When an average Indian is told he needs life insurance, he understands it as he needs to go to LIC. Not bad considering that over the past 50+ years LIC has done a good job of paying claims and looking after people’s money. Now hold on, managing people’s money? Well the word managing is too big and rightly includes mis-managing also I guess.
If you buy a LIC policy thinking of it as a good INVESTMENT, you need to check your IQ and your ability to read. There is NO WAY in hell that ANY company can sell you an ENDOWMENT plan and hope to give you Inflation beating returns.
Even in ULIP the charging structure will ensure that if you do not pay for at least 12 years you are unlikely to get even YOUR premium paid. This is a sorry state of affairs.
If you see how the government has been ‘persuading’ the Chairman of LIc to buy all the governments equities and debt instruments, it is not funny!
I can of course go on and on…buy here is an article well written by Aarti Krishnan in Hindu business line…
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