I am another victim duped by a citibank bullshit.
I was not made aware of all the f_cking charges until I paid my first year premium of Rs. 30, 000.
Having known about all the charges later, my feeling is like a man spending his time in a prison feeling for the crime and time.
Now, it is time to pay my second year premium and the policy value is now around Rs. 8, 500
after deducting the first year charges !!!!
If I pay the premium for a minimum of 4 years to surrender the policy without any surrender charges, I would have paid a premium of Rs. 1, 20, 000 but I would get only 84, 000 (what they say as guaranteed !!) in hand after four years (I am damn sure the NAV and fund value are not going to rise if even the sensex crosses 20, 000 or 30, 000) (very apparent that all money goes into Birla’s pocket), my loss would be Rs. 36, 000 (Rs. 1, 20, 000 - 84, 000).
Please advise me on whether I should continue this policy or close this policy now with a loss of Rs. 22, 000, which very well I cannot afford or digest. (even for a surrender after 4 years, it would be the same case)
Are there any hopes that at least the premium paid will come back ?? Are there still hopes that this policy is going to create wealth at least after 10 years??? (Your Dreams to become rich, Our Commitment to make you a beggar)
As other members have expressed their opinions, please bring this forum to the public, the newspapers so that a solution can be arrived at. Thanks a ton in advance for the advice.