Oct 21, 2012 02:49 PM
4179 Views
I had bought the the Aviva SaveGuard Policy in 2007 and now find that Aviva has ripped me off.
Key Issues:
At the time of selling the policy, I was told by the sales representative that I need to pay the premiums only for 3 years and after that I can withdraw the funds as per the market value. Given the huge commissions that are offered for longer term policies – the policy was issued with different terms than what told at the time of selling it.
I am now told that there are charges for withdrawal and there will be significant deductions (~25% of my fund value) if I want to withdraw the funds. This is preposterous – huge charges have already been deducted in the first 3 years and now you want to apply additional charges. Further appalling are the charges that continue to apply and deductions that would be made even if I leave the funds with Aviva for the term of the policy.
The customer care response claims that the policy document has the detailed illustration showing the value if funds are withdrawn. My policy document contains no such illustration.
I cannot even comprehend how such policies can be issued to non suspecting customers. For all insurance products – life insurance, health insurance etc. or investment products e.g. debt/ mutual funds – one can stop investment when one wants and take out the fund value – it is only this Aviva product where I have been bound into such a contract – while giving a different picture.
These ULIP policies of Aviva are completely fraudulent policies - they provide no returns - and if you ask them about returns they will see these policies also provide insurance. if you look at the cost of the small insurance they are providing and compare it to term plans, you will discover that the value of the insurance is costing one 3x4 times a regular term plan.
Aviva Policies - only for unsuspecting fools!
