Have you invested in insurance schemes I am sure large number people have been tricked by their insurance agents to buy investment linked insurance schemes and they are paying Rs 20000 to Rs 40000 annually on these schemes hoping for good returns of 10% as per IRDA options, but very few have studied to see that the maintenance charges and book-keeping charges are so high, that you cannot get more than 6% return, Yes I have myself invested with these type of insurance policies hoping to get good returns on retirement, but today when some of these policy have matured I only got what I had invested initially and a little more, The stock market has grown by 15 to 16% but the returns given in these schemes do not increase. There was a scheme for Highest NAV offered by some insurance company which tempted me to join, but at the end of 10 years, the NAV was the same the movement was restricted to a point or two. In my opinion, let Investment Company’s do investment and Insurance Company’s only concentrate on Insurance.
You should always buy term insurance, so with a small premium you can cover yourself, and live a happy life, and your children are protected by your insurance cover, if God forbid something happens to you.
My advice to all, is do not forget to cover yourself sufficiently with Health Insurance and Accident Insurance, as the hospital bills are so huge, that all your saving are wiped out, and in some case, people have to take loans or sell their homes to pay the hospital bills. Renew your policies ahead of expire dates and if you can afford, take it for 2 to 3 years.
