Since globalisation, money flow has been tremendous at the hands of comman people and so are the options available to spend, invest etc.
Such a new option available is ULIP. Since its relatively new and hot cake among investors, so many people enterd into financial services marketing without experience. and their aim is not to cheat you(few real cheaters are also there)rather sell his product because Many of the sale in insurance so far has been closed thru known contacts like relatives and friends. Since they are inexperienced and ill equiped with product knowledge, they are unable to explain the pros and cons of the product.
Here THE Company should be blamed for not guiding their marketing force properly
NOW IRDA has taken concrete steps to ensure investors safety by enclosing a customer signed benefit illustration with the proposal form itself.
With this the customet can know about premium, mode of payment, policy term and premium paying term, applicable charges etc.
So Now investment in ULIPs are completly transperant and when next time an agent approach you for a ULIP, pls ask him for detailed benefit illustration. Because the money is HARD EARNED.
DONT BLAME THE AGENT ANY MORE
happy investing