As most of them have said I invested in Aviva life-long ULIP 2 years back with an assurance that I can move out of it after 3 years with profit. I have already paid 2 years premium and last week called up to check my policy status and investment returns and to my horror and shock i was told my money is worth only 24, 000. I am dying to get back to india to move out of this policy immedeately. The fault is also on my side as I didnt check with the reviews of this policy before investing and I totally believed on the customer rep that I can move out after 3 years without any surrendering charges. This is a lesson learnt and I sincerely advice whoever is thinking about investing to stay away from this ULIP policy. Indeed I thought they might have just gone for the fixed deposit in any nationalised banks with a rate of 8% interest I would have definetly got more that what I have paid rather than giving it up to somoene for no reasons.
But to my surprise I had a customer service guy who explained me that if I keep paying for another 10 years I might see returns as the surrendering charges after 10 years is 0%. What a crap and at the end of 10 years(50, 000* 10= 5 lac) they will tell that the market is bad and your returns are worth 50% which is 2.5 lac and and to hear this I have to wait for 10 years and pay the premium every year, how insane is that?