How to recover from this con job – Birla Sunlife Flexi Lifeline 2003?

POSTED BY Vijay G ON March 11, 2013 9:32 pm COMMENTS (2)


I have a Birla Child plan that I was suggested by Citibank in 2006. The plan was to get a bulk amount when my child reaches 18 yrs of age. I was made to believe that the design of the child plan is such that if the “premium payer” is no more, then the insurance company will pay the remaining premium and give the required funds to the child at the age of 18. But seems like the agent has conned me and just last month I found that the life insured is actually my child and not me – this has been confirmed by Birla Sunlife and Citibank. The reason given was that they wanted to reduce the insurance premium amount!

I am not sure if I should really continue with this policy now, but the loss of surrendering the policy is very high. I heard there is something called a paid-up option. How beneficial is this? What are my other options?

The policy details are as follows,

Policy start date : May 2006
Plan    : Flexi Lifeline 2003 – Pay 15
Premium paid til date   : Rs. 4.1L
Cash Surrender Value : Rs. 4.0L

Thanks in advance,

2 replies on this article “How to recover from this con job – Birla Sunlife Flexi Lifeline 2003?”

  1. Vijay G says:

    Thanks for the tip Ashal, will do that quickly!

  2. Dear Vijay, w’d you like to amputate a finger today or an Arm tomorrow? Surrendering at this stage is a better option if you still have time for next 8-10 years for your goal.

    Against the basic investment of 4.1L Rs., if you are getting 4L Rs. now, it’s better. So many people are not able to recover even 70% of their prem.



Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.