I have serious complaint against Birla Sun Life Insurance Company for my Policy No 001580403.
1. On Mar,27 2008 as below the initial units that I had under this policy were 3340 in Mar'08 through First premium amount of Rs 36800.
2. However as per the below details the total number of units at the end of Mar09 was only 1406 which is only 42% of the initial units allocated. As per the IRDA guidelines the administrative charges for a ULIP is never more than 20% which is deducted within the 1st month of the premium paid which means I should have 80% of 3340 units i.e. minimum 2672.
3. It is only NAV that is variable and not the units allocation. Birla Sunlife is deducting units in every month which is very strange and not acceptable. The way they have treated my policy is like a future & options contract in the share market.
4. Please help me to get back my original no of units which should be minimum of 2672.