This x@#*@# ULIP scheme of Bajaj Allianz has slurped all my lifelong savings plys whatever my poor mother had. Playing naive, I was taken in by the idea of getting at least 15% returns on my investments instead of 8% in FDs, I invested around 2 lacs in ULIPs and even advised my mother to invest her 3 lacs in these schemes.
She is a widow and has only her bank account to survive on. And now almost all these 5 lacs have run down the sewer line. All I have left is with mere 1, 10, 000 while we still don’t knwo what is left of my mother’s investment. It is so annoying and tragic for us! From what I was promised, 95% of my income was to be invested - 60% in Government Securities and rest in the share market.
I invested at the time when market was down at 9000. It went up to 22, 000 and now it’s down to 16000. And yet the loss! I was counting on the may for my car loan payment and even paying a downpayment for our flar. Now, what I am looking forward to is saving what is left with us.