I was applied for the Insurance policy on Birla and the policy name is 'Saral Jeevan Life Cvg - Term 20 Pay Reg'.
I was not aware of the administration fees is 40% for the first 3 years. If you pay 2500/month, Rs. 1000/- will be taken as administration charges.
As you are all aware that IRDA is reduced the loading fees & administration but when i contacted Birla insurance, they said that it is only for the new policies.
Still i am wondering, why regulator and insurance companies are giving the benefit to new customers and whether they are thinking the old customer let them pay the money to make a wealthy profit for Birla.
Since it is india, we have to accept everything and pay our hard earned money to make profit of insurance company.
My sincere advise to all ULIP holders or looking for new policies, don't investi in ULIP. Always go for insurance seperately and Equity Mutual fund seperate where you can get good returns.
Last but not least, ULIP companies are no.1 fraud and cheaters where they are minting the hard earned money of poor people of india.