Sorry posted under wrong product!!!!!!
Major credit cards run a dirty commision business under the garb of being ’Personal Financial Advisor’
I have seen this being replicated across the three cards I own...
The modus operandi is very much similar - they will call you and pose as Financial Advisors - would say something like ’you are very loyal customer to us / customer service is prime focus to us etc etc’ so as an additional benefit we would like to give you free financial advice..you would fall in for it and give a appointment..
they turn up and ask a few questions like our risk taking ability , financial commitments , your financial profile etc etc...all this is sham because whatever answer you give - they will recommend only one thing - a UNIT LINKED INSURANCE PLAN with their tied up insurance provider...they would say for a profile like yours we have a wonderful product which is blah blah ULIP
I have three companies HSBC , ICICI and Citigroup run this scam on me - HSBC wanted to sell InvestAssure (tie up with Bajaj Life ) , ICICI their Prudential one and CitiGroup wanted to sell me Birla Sun LIfe Flexi Plan( and I have heard many more cases)
I dont personally have any issues with either of these products...More at the idiocy of these card companies
I mean how can you shamelessly sell a ULIP under the pretext of being a financial advisor?
So next time you get a call from any credit card company / bank trying to be your personal financial advisor - please be warned that this might be a attempt to sell thier ULIP