Sr. Relationship Manager of ANgel Broking – Mr. Santosh Krishna V has done a mis-selling of one of the products of BSLI – Vision Plan (35 years). He told me that we can stop paying premium after 5 years but we still get the insurance benefits of the plan, wherein the sum assured would be reduced proportionally but will not make a big difference. The only diff will be that the regular bonus additions will stop. However, i recently discovered from the Customer Care of BSLI that if we stop paying premium after three years, the sum assured would be reduced to the premuim amount only.
And also came to know that if i stop after 1st year itself, i wont get any refund. Now because of this mis-selling, i am losing on my premium amount of more than Rs.16,000/- if i stop now (after the 1st premium).
Please help me in this regard as i may lose my faith in Insurance products & the stakeholders of this industry.