I took an SBI Shubh Nivesh Plan in Oct-2010. I know I have already committed a huge mistake (after reading the questions and responses in this forum). SBI agents/DSA agents tricked me into taking this plan. However, I am not sure on what should be my action now. My premium is Rs 65,000 (and has a bonus of Rs 7,500 with every premium). Policy term is 5 years. And the Sum assured shows: Rs 2,64,000. My questions is:
In five years I would have paid a total premium of Rs 65,000*5 = 3,90,000. Does it mean that on maturity I will be getting only sum assured + bonus = Rs 2,94,000 only!! Isn’t it then a Negative interest plan!! If this is true how could IRDA allow such a plan to function.
What should I do? I was initially promised a good sum of money etc etc, I now know all those claims were false. At worst, I had imagined a 5-6% return, with a guarantee of my premiums. Now I am totally disillusioned! I already have sufficient term plan cover (Rs 1 Crore).
Pls help!