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Oct 09, 2013 10:22 am |
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re: re: Insurance Rip off !! |
R Ramkumar
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Musa / Jayant You make very valid points - we have signed off on the application form where the fine-print contradicts most of what the agent has sold us during his sales pitch and automatically absolved the agent of all wrong-doing. The only thing we can do is scare the hell out of the insurance advisor by taking him to court - I am not sure what will come out of it but it will probably put the brakes on the gross mis-selling and misrepresentation. Basically the insurance agent / advisor takes full advantage of our own laziness to take charge of our own money / investments. Finally - very valid point on buying the "insurance" - if we are looking at insurance, the best policy would be a pure term insurance - these days one gets a coverage of 1cr for a premium of between INR 15,000 and 20,000 per year. LIC's insurance policies are not dependent on market investments and thus give you assured protection of capital with reasonable returns as well. The market risk creeps in when the carrot of "high returns" being dangled in front of customers and they sign on for the "insurance policies" which are nothing but market investments in the guise of "insurance policies".Private Reply to R Ramkumar (new win) |
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