I invested in Unit Link insurance plan to save tax and get a good return at the same time. Max newyork agent on paper showed a rossy picture and claimed that I will get a return of at least 12%. I invested rs. 60 K , however when I checked the statement I found that every month in the name of administrative charge they are deducting around rs 3000.
At the end of the year I realized that instead of getting return I have lost around 30 % of my money. I contacted the Max newyork agent and they assured me that in a year it will improve however at present after two year and investing rs. 1, 20, 000 my NAV is around rs 76, 000.
I have lodged a complain to IRDA and thinking of going to consumer court. I will advice all the people not to invest in Max newyork life insurance product. Its better to be with the PSU company.