I got two ICICI prudential policies (Life Gold) to a sum of 2.6 Lakhs as premium. When i got the policy, the way they told me was, "Even during recession we produced 16 % profit for clients and we have an average of 24 % profit".
My current fund value is at a loss of 45, 000 Rupees!!! I learned that in the first year, they deduct 18 % as some service charge. I called up the customer support and they said it has a lock in period of 4 years and i cant touch it. The worse part is they said i have definitely pay the premium every year. It seems the second year they deduct 10 % of my premium. At the end of first year, the fund profit is 2 %!!! but they deduct 18 % so an effective 16% loss!!
Even a fixed deposit fetches me 9 % interest and even that gives me an opportunity to withdraw any time. 4 years of lock in period with compulsory premium payments of 2.6 Lakhs and each year producing more loss, they got to be kidding me.
All that i want is to accept the current loss and withdraw my funds at current fund value and walk out but I am unable to. I hate this rip off but i am unable to do anything about it. My email is [email protected] Please let me know what i can do.
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