Beware of any ULIP plans, especially from Bajaj Allianz. You will feel cheated when you will be in need of money, and want to get money from them.
While purchasing the policy their agents tell that you can withdraw the money after 3 years of premium. But the thing they don't tell is that you can't withdraw your own money even after that (minimum 20 years!). You should have been read your 60 pages documents to verify, and to catch their agents lies.
Lets take a scenario of Bajaj Allianz ULIP as follow:
- 15,000/- is the premium for a year
- 3 years is the Minimum number of years you have to pay
- 60,000/- you paid for 4 years (minimum period served)
- Say as per 9.0 pa interest (FD rates), you would have earned 22,000/- interest without any risk.
- Total Investment : 82000/-
Now let see what they got,
- -10,000 maintenance charges for 4 years
- -8,000 for surrender charges (they never tell you about that)
- -22,000 As market neither did good nor bad (only Bajaj Allianz got money, not you)
- YOUR TOTAL LOSS = Bajaj Allianz Profit = 40,000/-
Lets say market doesn't change much (went up and down in 4 years). What you got:
- 60,000 you paid, and as per interest of 9 pa, this amount should have around 82,000 by now.
- They have taken 18,000 from you (off course they have to pay their employee salary from your pocket)
- You get 60,000 - 18,000 = 42,000/-
How much You Lost :
- 82000 - 42000 = 40,000/- (50% of your money)
I've invested and studied many ULIPs plan, and suggest you not to invest in any ( and never in Bajaj Allianz).
