I do not find a single Insurance plan better than PPF or a FD. Most of the people buy these policies to save tax which you can also do with PPF. The returns from these policies are very much less or sometimes negative than PPF or FD's .These policies hardly get you returns of 8% and that too when market is good. For Ex: You pay 50K premium and they deduct 4% minimum some companies 12% as Allocation charges and around 250/month as mortality charges and there are other hidden charges too which comes to around 4K of the 50K, So even if you get a avg 8% returns all you get is your original investment back and remember this is when market is good. My advise is to invest in PPF or Tax free FD's and for mediclaim and insurance, i advise you all to buy term insurance for life where you pay 4K for 50 laks SA and a plan especially made for mediclaim. All most all companies now a days give mediclaim so i dont think one more is needed. BE WISE and SAY NO to These Policies.
Re: Be wise
by krishna pandey on Jan 16, 2013 08:28 AM
my dear friend don't confuse insurance with investment thing in mind..it's for risk in true sense
I do not find a single Insurance plan better than PPF or a FD. Most of the people buy these policies to save tax which you can also do with PPF. The returns from these policies are very much less or sometimes negative than PPF or FD's .These policies hardly get you returns of 8% and that too when market is good. For Ex: You pay 50K premium and they deduct 4% minimum some companies 12% as Allocation charges and around 250/month as mortality charges and there are other hidden charges too which comes to around 4K of the 50K, So even if you get a avg 8% returns all you get is your original investment back and remember this is when market is good. My advise is to invest in PPF or Tax free FD's and for mediclaim and insurance, i advise you all to buy term insurance for life where you pay 4K for 50 laks SA and a plan especially made for mediclaim. All most all companies now a days give mediclaim so i dont think one more is needed. BE WISE and SAY NO to These Policies.
fired by my advocate father for wasting money as i do not get any mediclaim for 59000 rupees per year as now some private insurance companies give benifts of 5 to 10 crores on hosptalisation against 59000 rs per year so i regret LIC is making us abuse our decision to go for LIC as other operators give better health insurance as complimentary consolation gift for such huge amout 59000 per year
Re: i pay rs. 59000 per year premium to LIC for 6 policies but i
by Edison John on Jan 10, 2013 11:16 PM
You have NOT mentioned whether your 6 policies are MEDICLAIM POLICIES or simply INSURANCE POLICIES. Once, you clarify this, somebody on the discussion board will be able to better advise you whether your advocate father has made a misjudgement of facts. !
Re: Re: Why pay cheque?
by pravin sarode on Jan 10, 2013 08:34 AM
what about insurance claim of the 2 soldiers died on battle fileds agaist parkistan all Insuance czars will refer to their terms and conditions to avoid paying compensation to both brave soldiers who sacrified maximum on duty?
I have also become a victim where agent collected cheque and got issued new policy with forged non existence address.Reliance/Agent both were in league. Even IRDEA did not take any action. HKGOEL
This is another farce of a company. They may have a great name internationally but who cares-they find dumb people in India to strengthen their position in the market and make up for lost time and money elsewhere in the world where laws are not just stringent but also menacing for them and consumer is protected.
