Me and my wife joined their life vision plan by paying 5000 each every month. In three years we paid 1.8 lakhs each. There was a 3 year lock in period and after which we were told that we can exit the plan with accrued bonuses at the rate of 9% per year. So we expected to get around 2.5 lakhs each at exit. However when we approached them they said we will get only about 30% of my paid up premiums without any bonuses. We could not pay 10K each for another 12 years and incur further loses. Hence we decided to exit and and got 55K each from them in place of 2.5 lakhs each
We feel completely cheated by Birla life insurance. They say it is a life vision pan, but is a life killer plan. The only excuse of them not paying our money is that they had given us life cover for 3 years, for which we had paid extra rider premium anyways. You can never speak to their customer support person as their toll free number has got only automated messages. The branch manager at their Jayanagar, Bangalore branch was not ready to meet me as he was always busy and I could speak only to their executive to settle the account. I am heart broken that we lost close to 4 lakhs in our two accounts and got 1.1 lakh back after 3 years of putting our had earned money at the rate of 10K every month.
This company is the worst of all financial companies. Please don’t be fooled by the nice approach of their agents who will convince to join their plan and unless you want my fate. What they say is not want is there in the plan, there is always the fine print which is mostly not readable. You know how it feels like putting 10K each for 3 years and getting 1.1 lakh after 3 years. I am having jitters at night of thinking how I was cheated by a company which I thought was trust worthy. Don’t join any of their insurance plans unless you are sure to die. With their approach, I am not sure even if you die, your nominee will get any survival benefits. You will anyway die of shock when you realize what you will get in return.
I AM HAPPY TO MENTION THAT ADITYABIRLA MANAGEMENT HAS RESOLVED MY ISSUE AND REFUNDED MY FULL INVESTMENT. BUT BE CAREFUL WITH SUCH PLANS.