Ulip & Endowment!!!!

POSTED BY mayur ON March 3, 2012 4:26 pm COMMENTS (6)

Policy No. Policy Name Premium Term Premium Paid
1 12910492 HDFC Unit Lined Youngstar Champion Policy Schedule Rs.25,000 15 Years 3 Years
2 12910617 HDFC Unit Linked Youngstar II Policy Schedule Rs.25,000 15 Years 3 Years
3 12910493 HDFC Unit Linked Youngstar II Polciy Schedule Rs.25,000 15 Years 3 Years
4 12910538 HDFC Unit Linked Youngstar II Polciy Schedule Rs.25,000 15 Years 3 Years
5 12739487 HDFC Childrens Double Benefit Plan Rs.25,000 10 Years 3 Years
6 12854640 HDFC Personal Pension Plan Regular Premium Rs.25,000 10 Years 3 Years
7 12726492 HDFC Endowment Assurance Policy Rs.25,000 10 Years 3 Years
8 12661176 HDFC Endowment Assurance Policy Rs.50,000 10 Years 3 Years
9 12644214 HDFC Endowment Assurance Policy Rs.25,000 10 Years 3 Years
10 12660420 HDFC Personal Pension Plan Regular Premium Rs.50,000 10 Years 3 Years
Now HDFC Executive is suggesting me to club all the Ulip and invest in Pro Growth Maximiser which is again a ULIP Plan.
He said there is only one time transfer fee charges i.e 4% and AMC charges.
We can surrender this policy after 3 Years at NAV Rs.15. I read your article on Highest NAV Guaranteed ( New Techniques by Companies to attract customers).
Can i stop paying Endowment and get it converted into paid up???
If i pay premiums for 5 years will i get back money what i have invested???
Kindly help me on this…

6 replies on this article “Ulip & Endowment!!!!”

  1. mayur says:

    When i visited branch one of the Executive suggested me to club all this policies and go for NAV guarantee.

    Later I called up Customer Executive and they said you cannot transfer your existing policies. You need to close it down, put your money in Highest Nav Guarantee…

    I was never told by the Executive to close all the policies. He just told me we can transfer these policies to NAV Guarantee without paying a single rupee. What a mis – selling by the Executive to exit from one ULIP Policy and then put it again in one more ULIP policy.

    That’s it i am exiting from all the above policies.

    Thanks Jagoinvestor for the support.

    1. Dear Mayur, please get the confirmation from HDFC on the surrender value or paid value of your policies & post the details here.

      Please do not reinvest.



  2. Anand says:

    Go through ‘Schedule of charges’ of your policy document (and you have loads of them) and see the surrender charge.

    I have one ULIP from hdfc life and when I called cust care, they had no clue as to what is surrender charge. At last, I visited the branch of hdfc life and clarified things. Now my policy is in paid-up stage. I have stopped paying premiums, but life cover continues. See if you can convert your policies to paid up.


  3. Dear Mayur, please contact HDFC Life customer care on phone or mail. I repeat again customer care & not that HDFC Life executive. Quote your policies’ detail & ask there to provide paid up as well as surrender value of each of the nine policies.

    Then decide on your own what to do with these policies or else ask here in this forum after posting those paid up & surrender values.



  4. mayur says:

    Hello Ashal,

    So can i convert all the above policies in fully paid up???

    What are the consequences of turning into fully paid up???

    Is fully paid is the best option???



  5. Dear Mayur, after collecting so many policies & at the same time reading JAGO INVESTOR, still thinking of going again for a policy & that too from HDFC executive itself, God save you.

    To me it’s more a case of mis-buying than mis-selling.

    Even if you opt to pay prem. till 5Y, you ‘ll not be able to recover your basic prem. from those money sucking endowment plans.



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