Tips And Tricks

When an agent comes to sell you a ULIP product, you should ask following are the questions you should ask him. Before doing any thing he should tell you What is a ULIP. Following are 6 Important questions you should ask an ULIP agent before buying a policy from him.

1. What are the returns offered by this ULIP ?

As per the rules of IRDA, an agent should only give illustration assuming 6% and 10% returns, However If he says that in long term its safe to expect more than 10%, It would be fine. But if he starts claiming that It “will” return 18%, 20% or million % returns, be cautious, He is not the right agent.

2. What are the Charges in this ULIP ?

He should give you detailed Information on all the charges of ULIP ,the main one called Premium Allocation Charges. If he tries to hide any Charge from you, I am sure its not because of his dishonesty and no other reason. Ask him the company brochure mentioning the exact charges.

3. How does it suit my Risk Profile and fit in my requirement ?

Before suggesting you the ULIP, the agent should have asked you all the details about your Cash flow (salary, Expenses) and your future goals with ULIP investment should address. He should also try to understand if you can take the risks associated with ULIP. If he does not ask you these thinks, ask him back why he has not asked you these questions. Get the word out of his throat.

4. How is it better than other ULIPS ?

Ask him what is unique with his ULIPS, make sure he does start all non-sense of Sec 80C benefit, high returns and all.. Every ULIP has it. Ask him what are the special features with ULIP and how do they address your requirement. If he claims that his company ULIP is best and no other ULIP can match it, ask him for references if any states that. Just a plain claim from agents will not do. An agent must have enough knowledge to make you understand how to make best use of your ULIPS.

5. How does it score over Term Insurance + Mutual funds combination ?

ULIPS are combination of Insurance and Investment product, There is no point in taking it, if it cant perform better than Term Insurance + Mutual funds SIP. Switch benefits in ULIPS are the main benefit in ULIPS. He must put pressure on that point, If not he is him self not aware of it. Refrain from taking the policy if he starts claiming that returns from ULIPS will be much higher than Mutual funds.

6. What was the performance during Market Crash ?

Agents generally try to put up rosy picture and hence refrain from disclosing the funds performance in bad markets. If the fund has done bad, that is acceptable. Its investor responsibility to take care of switching and asset allocation. So there is nothing wrong in performing bad in bad markets. Agents will first try to avoid the confrontation, but finally may tell you that they did bad and returns are very low. Ask him for exact number in return and try to find out how other ULIPS performed.

My personal Experiences

I have never come across any ULIP agent who has tried to sell the product in a professional manner. This has its own reasons like meeting Sales Target pressure or poor training to Agents. Anyways ,its not acceptable and can not be accepted. For so many years, Mis-selling is happening in India.

Conclusion :

Your hard earned money should go in proper investments. There should not be hurry in taking action, So dont feel shy in asking questions once or twice or thrice, understand the product and its suitability with your requirement.

No product is good or bad, its only bad or good depending on your requirements. So be informed Investor and dont fall prey to Idiotic agents.

Dont do mistake done by tons of investors who took ULIPS for 3 years

- To save tax
- To make exceptional returns from Stock markets.
- To make them self believe its a happening product because it looks so complex.
- Do you think that ULIPS will have any success in future.. I feel yes

संदेहास्पद बीमा पॉलिसी लेने से बचें

बीमा अभिकर्ता अपने उत्पाद को बाजार में बेचने के लिए तरह-तरह की बातें करते हैं। आपके पास भी कोई न कोई एजेंट जरूर आता होगा। उनका अपनी पॉलिसी बेचने का लहजा इस तरह का होता है – “सर, यह पॉलिसी काफी फायदेमंद है और यह 15 दिनों के अंदर बंद हो जाएगी और इस पॉलिसी का फायदा उठाने के लिए अंतिम समय है। सर आप यह मौका हाथ से न जाने दें।”

इस पॉलिसी को बेचने के लिए वे पॉलिसी से मिलने वाले फायदे को काफी बढ़ा-चढ़ा कर पेश करते हैं और हम फायदे सुनकर पॉलिसी तो ले लेते हैं लेकिन कई बार हमें ठगा जाता है। इसमें छिपी गुप्त जानकारी हमें नहीं दी जाती है।

इन सबसे बचाने के लिए बीमा विनियामक और विकास प्राधिकरण (आईआरडीए) ने पेचीदे यूलिप योजनाओं को, जिन्हें ग्राहकों को समझने में काफी मुश्किल होती है, बंद करने का आदेश दिया है।

इस आदेश से दो बीमा कम्पनियों, बजाज अलायंज और अवीवा को काफी नुकसान हो सकता है। इनके पेचीदे यूलिप उत्पाद ही बाजार में ज्यादा बिकते हैं। आईआरडीए ने इसे बंद करने के लिए 21 अगस्त तक का वक्त दिया था।

इन बंद होने वाले यूलिप उत्पादों का बीमा कम्पनियों के एजेंट काफी तेजी से विपणन कर रहे हैं और इन उत्पादों को काफी फायदेमंद और आखिरी मौका आदि कहकर ग्राहकों से निवेश करवा रहे हैं। निवेशकों को इस तरह की संदेहास्पद पॉलिसी लेने से पहले सावधान रहने की जरुरत है।