Feb 13, 2016 04:05 PM
55142 Views
All, I planned to invest my money in Fixed-deposit for 5 years and not to invest in the next years. The ICICI bank branch manager gave some figures of high interest rates and made me to take a decision to take wealth builder maximizer V policy. He did not informed anything about the changes and the chance of loosing the money all together(or atleast 30-40% loss). Please go for the policies only if you agree the below.
You must pay the money for the paying period(5 years). And you are sure about paying the premium in the next 5 years without any 2nd thought in future. If you wish to discontinue then it is possible. However you might have charged for various charges+ discontinue charge.
You must wait for the maturity period(10 years)
You should accept the loss of your money because of poor performance of the units.
There are charges for managing your money and will be deducted from your premium each month/year irrespective of your units' performance.
There is no guarantee that you will get the% of return shown in their marketing catalog. Because they never guarantee that:(. The marketing people have their own targets(# of policies). Don't take decisions just by the charming words of the agents/officers. Please read the catalog and understand all statements clearly.
The only positive is that if the units performed well then you would get more% of maturity value which is not possible in FD.
My suggestions:
1.If you are wishing to invest and expect 100% guarantee on the money then go for less risk investment options like Fixed Deposit in well known banks.
If you like to save TAX then I personally suggest that go for some other option of investments.
Don't get fooled by smiling words given by others. You must understand the difference between investment and insurance.:)
High risk= high return or high loss. Its your luck.
