50-year old Anurag was plagued by worries pertaining to his retirement. Pandey, an insurance agent, was met by him for knowing about available retirement solutions. Pandey offered a presentation on the possible retirement plans with their benefits. Some of these included the following:-
- Payment of Rs. 1 lakh annually for a period of 10 years
- Getting tax benefits on Rs. 1 lakh and getting Rs. 1.80 lakh as tax free amount
- Get Rs. 15, 000 every month as pension every month from the age of 61 till one’s lifetime
- Life coverage of Rs. 20 lakh
Anurag preferred the plans and made a payment of Rs. 2 lakh to receive Rs. 30, 000 per month as his pension. He was also happy about all the promises made to him by Pandey. At the age of 60, however, he found out, to his great astonishment, that all these promises were misleading and he would actually have to purchase an annuity from the sum accumulated.
A ULIP plan was sold to him where maturity was tied to market circumstances and that too after a period of 10 years. He also came to know that he will have to buy his pension from the accumulated amount and also that there are four kinds of annuities. Sadly, Anurag is one amongst countless individuals who have been duped by misleading and false promises which have been used to sell innumerable retirement plans.
Are you also a victim of such misleading/false/incomplete information? Here are the kinds of false information that you may get:-
- Type of Product: Non Participating/Participating
- Frequency of Premium: Regular/Single
- Duration of Risk Cover: Premium/Full Term
- Maturity Value: Linked to market/Guaranteed sum assured plus bonus
- Annuity: Distribution/Accumulation
- Tax Aspects: Tax Free/Rebate
- Terms & Conditions: These vary from one insurance plan to another
- Commission: You have every right to know about this part
- ULIP: Market selection and NAV concept
- Annuity: Kind of annuity being chosen
Many of us have been lured into buying policies by insurance agents which to our dismay have proved to be sold to us based on false promises.
Do not accept this as your misfortune; rather reach out to InsuranceSamadhan.com, who can help you find a way.
Register with us at https://www.insurancesamadhan.com/register
for solving your Insurance related grievances.