for a reference about the same in their own policy manual and asked about the disappearance of previous profit amount, there is no response at all.
Companies like this FG and kind of people working in it should seriously be taught a lesson legally for playing with others hard earned money and ignoring the concerns from policy holders. They should be dragged to jail as immediate action without further enquiry. As others have reported about FG people in one or the other way, it would be way better to make it as a collective legal action those all affected by frauds working in FG.