FP Query

Dear mr.karwa,

I was browsing to know more about ULIP (united linked insurance policies) as iam being pressurised by my agent to take a policy. Iam delighted to learn about your good work. thanks. my agent has proposed a policy in which iam insured for 20 lakhs and would be paying 25000 premium. Iam informed by my agent that I will have to pay the amount just for 3 years and then can stop paying premiums but after 10 years iam assured of rs.10 lakhs. kindly help.
menon
age.30

Ans:

Mr.Menon,

It is high time you change your Insurance agent. Firstly the Unit Linked Insurance Plans do not assure any kind of returns, secondly by investing just 75000 (which would be reduced substantially by various charges levied by the insurance co) how could one estimate it to grow to 10 lacs? Your agent is promising annualized returns of almost 33% which is ridiculous.

 

Vivek Karwa, CFPCM

Chennai

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