My relationship with Aviva started in 2010. I invested a good chunk of my hard earned money thinking I could save some tax that is gone uselessly from me to something productive. But boy I was in for a shock 4 years later.
In 3 years, I paid INR300000 in 3 years and today when I looked up the policy details online, with an NAV of 12.48 the fund has grown to INR313, 248. That is exactly INR13, 248 in 3 years! I rang up the customer service, and spoke to a lady on the other end. I have almost 6 years of industry experience working in a call center and I could make out from her voice that she had no intention of helping me out. I made it very clear to her that she has to help me out and that is because the only person who could probably help me with anything was her at the moment. Told her the above mentioned concern and she started giving me the usual ULIP explanation that this is subject to market risks and I should know that. I told her I am aware of the same and all I am asking her was how I could get my fund to grow up.
After 20 minutes speaking with a useless customer service, I started losing it and I thought it was better I hung up than spoil my day. I asked her what would be the fund value if I surrendered the policy and she says all I would get is INR 225000! What on earth does that mean? After investing my money with them for 4 long years, they grew my money by 13248 rupees and if I want to take it back I lose another 75000! I am genuinely pissed with them at the moment. I could have just invested the money in a normal fixed deposit than investing with these crooks.
My advice to the person reading this is. You might invest INR 300000 or more thinking you could save some tax but the cruel reality of the situation is that you are better off paying tax than let these kind of third rate goons who call themselves life insurance companies steal your money from right under your toes. If you think you want to save the money and grow it, put it in a fixed deposit and be happy. Yes you would have to pay taxes, but hey that money is going to the nation than to people who rob you blind like this.
Again whatever you do with your money, stay away from Aviva life insurance.