I would like to warn anyone who is planning to buy insurance not to trust Aviva and its Channel Partners who are hand in glove in cheating and misleading customers. We were cheated by Indusind bank which is an agent for aviva.
The agent told us that the premium for ULIP policy is only 3 years whereas it is actually 5 years. Besides at the end of 5 years your sum assured is equal to the premium u have paid. So why do u need to invest inorder to get the same amount back after 15 years. When we tried to cancel within the freelook period, the agent deliberately withheld all our documents so that the freelook may expire. It took us 4 months to get the money back and that too only because we were persistent.
Even then they made some 6% deductions and did not refund the full premium amount . This only shows how desperate they are to make a sale and how low they will stoop inorder to make a fast buck. They have no care or concern for your hard earned money, it is much safer in the savings bank or in the fixed deposit. Insurance companies are using prime time for their television advertisements, so all our money goes into administrative and promotional expenses for these companies and nothing for the investors.