GENERALI VISION - AVOID like the plague!

Maxwell100

Whilst working overseas some 10 years back I signed up for a 10 year Generali Vision Plan in the belief that my initial investment would have to remain in the scheme for 10 years, i.e. like a fixed term investment.

I made regular payments into the scheme for 2 years and then stopped, as planned from the very outset. Now that the scheme has matured, I find that Generali have been deducting Administration Charges (undisclosed on their statements) in the form of units as though my monthly statements had continued for the whole 10 years.

The net result is that their charges have amounted to in excess of 60% of my investment with a pay-out little different from my initial investment!! Having studied in detail their small print (Vision Policy Conditions) and the one and only application form that I signed, I can see no reference stating that I was in effect signing a contract committing myself to maintaining my monthly payments for the whole 10 years with big penalties if dropping out early.

vectistim

How did you take the policy out, and in which country? It looks like this was a bog standard 10 year endowment. If you took this out in 2003 in the UK it should have been fairly clear what you were getting into.

dunstonh

This is not a UK based contract and not only woefully obsolete by 2013 standards, it was in 2003 as well. However, these types of plans were very commonly sold overseas. expats, in particular, tend to get targeted.

Lots of expats lost money on these types of contracts. They were expecting UK standards but that was a mistake.

alanq

@Generali Int

See Forum Rules re posting by company representatives.

http://www.moneysavingexpert.com/site/forum-faqs#companies

cloud_dog

Generali_Intl wrote: »

We actively monitor what is being said online about Generali International and the products and services that we offer....

Just curious why you would 'actively monitor' what is being said about you? Any particular reason you feel the need to 'actively monitor' general discussions?

Reaper

There is a long thread on Motley Fool with regulars saying what a poor policy it is and sales people attempting to defend it.
http://boards.fool.co.uk/generali-vision-11920142.aspx?sort=whole

Aegis

I've only seen one so far and it was very poor value for the investor. I wouldn't dismiss the entire offshore investment bond market based on this offering by one company, however it's not a policy designed for everyone.

winduptoy

Hello everyone who signed for Generali Vision, is there any luck to get your money back?
I have the same problem and loosing around 15 000 euros.
I checked some of the threads, but could not find any successful story about it

Flipflop1

Please try and sign this petition to air your views and experiences of Generali investments. I cant add a link but if you google search the following you will find it.
petitions/generali-annul-vision-contracts-and-return-all-funds-at-current-market-prices
Please try and make the difference if you can.