How to get out of a useless scam of a ULIP/endownment life policy whic gives a cagr of less than 5% over a 20 year term ? What will be the loss in terms cancellation of such a policy ?
excpet the term insurance, most insurance policies including medical are a scam. People who use them as investment, i feel sorry for them.
Yes they are all scams for sure. I was almost scammed into investing in one until I saw the returns would be negative with inflation. But my father invested in it 2 years ago without asking me or reading reviews on it and so much money is just locked in already. How does one get out of it or cancel it ?
Bro if the medical insurance is a scam then what to do?? I was thinking of buying one this year.
Most ULIP can be exited after 5 policy years else you can discontinue now.
Thank you, if this is the case then hopefully will have have to go through the cancellation losses someone has mentioned in one other comment.
2 ways to deal with a bad insurance policy: 1. take the Loss and exit. 2. Stop contributing more, but let the amount grow at its own pace. Consider FD.
Loss prevention way is (2). First check what is the minimum time to invest. As with all insurances, the max loss will be in the first few years. Typical endowment policies have a min period of 3yrs to conver to paid-up, beyond which u need not pay, but policy will mature and give u some money at that time. For ULIPs, this is typically 5yrs, beyond which u can withdraw as well.
Thank you, this seems to be helpful. Will check with hdfc on these points.
Better to buy a health insurance with OPD cover as well. Most policies would expect you to be admitted in the hospital to get the claims. Make sure to get OPD cover where you can get claims for short term illnesses.
I had one, cancelled it. Took 40% of principal as loss. Invested the remaining amount somewhere else - high risk ( as anyways it was not making sense) but then got it 70% appreciated. Now in peace✌🏻
That’s going to be a 15 lakh hit. My dad is retired. Can’t take such a huge loss.
HDFC Life Sanchay Plus, another name for daylight robbery! You'll lose money, but gain wisdom. "Paisa toh phir kama lenge, lekin samay nahi wapas aayega." What's your next financial blunder?
I am also stuck in couple of hdfc policies, let me know if you find better way to exit
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