Summer last year, they got the less informed members of the family to sign up for an expensive ULIP. As far as the policy goes, there’s nothing special about it. The ULIP, ahem, was a startup by Canara and HSBC. Does that ring a bell? They needed people to invest in the startup. The least informed and most trusting members of my family were easy targets. With me not being around there, and the trust levels being at their peak – the HSBC premier guys did just that; breach it.
I was devastated when I learnt about the policy and details this year. More so, when I learnt that it had a 25% allocation value that has gone down the drains. I have always been against any kind of ULIPs. My advice flows out to anyone who start their tax investments on that note. It happened with me, in my own home and I couldn’t do anything. The folly was, we trusted HSBC premier and their agents too much. I’ll update this post if there’s anything that HSBC premier does to reverse this.