As the regulatory war on ULIPs unfold, my hope is that it will blow the lid on the ULIP con game.
Meanwhile there has been some updates and SEBI is not ready to hold back all its punches even though the FM wants a status quo. So the “status quo” only applies to current ULIPs, it said in an order today. New ULIPs will not be allowed. More details at Deepak’s Blog
I also want to share “My ULIP story” by Daksha Bhat, who is one of the countless aggrieved customers of ULIP. Her experience with the top brass of the Insurer as well as IRDA is an eye opener.
I decided to go online and check the Prudential policy. I changed the password online and the very next day the agent logged in and changed the password himself! I complained to Prudential on various counts:
1.)The seller had altered the requested product in the application form & forged my signature on the change.
2.) The seller was not the Agent – his wife was the agent
3.) The seller had changed the password without my permission
4.) The seller had missold the product.
The Prudential staff I spoke to first said, “yes yes he handles his wife’ business.” One woman from the prudential office called me and asked “what problem do you have with bhai? What has he done wrong to you?”
Later they said this did NOT happen, then I went to the very top and they admitted there was some wrong doing and they had ‘counselled’ the agent!
IRDA did not do anything about this – or about my mediclaim policy. Their one line answer to me was “The company’s answer is conspicuous.” Meaningless is an understatement.
So SEBI – here’s to you. More controls please – and when are you going to make misselling a misdemeanour at least? These guys need to have licenses that can be cancelled if they do anything unethical.
Read her entire post in full details
Earlier posts on ULIP: How to sell ULIPs to unsuspecting Customers
ULIP: Rs 50000 turns into Rs 47000
Open Letter to Kamesh Goyal, Bajaj Allianz Life Insurance
Do you have a ULIP experience to share?
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[...] The Great ULIP Drama [...]