You have heard all this from the BFSI salesmen. They could be in the form of a bank manager, IFA, a financial planner, insurance agent, or one more of the same breed. Here are some of the samples. The challenge is to see whether you can spot the true ones and separate it from the false ones:
1. Sir, you do not have the time to manage your own money, I will manage it for you.
2. Sir, you have a child, so you must have a child plan.
3. We will all retire, so please take a retirement plan form….it is India’s biggest pension providing company.
4. IN a term insurance plan you will get back NOTHING, so please take a ULIP. The returns are much better.
5. Sir if you buy from our website, MUTUAL FUNDS are free, we do not charge anything.
6. Having a nomination for your flat is enough, you do not need a will.
7. Having a will for your flat is good enough, you do not need a No Objection Certificate from your other children.
8. Sir your mutual fund portfolio is good, but we need to shuffle it once in 2-3 years ATLEAST…
9. You have medical insurance from your company, so you do not need personally paid medical insurance.
10. You have dependent parents, your wife is a housewife, and your children are still young, you need to make a comprehensive will, now.
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