Market Plus With A Whole Bunch Of Off-Market Minuses

by Vinaya HS on April 1, 2013

in Finance

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Oops!

It’s been close to 3-months now since I last wrote — it’s the usual “life just got busy” excuse and I pick-up all the blame for letting things slip. We’ve also just entered a brand-new financial year and I wish each of you a prosperous year ahead. Lot’s of stuff did happen in between including some new investments and having to let go of the Swift in lieu for what I personally think is its perfect replacement. More on that in the coming weeks — I promise!

But first, guess what nudged me over the edge and back here?

A “Unit Account Statement” for LIC’s Market Plus scheme that turned-up in the post box. Now this happens to be one of D’s legacy mis-investments and upon opening the statement we discovered to our horror that a secret [off-market?] Rs 20 was being happily deducted each month under the guise of “Admin Charges.” I guess this has been happening each month since the investment was first made quite a number of years back. Don’t even ask me about it’s Market Value — it’s deeper than the Titanic’s depth of sink!

There’s a whole bunch of other columns for various other off-market charges — which thankfully were zero in our statement.

Here’s a sample –

  • Allocation Charges

  • Mortality Exp/FY Renw(*) [WTH?]

  • Accident Charges [WTH? I hope I'm not charged for meeting with an accident!]

  • Switching Charges

  • Ser Tax Rsk Prm Chrgs [WTH?]

It’s time to cut the flab including another mis-investment — Money Plus!




Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.

{ 4 comments… read them below or add one }

Ashutosh Tewari April 1, 2013 at 2:00 PM

Congrats for your new car. Regarding ULIPs the less said the better.

Dhirendra Singh April 1, 2013 at 3:11 PM

ULIPs….are you kiddin’ me??? Never ever…..

Vinaya H S April 2, 2013 at 8:23 AM

@Ashutosh — Thanks. :-)

Good start to the financial year — getting rid of both Money Plus and Market Plus.

Nirjhar April 18, 2013 at 10:39 PM

Hi Vinay,
Congrats .Wish one day we will see a Beetle or Merc as a replacement here.
How about a post on how you zeroed on the particular model(Petrol/CNG) of City instead of a faster selling Hyundai Verna or an Amaze or a …

Rgds,
Nirjhar

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