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patnitin
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Quote patnitin Replybullet Posted: 03/Sep/2008 at 8:33pm
Though I am of the firm belief that Insurance and Investment should never be mixed,I believe that one should have some Debt instruments in one's portfolio.
 
LIC is advertising a policy 'Jeevan Saral' in which they claim to give returns of about 10% per annum.This they claim is better than any recurring deposit in bank/post office.Plus maturity value is totally tax free.
For example for a monthly deposit/premium of Rs 5000 for a period of 10 years,They claim to give Insurance cover of 125000 +premium paid and a maturity value of 1064520 (Rs 4007400 for 20 year maturity).
 
For an insurance product all the above seems too good to digest.I believe LIC will not fool people though they have a rider that 10% may change with corporations's experience.
Could there be any hidden things or Am I missing some thing in this?
 
I would like to invite comments from fellow TEDies and basantjee.
 
Nitin
 
 
 


Edited by patnitin - 03/Sep/2008 at 8:33pm
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vishu013
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Quote vishu013 Replybullet Posted: 04/Dec/2008 at 3:02pm
Hi,

I am planning to get a health insurance (mediclaim) from a pvt. insurer (Reliance General).

Could someone clarify, if its safe to go from pvt. General insurers ? That is, if after 10 years, this general insurance company closes down, then what will happen to my policy ? And it would be difficult to get another medclaim policy at that age, too.

My next doubt is, can health insurance provider be switched? And if yes, do the benefits like no claim and pre-existing diseases, be carried to the new provider ?

Thanks for your comments.
Vish
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basant
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Quote basant Replybullet Posted: 04/Dec/2008 at 3:06pm
You need to renew your insurance every year so you would know the status of the insurer before you write the next cheque. However I think that private insurers would not close down as is generally felt what ytu need is good back up support in times of claims and private insurance agents are quite relaxed at that. So try and work your way at the claim section to see how it responds before you sign up.
 
Insurance policies can be switched from one insurer to another.
 
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kulman
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Quote kulman Replybullet Posted: 23/Jan/2009 at 9:41am

How pandits and insurance ads use fear to sell
Life can only be understood backwards—but it must be lived forwards
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Quote oswaloman Replybullet Posted: 25/May/2009 at 2:47pm
This forum would be very useful as I could see every one is contributing their 
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rticici
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Quote rticici Replybullet Posted: 30/May/2009 at 6:05pm
Advantages of having a health life insurance

1) With health insurance, you do not have to worry about the cost of care when you are sick.

2) Health insurance can protect you from the risk of uncertain bills for health care.

3) You’re insured!

4) Tax breaks can help

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wiseowl
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Quote wiseowl Replybullet Posted: 03/Nov/2009 at 11:42am
During the past fortnight or so I have received calls / SMS from insurance agents (Tata-AIG, Kotak, Bajaj-Allianz)  promising unrealistic returns on pension &/or ULIP schemes -- something like a minimum of 20% annually over 20 yrs. I had arguments with the Tata-AIG and Kotak guy, and told them that they were mis-selling their products.
:
Some of my friends had in the past invested in LIC and other schemes on promise of similar fantastic returns. It was very difficult to convince them about the erroneous assumptions of insurance agents.
You alone are responsible for your actions.
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Fardeen
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Quote Fardeen Replybullet Posted: 10/Feb/2010 at 9:25pm
Originally posted by wiseowl

During the past fortnight or so I have received calls / SMS from insurance agents (Tata-AIG, Kotak, Bajaj-Allianz)  promising unrealistic returns on pension &/or ULIP schemes -- something like a minimum of 20% annually over 20 yrs. I had arguments with the Tata-AIG and Kotak guy, and told them that they were mis-selling their products.

Some of my friends had in the past invested in LIC and other schemes on promise of similar fantastic returns. It was very difficult to convince them about the erroneous assumptions of insurance agents.
 
Fully agree and the worst part is:
1. The high amount of charges which is as high as 60 percent which is deducted within 2-3 years.
2. The agents keep on telling you that you can surrender the policy after 3 years (though now it has been increased to 5 years) not mentioning to stay invested as most of the charges have already been levied.
3. I have seen agents selling ULIP to people aged 40+ without telling them of the high mortality charges.
Success in not final and failure is not fatal, it is the courage to continue that counts.
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