Are ULIP’s a scam?

I am not a financial advisor. I am just an ordinary customer.

Ten years ago, my husband invested a small sum of money with the HDFC Unit Linked Young Star program. Last November I got a letter from the company informing me that the policies had matured so I should arrange to collect since I was the beneficiary on both the policies.

Naturally, the instructions are never really clear so I called up my agent who told me that he couldn’t help since the company has instructed policy holders or beneficiaries to process their own policies. But he helpfully provided me with an address of a branch office.

After getting all the documents together, I thought I’d avoid the extra trip by ensuring that everything was in order as the office is located too far for me to walk but too close for a taxi to take me there. And of course, we all know that unless you are in Government, you cannot get a parking anywhere near where you want to go.

So when I called the customer service number, I was kept on hold for five minutes while a sultry voice informed me that they were being inundated with customer calls and I would be soon talking to an IVR ( A MACHINE!!!!!). Naturally this IVR meant that I had to put down the phone and make another call as the instrument that I was calling on didn’t register the menu options punched in.

A half hour later I got to talk to a human being who told me that she couldn’t process my request of asking which documents are required until she verified the details with the policy holder. I told her this was not possible because I had a genuine problem and she said that she couldn’t say another word unless she spoke to the policy holder.

It struck me now that I should have said that I was the policy holder since we were not on SKYPE.

Honestly, the policy holder is quite unaware of this investment as it was made on her behalf.

So what kind of customer care is this??????

And their tag line should be changed to Chashma pehnke karo


A granny who always sees the humour in life and tries to do things differently. When others make cupcakes, this granny makes banana fritters. When she’s not busy chasing her grandchildren who love making her run around, she indulges in her passions of reading, writing, meeting friends and watching movies. And somewhere between all this she enjoys travelling and cooking!

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