Hello everybody. Birla Sun Life have launched a new policy titled ’’Classic Life’’. This is a unit linked can pay premium as and when u have money and you can choose the insurance face value. You can also vary the insurance value. The money can be withdrawn and you can top up the fund as and when u hv additional income. The degree of the flexibilty is exceptional as you can even park parts of the money in your fund in five different schemes from the most conservative to the most aggressive. The best part of it is that the Policy will not lapse as long as the fund to your credit suffices to pay for the Administrative charges and mortality charges applicable for the particular age and loyalty additions are made to your account after every five years. And the bonus is it is whole life and not for a term.
I am sorry if the info given by me is not very exhaustive. But, I still rate it very high as they never troubled me when I went to surrender my policy when I needed some money to construct a house. The money came a little late than the expected time. But, they followed it up sincerely. However, I am unable to comment on the claim settlement policy as it was not required! Despite my positive opinion about it, I took a term insurance from LIC after going through their medical tests (against the advice of the agent!). It was again a lousy experience with LIC as they sent me the policy bond almost after FOUR months of encashing the premium paid. And the reason for the delay was said to be lack of stationary for printing that bond! Absurd and Atrocious. Anyway, that seems to be the trouble you need to reconcile yourself to, if you want to be confident about the claim settlement.