lic money plus is a good unit link plan, but agent are misseguding the customer?

Question

instite of swoing the feature,as there are no sunder charges after three year

Answer 1

Don't get fooled by agents do your research.

Answer 2

I in no way have self belief Insurence and investment. in case you have already got any LIC coverage then placed money into sturdy mutual money. in case you dont have any LIC coverage take a endwoment coverage , yet do no longer take any industry linked polices.

Answer 3

Some of LIC money minded agents canvass the plans which gives maximum commission for the LIC AGENT whereas lots of good knowledgeable LIC agents will give excellent plans and will not misguide any insurance investor.

LIC agents may misguide you but you have to take the right decision. You have to take care of your money.

Answer 4

Economic Times
Irda cautions against False Ulip claims

[ THURSDAY, MARCH 08, 2007 02:19:33 PM]
IF YOUR insurance agent claims unit linked products (Ulips) from Life Insurance Corporation (LIC) will give you a 25% rate of return over 20 years on all investments you make in the next three years, he may be taking you for one big ride! Especially , when you're thinking of parking a tidy sum to save on taxes with the financial year drawing to a close. Not just LIC agents, even a section of development officers (DOs) from LIC and agents from private life insurers are trying to coax unsuspecting individuals into splurging on Ulips.

"They haven't merely stopped at making verbal commitments on behalf of LIC, but have even gone to the extent of distributing pamphlets promising fabulous returns. These are often inserted in newspapers and delivered at your doorstep," Irda chairman CS Rao told ET. "March is generally a heavy month for DOs and agents in terms of achieving targets for premium income as well as number of policies for a particular financial year. It is also the time when a large number of individuals invest in life insurance policies to avail of tax savings from insurance products. This is just the time when individuals can fall prey to such false claims," explained Mr Rao.

"The matter has recently come under Irda's scanner. However, it may not be practically possible to clamp down on all individual DOs and agents but we would like to warn individuals and customers not to fall prey to such false claims. The copy of the warning also goes to the errant (rogue agent)," he said.

Citing an instance, Mr Rao said: "It has come to the Irda's notice that some DOs and LIC agents are promoting their Ulip - 'Money Plus' claiming to offer astronomical returns and guaranteed benefits at the end of specific periods. Some of the leaflets assure a maturity value of Rs 3.38 crore at the end of 20 years on an annual investment of Rs 1 lakh over a period of three years thus projecting a growth of 25% per annum. Similar claims have also been made by agents of a few other insurers. Do not fall prey to these false claims. Please take an informed decision while purchasing a policy on the basis of proper disclosures by the licensed representatives of the insurer."

Irda has clarified that such projections are misleading, inflated and also do not have the approval of Irda. As per the guidelines of the Life Insurance Council, insurers are required to project their returns at a rate ranging between 6% and 10% only. The insurers are also expected to state that even these returns are not guaranteed. It may also be noted that the returns under the Ulip are dependent on the performance of the chosen fund, which is in turn affected by the performance of the stock markets. Senior officials from LIC when contacted on the issue said we take necessary action against such agents once such malpractice is dectected.

While the Authority has already taken up the matter with concerned insurers, it has cautioned members of the public not to get carried away by such unapproved sales presentations being circulated in the market.




IRDA warns insurers over assured returns!? Business Standard(2nd march)

Mumbai, 2 March: The Insurance Regulatory Development Authority of India (IRDA) has issued a special warning to the Life Insurance Corporation of India (LIC),Bajaj alliance,Reliance life insurance ,S.B.I Life and few other life insurers, whose agents are creating a hope about returns from their unit-linked insurance plans. LIC currently has two ULIPs, Market Plus and Money Plus. According to IRDA, some development officers and agents of LIC are promising astronomical returns and guaranteed benefits at the end of specific period under Money Plus. Some leaflets assure a maturity value of Rs 3.38 crore at the end of 20 years on an annual investment of Rs 1 lakh over a period of three years, projecting a growth of 25 percent per annum.