Only the other day, I received a call from the customer service team of a leading insurance company . The caller ( lets say Mr.X) , for a change , was cordial with a pleasant accent . X said that we have an excellent saving product. You only have to invest Rs. 30,000 per year , only for 3 years . And then after 10 years the amount will be redeemed at a return of 10-15% . Do let me know , when can I send my representative.
For the uninitiated this proposition sounds fantastic. One invests only Rs. 30,000 and that too for only 3 years and then one gets a return of 10-15%. Fantastic.
Have you noticed that nowhere in the conversation is the word “ Insurance “ mentioned. The pitch is “ savings products”. Is this cheating or a sales pitch ?
Moreover, there is also no mention about the upfront charges as in Premium allocation charge; policy administration charge; fund management charges. What about surrender charges ??? Did I say surrender charges . Lord save us .
Well financial products are sold and not bought. Buyers beware. Ask the right questions.
If one does not understand, ask , ask and ask .
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