Need help to understand ULIP revival charges if policy gets lapsed during lock in period
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My BajaAllianz life insurance policy got lapsed in April 2009 after 2 premiums were paid and later on it was revived in December 2010 when I paid the 3rd premium.
When it got lapsed they sold all my units and later on credited me units equivalent to amount which got lapsed but this resulted in loss of 1200 units which is now worth 50k.
Now I am wondering is justified as per what’s mentioned in the policy below?
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@sardasa do keep us posted on this matter…..
In the case of a policy getting lapsed, you anyhow have to face some loss. It’s just that your loss is a pretty good number which will surely feel like you lost a good amount. That is why you are confused but it is a lapsed policy so a loss is inevitable.
ULIP are worst bro. They have so much hidden charges which agent won’t tell u at the time of purchase. ULIP is as such not bad but their hidden charges, higher expense ratio & non-transaparent make them worst compare to mutual fund…
Hope u recover ur money.
What about 4G ULIPs? They have 0 Premium alloc/ Policy admin charges and FMC comparable to TER of MFs. Some also offer Return of Mortality Charges. Are these worth buying?
Just found this link: https://indiankanoon.org/doc/871...1/
My case is exactly same.
Please suggest what should I do now?