Did I Make the Right Move? My IDFC Private Upgrade Story

[vaibhav111vaibhav111 is verified member.]

About this.
See in your policy document there is one line in YOUR POLICY AT A GLANCE section
Free Look period 30 days from the date of receipt of the Policy

Yeah but it been one year already

 

[vaibhav111vaibhav111 is verified member.]

This was not a good deal to upgrade to the IDFC Private account. If you also received the Private Credit Card as Lifetime Free (LTF), then it makes some sense.


I had purchased the same policy for Infinia, which I later canceled within the 30-day free look period because it was missold to me. I don’t recall the exact reason why, but it was something along the lines of “you can stop paying and still get yearly benefits” or “your benefits will accrue at the prevailing SBI savings bank interest rate + 1.5%.” even if I surrender it."

The thing my rm mis sold to me saying I could cancel and she did paid my gst plus loss i would incurred if I surrender after a year. But 1.86L plus 50k was supposed to credited before making a second year payment that what I should have double checked. So hence I have to continue otherwise my 2.50L would be wasted.

 

[subham23]

I just want to state that most of the Bank's RM received huge commission by mis-selling ULIPs and other health/life insurance schemes to bank customers.
In your case, RM might be received around 30% of your premium in 1st year, i.e. 1.5 Lakh (that is why he/she agreed to even pay 22k GST).
In 2nd year, they will get around 5% of premium i.e. 25k.
As per official reference link - https://www.idfcfirstbank.com/conte...ommon-disclaimer-and-Commission-Structure.pdf

 

[vaibhav111vaibhav111 is verified member.]

I just want to state that most of the Bank's RM received huge commission by mis-selling ULIPs and other health/life insurance schemes to bank customers.
In your case, RM might be received around 30% of your premium in 1st year, i.e. 1.5 Lakh (that is why he/she agreed to even pay 22k GST).
In 2nd year, they will get around 5% of premium i.e. 25k.
As per official reference link - https://www.idfcfirstbank.com/conte...ommon-disclaimer-and-Commission-Structure.pdf

i have asked my RM regarding this she denied earlier too, so i'm emailing to banker@idfcfirstbank.com, how can i search online and find who is that person by using agent code and license code.

 

[subham23]

i have asked my RM regarding this she denied earlier too, so i'm emailing to banker@idfcfirstbank.com, how can i search online and find who is that person by using agent code and license code.

Try to check policy application soft copy, hopefully agent info will be there or policy issue copy once approved.

 

[Wealth is my birth right!]

Try to check policy application soft copy, hopefully agent info will be there or policy issue copy once approved.

Agency code will be bank not individual RM name
That’s how they track it for branch revenue across India
@vaibhav111 all for idfc pvt it’s not that worth i will take these ulips if i have given hsbc pvt which needs around 2m usd equivalent in any currency

 

[vaibhav111vaibhav111 is verified member.]

Try to check policy application soft copy, hopefully agent info will be there or policy issue copy once approved.

yeah i found the agent info like contact detail and License no & Agent No.

 

[Ram1]

What are the major advantages u get with idfc private bro?

 

[BhaiyaJi]

What are the major advantages u get with idfc private bro?

Status Driven Society.

 

[vaibhav111vaibhav111 is verified member.]

What are the major advantages u get with idfc private bro?

It nothing actually.

 

[Saad]

hi

It nothing actually.

vaibhav, hope you are doing well.
about the Mutual fund thing, was it mandatory from your RM to invest in?
i was thinking of upgrading to idfc private. is it worth getting the idfc private cc and dc?
i know it totally depends on my spends and all, how is your experience so far? any special benifits? your thoughts on this is really appreciated thanks

 

[vaibhav111vaibhav111 is verified member.]

hi

vaibhav, hope you are doing well.
about the Mutual fund thing, was it mandatory from your RM to invest in?
i was thinking of upgrading to idfc private. is it worth getting the idfc private cc and dc?
i know it totally depends on my spends and all, how is your experience so far? any special benifits? your thoughts on this is really appreciated thanks

yes for mututal fund it was mandatory but then i made some 1k profit since all were debt mutual fund after 30 days i took the funds out. and dc come along in a kit and for cc no ltf offer and total experience was okish.. no special benefit i could think of.

 

[Saad]

yes for mututal fund it was mandatory but then i made some 1k profit since all were debt mutual fund after 30 days i took the funds out. and dc come along in a kit and for cc no ltf offer and total experience was okish.. no special benefit i could think of.

Thanks for the reply, did they offer private cc paid?

 

[vaibhav111vaibhav111 is verified member.]

Yes paid cc was offered

Thanks for the reply, did they offer private cc paid?