I took the birlasunlife saral jeavan plan on apr.
The premium amount is 30, 000/-.
Monthly charges are 1, 000/- (administrative charges plus service charges).
It's been 1 and half years, till now I have paid 47, 600/-. now the current fund value is 33, 000/-. (the time period is between apr to oct)
Indeed I read the brochure before signing.
the brochure says "Policy administration charges for first 3 years is monthly 25/- per 10, 000/- of sum asssured. thereafter 2.5/&-quot;
I misunderstood the statement, The agent told me for 30, 000/- it'll be only 75/-,
I agree this is my foolishness, the total sum assured is 3, 30, 000/- so it's coming around 825/ and plus all other extra nonsense it's coming 1000/- per month. monthly investment is 2500/- but the charges are 1000/-
They are not charging for the money you put guys, they are charging for the sum assured they promised.
for first three years they are getting around 12, 000/- per annum.
It's most infuriating robbery. these idiots don't deserve this much charges. they're allocating funds like any other mutual fund, they haven't put the best ass to manage our money. I can use all fucking curse words I've ever known to scold them. that wont solve the problem. It's obviously a cheat.
As of today my fund value is 33, 000/- so I've lost 14, 000/- till now. it's been one and half year and if I withdraw now I'll definitely lose. So I decided to wait, I've distributed my investments to various plans (maximiser, multiplier etc.,). and I am closely watching the fund value.
Whatever you say, they are looting money from us for the first 3 years. I will be sticking around till I get back the money close to my investment.
I'll never allow them to get profit from my money after that. I'll pull out and go for other investment.
don't think after 3 years we'll be getting lot of profit, there are other mutual funds which are charging the same like what these bastards are charging after 3 years. Trust is important to run any business.
mutual fund is making profit from our money and the guys who invests on behalf of us will take some of the profit. but these guys are too greedy.
So what I'm doing now is I'm telling everyone about this and stopping them to invest on birla.
So guys spread the news and make noise, post about these guys on the forums.
we can't encourage the cheating.
I invested on Metlife also at the same period and I paid 38, 000/- and the current fund value is 41, 000/- in one and half years. Considering the recession period this is very good.
The market performed same, and they are buying almost the same shares and making almost same profit (I have gone through the distribution chart), but birla guys are fucking greedy bastards pocketing the profit plus our money to their pockets.
In future I'll never go near to any of the birla products.
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