Recently my one of my distance relative(Retired from Government Job) called me and introduced him as he is working for Bajaj Allianz, and he pushed me to buy insurance product(ULIP), if we invest for 5 yrs 20, 000 every year, and we will get return 2 to 5 lacks rupees at the end of 5th year. I asked him how is this possible, to return like this? he is not able to answer, He dont know the fundamentals of ULIP.
Later he told me as, one of the Bajaj allaniz manager, giving commission up to 2000 to 5000 rupees , if some one joins based on his recommendation. Just for commission, he is recommending the people to join in those plans with high risk. 3 yrs later, due to the market fall down, the company unable to pay them atleast 50% of the amount what they invested.
The aim of the Bajaj Allianz in rural areas is innocent/not market risk aware peoples.