You are a common man and wish to buy term insurance. You read subramoney and decided R company’s premium is the lowest and so you decided to buy from company R.
Now comes the fun. You meet a person who charges you for advise (so you know you are paying him), but unknown to you he is also a life insurance agent. It is his job to convert you to buy ‘H’ or ‘I’ or ‘K’…but not R.
What all can he say / do:
1. Sir, do not buy term – all the money is lost. (Old argument, works very well, but you KNOW this…so I am ignoring this)
2. Sir, buy this ‘Return of Premium’ term insurance – your money comes back to you and DOES NOT GET WASTED! Vow, brilliant you say
My take: RoP term insurance is the worst POSSIBLE plan to buy. You can never throw away the policy. The very reason for buying a term insurance is to throw it away when you find a competitor plan which is cheaper.
3. Sir buy ‘I’, ‘J’, K or L: They have many offices around the country, so in case you need some back up, you will get good service!
My take: Vow…smart work, but do you need any ‘maintenance’ work in a term plan? NO.
4. Sir did you see the claims / pay out ratio? It is very small for company R, you should buy from H, I or K.
My take: Good try…what happens if the ratio changes after 4 years? Will you redo the insurance? …
5. Sir do not buy from R…I heard they are planning to leave India and go.
my take: they may leave their parent country. They will NEVER leave India. It is far, far, more easier to sell in India than in their parent country!!
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