Reliance SIP Insure investor caught in a trap

If you were an investor mutual funds, investing in Reliance Tax Saver Fund (which offers life insurance) through SIP (systematic investment plan) route, and wanted to transform the bank from which you pay a SIP, you probably would not be able to do it! Such a situation is Deepak from Karnataka, who have invested their 000 per month RS1 Punjab National Bank Account Plan Reliance MF, which was covered with the RS10 lakh. However, if he wanted to go to banks, as he was moved to a new company, he could not do it. Reliance MF had told him that such a move was possible, and that insurance coverage is reduced or completely negated when he changed his bank account!

"How can investors in Reliance MF has a smooth change bank accounts?" Deepak moans. Apparently, Reliance MF said this clause was to provide investors in the document itself. Party switching banks is only available for ECS debit card, debit card rather than a car-like Deepak case. If you would like to join Reliance MF Deepak reduced demand for coverage, it can be reduced coverage of Rs5.4 lakh lakh instead of the RS10, simply because he was in the bank accounts. Another option, of course, would continue to invest in SIP security plan for your existing bank account, transferring money and keep the rest of the plan of your new bank account, which is 12 years (!), A big hassle. Deepak adds a "fix severe punishment only for switching banks is beyond our imagination, and runs counter to basic business principles." He turned to Reliance MF is the leader of Karnataka, and with the head and has not received any help so far.

In the ultimate irony, Reliance Mutual Fund CEO Sandeep Sikka was quoted in August saying the media: "There can be no short cut to get down invaded the market, but also to create and disseminate knowledge about financial literacy, which is an investment fund," added Mr. Sikka. If so, why did not Reliance MF Deepak informed ahead of the auto-debit clause since it was chosen for it? Indeed, Reliance MF website lists the auto-debit significant comfort.

According to Sunil Nair, R & T activities of Reliance MF "We need a mandate to withdraw the application for revocation is recorded in a register bank and the power to mandate the registration of another bank." Unfriendly to the laws regulating banking are forcing customers to jump from one place to another, a seemingly simple thing to get done. Why should a client like Deepak work hard to get these things? He is now a two-letter cancellation PNB mandates and mandate the registration of a new bank, he was signed, and then produce them as Reliance MF. Why can not the institutions of our customers faster and easier to do business with them, and in this case make it easier for banks to exchange? Of course, if the option is there, it's a win-win for both authorities and consumers.

In recent tightening of the fund and strict banking laws have forced investment funds looking for alternative sources of income. Some regulations have pressed the cost structure of the fund industry as a whole, and thus are forced to sell bad products to customers in search for better margins. Deepak case is a case in which the fund has changed the rules to suit yourself at the same time, the client passes the responsibility to solve the problem.

This is another case where the institutions, the regulatory environment and a wide, short change a small investor's benefit. What is terrible in this case is that he has no empathy and common sense. How hard is it to switch bank accounts? If this is the result of a regulatory requirement that an institution can not be an easy way to entertain the customers, just shows how ignorant our legislators, and it reflects badly on how consumers are treated in this country. Not only that, but did not inform Reliance MF Deepak Auto-debit point when he was chosen. This indicates that the regulatory apathy towards the institutions and consumers will only make it harder for products to reach a wider proportion of the population. Moreover, as more and more cases like this to come, consumers are becoming more aware and stay away from them.
Investors, after reading this episode, will be less inclined to invest in those institutions and products that are not customer friendly. It's no wonder that the investor does not increase the population of India, but shrinks!

Article Source: -http://moneylife.in/article/reliance-sip-insure-investor-caught-in-a-trap/22680.html

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