Posted in Community :
Banking & Insurance Professionals
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Activity:
22 views;
last activity : 10 23 2011 05:08:01 +0000
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Discontinue the premium
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continue paying premium
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Switching from one policy to other policy
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Re-Structure Your Policy
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With draw and Quick end process
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Ideas in:
"Bad Insurance - how to get out!!"
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By doing this the policy will lapse. But it wont be profitable at all. |
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Nilesh Jain, Project Manager, A Leading Media/Telecom Co.
| 03 15 2011 13:56:18 +0000
Good point Smita. I did fall pray to similar type of policies. I then sit back and done calculations and firmly arrived at strong conclusion to discontinue all the policies. These policies are SOLD by agents for his benefits. One of 4 policies which I paid for 8 years, one 2 year and rest for 4 years. The total premium I was paying is close to 38K and cover is mere 8.5L. Total I paid was close to 1.6L. I surrendered all and got back just 53K. By absorbing that loss too I took a wise (I know it is) decision to discontinue it. I stopped my future losses. I'm happy to save my hard earnings. Insurance is worst investment and LIC for that matter may be more in the lot. As Manish said, normal FD at given rate of 8/8.5% is more beneficial than any insurance policy. Thanks Smita for ref.
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manish kumar, SEO | Web-cms Developer | FreeTips-- shoot me an email | Mobile SEO | Do more than Just !
| 03 14 2011 08:46:31 +0000
I feel FD is far better than insurance..
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Insurance is a long term contract and it covers risk of financial loss due to immature death. as far as return are concerned insurance is not investment tool and covers risk of mortality.it provides peace of mind to you and your loved ones.Most of the people in India are uninsured or under insured due to lack of awareness about insurance.In USA insurance penetration much higher. Role of insurance is becoming very important due to nuclear families.
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sourabh vaygaonkar, MBA/PGDM student, National insurance academy
| 10 23 2011 05:09:57 +0000
but if a person got bad policy then it will be better if you get out of this plan rather then continue with it. so we should have consult a financial advisor before buying an insurance product. in the above case also she could contact an advisor or few other companies agent and then you will be having very clear picture. because every company will tell you deficiencies of other one.
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Ms. Smita you have not mentioned the name of the insurance company, but still you can ask your adviser for another option where you will get good returns.
& please don't expect that much return from insurance policy as whatever given on F.D., as F.D.does not cover your life's risk.
So be patient & go for 2 nd opinion & you come to know that there are "N" nos. of options are available for your requirement.
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No supporting Arguments for this idea
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Smita, You have mentioned here that policy is not profitable yet as compare to bank F.D. in terms of return. But didn't clear the other prospects of policy. If you have invested in ULIP then try to maintain & re-structure your policy with addition of some fresh units if aforesaid plan have low NAV as comparison where you invested. It will increase your fund value & support your fund for future. And after 7 years you will get maximum return as comparison to any other financial investment with handsome Insure value.......... Because allocation charges(Charged by ULIP company to manage fund) is high in starting but after 1-2 years it will goes down......
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No supporting Arguments for this idea
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contractual statement not suitable with both parties void agreement.The same what are the other procedures to quickly withdraw money for what they paid previous
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No supporting Arguments for this idea
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