Hi, Even I was fooled by some young college students who had a project from Karvy brokers to get people to get ULIP policies from Max New York life.
The thing is I am to blame for my decision because after all it was my money which was getting invested in the market.
We all get carried away when we hear the benefits of the policies and the energy of the ones selling us the policies.Because no one tells us the high risk involved or how we need to shift funds in order to get good returns.
All in all don’t invest if you have no idea about the hidden costs and other administrative charges.
Also an important pointer don’t take any policies from a broker because u pay even more so its advisable to get the policy from the seller company directly.
Personally I would never go for an ULIP again and also planning to surrender this Max New York lifemaker policy because it didn’t make my life but broke my pocket!
Its more advisable to invest in low risk tax savers like NSC and the other post office schemes coz it doesn’t depend on market volatility and has fixed interest % (although the interest is taxable!)I have had it with the ULIPs. Pension plans and now plan to play it safe!