Purchase only if you would want to lose money. Review on SBI Life Insurance

As a customer(now former)  of SBI Life – Shubh Nivesh policy, it is now clear that if at all one wants  to lose his money in a traditional plan which does not return even the total premium paid over the period of 5 years, let alone getting an interest rate equivalent to a ordinary savings account, he should just take this policy. The broker/ agent was Netambit Insurance Broking India Ltd. If these are the kind of policies sold by insurance companies, then I think it would better for a common man to just book a FD and do nothing. At least he would be receiving nominal returns if not inflation linked returns. He should just kick out the agents who try to to sell off these policies. Nowadays, I just hate even the word agent or broker. After this policy, one would automatically realize that he should never mix investment with insurance as advocated by various financial experts. If at all one is taking insurance, it should be pure term insurance, health insurance and general insurance(if the person is having a shop). Apart from that no policy should be entertained. Because you all may have noticed that no agent persuades to take pure term insurance and health insurance, the reason being low or even negligible commissions to them. The policies which they try to push would be the ones fetching them huge commissions like ULIPs and the traditional ones like the SBI Life – Shubh Nivesh policy mentioned above.

So, just beware of such kind of policies and treat insurance as an insurance rather than any money doubling or tripling instrument.