Unit
Linked Insurance Plans or ULIPs are insurance cum investment plans.
ULIP offers life insurance cover and an opportunity at wealth creation. Part of
the premium goes towards mortality cover and the remaining amounts are invested
in equity, debt or a mix of both, depending on the type of ULIP. ULIPs help
achieve financial goals of retirement planning, investment planning, tax
planning and children’s education planning among others.
ULIP is a long-term investment which has a 5 year lock-in
period. Insurance agents sell ULIPs promising great return on investments.
ULIPs are also marketed as tax saving investments. The purpose of availing
insurance is risk protection. Sadly, ULIP offers low mortality cover and
insurance agents don’t inform people which is cheating and fraud.
Indian Money review Bangalore
say never mix insurance with investments. ULIPs offer
low mortality and have high charges. An IndianMoney dot com review
says ULIPS deduct premium allocation charges, mortality charges, policy
administration charges and some other charges before investing in debt or
equity. This reduces the return on investment. IndianMoney complaints say many people are dissatisfied with ULIPs
as they get cheated by low returns and hardly any mortality cover.
Indian Money reviews advice availing a pure risk protection
plan like a term life insurance plan and invest in equity or debt based on risk
profile. If you are an aggressive investor, invest in equity mutual funds or
stocks. A conservative investor can look at FDs, post office schemes or FMPs.
IndianMoney
Complaints: Compare ULIP Plan, Review and Benefits
Compare ULIP Plans: Reviews and Benefits:
IndianMoney reviews say
understand ULIPs before availing them. ULIPs have a lock-in of 5 years. Being
dissatisfied with the ULIP means you have to surrender ULIPs. You feel cheated
as there are surrender charges.
Insurance agents sell ULIPs to pocket commissions. When you
feel cheated and look to exit ULIPs, insurance agents advise surrendering ULIPs
and availing Endowment plans. This is churning and helps insurers earn more
commissions. This blatant cheating and fraud has brought a bad name to the
insurance sector in India.
IndianMoney.com reviews say most of the
premiums paid on ULIPs go towards investments, leaving very little for
insurance. You would be better off investing in mutual funds regulated by SEBI.
It’s difficult to measure performance of ULIPs vs Mutual Funds.
Indian Money Bangalore
say never invest in ULIPs if you can’t bear risk. ULIPs are
market-linked investments and you could lose money. ULIPs are not a good
investment for people with no regular income. Premiums have to be paid
regularly unlike SIPs in
mutual funds, where you can stop SIPs on not having the money. Surrendering
the ULIP incurs surrender charges.
Insurance agents cheating and fraud:
IndianMoney reviews say
insurance agents cheat customers saying ULIPs are like bank FDs. Insurance agents say ULIPs
are just like bank FDs with the added insurance benefit. Insurance agents say
ULIP illustration benefits offer 4% and 8% which are just like bank FDs. ULIPs also
enjoy tax benefits vis-à-vis FDs. When customers lose money, this is cheating
and fraud.
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