I had invested 4 lakhs in Bharati Axa Life Insurance through their agent Prajakt Dhumale( he now works for a matrimonial company)
Last year out of curiosity I found out that the fund value is 1.63 only. When I approached the officials they said that they have discontinued the scheme and its a policy that takes away 60% of your investment at the initial investment. Tell me any one with sane mentality why will he or she invest in such a scheme? this is never mentioned to the customer by the sales person coz there is no due diligence done by the company before hiring people. This Prajakt, the company informed me has got many such grievances of various customers but what is the insurance company doing about it. He told me I need to pay only for 4 years .The policy papers came very late and that too my name mentioned on it was wrong…(so much for an Insurance company having their facts and figures rite) I tried to speak to the right authorities and sent mails too. when I took this policy I was 49 and am informed by the company that I had to pay not for 6 years but for 20 years and I was mis informed… Now can a person aged 49 get into a policy where one has to pay a lakh an year for the next 20 years?
Never did they get in touch with me on their own. Some MBA in their company has invested my money in some fund where the value is Rs 1 Lakh as on today… was I asked if he should invest in that fund NO…. Playing with peoples monies and that too an Insurance company and in a country where Insurance is such an emotional connect.
Their ads on tv too should be banned. post my visit to them they told me someone would visit and that they would try and see what best they could do but nothing. I stopped paying them and most of my well wishers asked me to withdraw whatever I could and get out of this scam.…but the best is that I lost 3 lakh of rupees via this company.this is my 5th year . in 6 years normally you can double up your money.
Do not invest or deal with this fraud company. I do not know how is it that our govt permits the existence of such companies.