Dear Sir,
I am an employee of Nomura Servcies India [Lehman Brothers]. Last year [27-Aug] I agreed to have a policy with Birla Sunlife after several insistence from citibank relationship manager. The policy [Id: 003282890] name is 'Birla Sunlife Saral Jeevan' and I invested Rs. 1, 19, 940 towards the policy. Before applying for the policy I was informed by the guy who is a Citibank employee, that Birla Sunlife will deduct merely some 1.25% to 2% of charge for first 3 years and thereafter nothing will be deducted. I'd trusted and went ahead with the policy by filling up a form where there was no information about the additional charges and all. I also received the brochures only after my first premium got deducted from my Citibank a/c. Of late I came to know they've deducted a huge amount which is an astounding 25% in first 3 years along with the fund management charge which I was told about only. So after one year, my fund value has become Rs. 89, 000 [they deducted Rs. 30, 000 in 1st year]. Which clearly shows how these guys are cheating the common people and even citibank to whom I had a respect once upon a time is simply proved out to be a roadside agent who can go upto any extent for money and they are such shameless guys that they even started cheating the corporate people who had been their customers for quite a long time. and i really appreciate their shrudeness and the way they have mentioned the no. of cover and all. e.g., for my case the co. of cover is 132 and if I want to discontinue as per the brochure they will deduct Rs. 900 per cover which for my case Rs. 1, 18, 800, almost equal to my premium. So people have no option other than sticking to the policy fearing they don't want to lose their hard-earned money. So after 3 years they will deduct almost 1, 00, 000, so after giving a hefty premium of 3, 60, 000 [in 3 years] I'll be left with a fund value of 2, 60, 000 and for Saral Jeevan, the nav will never go upto that level which can compensate my loss.
So my question is, why I was not told about this hefty administration charges. Had it been known to me, I would have never opted for this policy. This is the return I received after relying on one of the respected(???) bank and their loyal employees. I'm going to raise my concern with my company HR and see what I can do. But at the same time, want your humble opinion as to what can I do to get back my investment. Shall I go to a lawyer?
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