I usually keep my additional amount in a bank, prefereably ING Vysya as I was gettting a good interest rate. on one of my visits, the branch manager told me that I could get more interest if I invest in Best year retirement policy, for which he had sent one sales guy to my office.
He came to my office and told me that I would get more interest than in a bank and I had asked him to keep the vesting period only for 5 years afer which I need the money and I had paid an amount of Rs.25000/- after which I had received the policy. On seeing the policy I was astonished to note that Rs.4500/- is taken as the management fees etc., etc., and the balance amount of 20500 is being invested which could fetch only Rs.24000 till 3 years.
I had complained to IRDA but they just seem to have forwarded to the complaints cell, where I was told that I should have to return the policy within 15 days or else my fund amount is being locked. Even if I wish to cancel the policy I shall be getting a maximum 60% of my invested amount or 30% after completion of vesting period i.e., 5 years and the balance amount shall be put with them for purchase of annuity. This is sheer absurd and they are holding my money for no fault of mine even after 5 years. It is a sheer loss for having invested in this policy.
My friends have invested in Reliance, icici, met life and they are also cheated in the same manner. BEWARE ALL THE GENERAL PUBLIC DO NOT GO FOR PRIVATE INSURANCE COMPANIES.