Is life insurance guaranteed richness?
Quick question- If we can get 1-2 crore of money from life insurance money by paying 10-15 thousand a year for lets say 25 years. Then why don’t people use it to get rich??
Is there any clause which I am missing? Also, I am thinking to get 5 crore rupees insurance for my parents. Very few companies provide that. Anyone can give insights about a good company- even if it is for 1 cr.
TIA
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Never club Life Insurance with investment schemes promising return of x amount. Besides, that x amount is not guaranteed amount, NEVER. Most of these schemes mislead you.
No no i m not thinking of guaranteed plans stuff. All i m asking of is pure term insurance plan - everyone gonna die so why not take term plan and get tons of money. Is there something wrong with it?
it will get rejected in under writing as age factor increases so try your luck.
I think you didn't understand the product properly. Life insurance guarantees an amount to a certain age. I guess max you can do it is till 75 years. If the insured person lives beyond that period of time, you don't get anything. So even if you get a term insurance for parents, they might survive the age limit, then that 5cr dream is gone.