My experience with MNYL was quite good.
I did take up an ULIP from MNYL.
The representative from the company used to visit me till he took up the policy .
Initially I took a term plan and from the suggestion from the MNYL representative I changed it to the ULIP plan.
during that time I did not know that, there is a huge broker commision of 25% - 1st yr, 20% - 2nd year and 5%- 3rd year.
totally, I have lost 50% of one single premium in the from of commision.
the 2nd yr and 3rd yr premiums I did not pay in time. my policy went in to lapsed mode and MNYL was prompt in sending me the communication that my policy was in’lapsed’ mode and I need to submit HDF form to make my account active.
From my experience, the service provided by them is good. I will recommend it other guys as well.
I want people to follow the following basic rules before investing:
DO YOUR HOMEWORK BEFORE YOU INVEST IN INVESTMENT PLANS.
KNOW YOUR FUND BEFORE YOU INVEST IN ANY FUND.
NEVER INVEST IN ULIP(As 25% to 50% of one single premium goes for the commision for the agents)
INVEST IN, MUTUAL FUNDS SEPARATELY, TRADITIONAL PLANS SEPARATELY, LIFE INSURANCE SEPARATELY.
The sad part is my investments are on a negative value bcos of the plan I have chosen, even after 3 yrs, it has not reached my invested amount, may be another 10 yrs my fund will reach a good amount.
I should blame myself for not investing in the correct funds and I can’t blame the service they have provided as it was quite good.