Agreement says, the term of the policy is for 20 years...is that mean that i should pay premium for entire 20 years. HDFC rep says it is upto 3 years lock in. 4th year onwards, i can withdraw, either partial or entire corpus accumalated. Is that true? Also let me know that whether i can invest further after 3 years giving break in the premium payment. flexibility in the size of premium payment during lateron years after 3 years.
Big question is how safe is my money invested? I'm really investing huge amount every year in the scheme hoping that money can be withdrawn at the time of emergency or my child's education/marriage etc. At that time, it should not be a surprise for me saying my hard invested money can't be withdrawn!!!
This is purely based on my personal experiance. Bank's representative do not reveal the most important details at the time of investing....eg., such a huge management charges (40% of premium) gave me a painful surprise only when i got the statement, that too almost after a month i invested. This information was never given by the representative. Also in the policy document, no where is mentioned about the lock in period of premium payment. term is given as 20 years...if i had known earlier i would have invested less amount rather than going for such huge amount. i can't even cancell the policy now afraid of losing about 95% due to surrendering....
Really surprised why these bank cheats customers by hiding important info till the end.
