I had read few of the articles by you and it was really nice and would thank you for creating such a platform to discuss about the financial product. I have the below query.
- Can you please share your view for the Bharti AXA Life Samriddhi Plan | Endowment Plan .
- This query is specially for the bonus part. How can i determine the bonus for this Samriddhi Plan.
- Can you please confirm whether the bonus which is mentioned below is true is told by agent
- steps to calculate the bonus for the Bharti AXA Life Samriddhi plan
- Go to https://www.bharti-axalife.com/
- click on the Public Disclosures
- Go to L-22-Analytical Ratios
- click on Q1
- download and open the L-22 pdf.
- refer to 13 Investment Yield (Gross and Net)
- check the With Realised gains for the PAR .
is 10.4% is the bonus amount for the Bharti AXA Life Samriddhi plan (agent is telling 90% of 10.4% can be shared with policyholder as per IRDA).
The agent is claiming that in 10 years the amount invested will be double. (IRR is more than 12% for 31 age policy holder)
I feel pity about your blind belief on such false claims and I SALUTE to the agent’s tactic of misselling. Yield may be 10% or 11%. But in that how much they retain as their profit and how much they declare as BONUS to particular product is very much important.
Let him disclose the historical bonus rates. In my view it is not more than Rs.60 per Rs.1,000 Sum Assured. Even if it is Rs.60 per Rs.1,000 Sum Assured per year, then your return will not be more than 6%. In such a situation how can he claim that money doubles in 10 years?
But I really salute to this guy who found new ways to SELL such worst products. I am not saying that you MUST not buy. However, if you feel 4% to 5% a great returns then GO AHEAD. Otherwise, simply dump such products and such dangerous species called AGENTS or ADVISERS.
If he is really genuine about his claim, then let him defend it by commenting here. I heartily welcome him 🙂
The bonus information is also available in the same website.
Customer Service – Bonus History
The bonus declared for 2015-16 for this policy is 2.6% for a 5 year term and max of 5.15% for 35 year term.
How come this information does not reach the policyholder?
Now bonus declared is around 5% and this will remain with them up to your maturity without adding a single rupee to it. For example, this year if your policy accrued Rs.100 bonus then they keep it with them until either maturity or death claim. They return the SAME Rs.100 without adding a single rupee to it. Hence, it will not grow and instead diminish the investment.
Hence, even the 5% bonus rate does not mean that your earnings are 5% from this policy. It may be around 3% to 4%.
This is what I am pointing. You have to concentrate on bonus information that insurer declare rather than how much they earned from your money. Because excluding profit and expenses, they pay you this bonus.
Hope you now you got a clarity of how your insurance agent misguiding you.