Tuesday 28 August 2012

Beware ! How Bank systematically cheats SIP Systematic Investment Plan (SIP) or SIP Systematic Cheating Plan

Beware ! 

 How  Bank systematically cheats 

SIP Systematic Investment Plan (SIP) 


SIP Systematic Cheating Plan 

A special SIP series for members who want to do SIP on an Agents calls.  Systematic Investment Plan is  not a 100% systematic is what I am going to talk .  

There are a number of Bankers who cheat people. As they have big sales tragets.

BEWARE OF HDFC ULIP policies. They are cheating people without giving proper facts.
I recently bought a ULIP from HDFC, the manager informed me the commission charged by the bank is 2.5% of the total investment.
After a week I got the recipt of the ULIP and it showed investement of only 40%. The remaining 60% was missing. When enquired from the bank, they say the commision is 60% for the first year, 50% for the next year & 3 rd year is nil, but if you continue the policy after 3 years then again the the commision starts from 60%.
Be very careful of these cheats.

the policy is a crap. one manager in the bank cheated us will all false information.
We gave a complaint and is of no use.
we lost hard earned one lakh because of them.
we went to put 25000 in some other ulip plan other than hdfc, that buy made us put 1, 00, 000 in HDFC ulip, telling that 1st year alone, pay 1, 00, 000 and from next yera pay ionly 10000.now they are telling there is nothing like that and every year we need to pay 100000 and they took service tax as 30 %. do never believe this bank's people, they have employees ONLY to cheat people like us.

HDFC agents told me that if we continue the policy after 3 years for 2 years more, it will yield us profit..
but when you say that the commission again they take is 60%, so what to do in that case?
Should i continue after 3 years or not
and also should i reduce the premium for my 3rd year..as the value for my money is constantly decreasing
Please suggest

HDFC ULIPS are cheats.

Their ULIPS are not performing.

I invested 50, 000 in first year, the bank agent did not tell anything about the 30% comission.. and the investment is worth 28, 000+

I did not invest any more for second and third year.

I will not be surprised they wrap up their business.

Cheats Cheats Cheats !

Big time cheaters they are! I paid premium for 4 years, and the NAV changed from 60+ to 80+ still when I check my balance, it is couple of thousands loss!!! because of their charges and for 2nd year reinstantiation of the lapsed policy they cheated me big time by cutting down my units as per the latest NAV for the whole amount I paid for 2 years

its not survival of the fittest, its the survival of the wittiest..
An agent also cheated me three years back that i am making a smart investment,

they took almost 50% (300000) of my total investment at the time of surrendering after 3 years...Imagine, this is not at all ethical..

any way this is a good lesson learned..its not too late now to cancel or surrendering your ULIP policy, mark my words...

Better to get some small interest in FD !! from my returned/ surrendered amount.

Er Reema Chordiya [ BE, MBA, Member of the Advisory Board at
Minu-Sepehr AeroSpace University,USA ]
Manager HR


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