We have been advising our clients to invest u/sec 80C to claim the tax
They in turn invest in as many MNC insurance companies as available.
We too do it to plaese our friends.
These companies come with a very tall promise of even awarding ten to
fifteen times the investment in a few years' time. They also promise
about an expert fund manager of their reputed organisation - whose
face will never be known to us ( forget his efficiency)
By experience of the last four to five years - all of you / us must
have observed that our investment certainly do not fetch anything -
apart from being exposed to the risk of share market fluctuation / crash.
The agent advisor is a character who will be seen by or heard by you
only the subsequent year. Or your insurance company will write to you
stating that your advisor will hence forth be XYZ and his or her phone
no. is so and so. This advisor will never pick your call too.
The Companies' customer care will not record your actual complaint -
because any complaint against the company cannot be recorded by them.
( I learnt it from Max New York and ICICI Prudential)
Summing it up -
We are investing in face less organisations and hence the assurance on
even the death benefit to the nominee may be uncertain;
The fund value never increases as promised - apart from standard risk
(leave alone the specific percentage you lose to the Insurer annually)
In this case, are we safe in trusting these companies?
Are we advising our clients to lose 100% money in the name of saving
30% of it?
I feel that it is safe and steady to invest in LIC like companies
where there is a Govt Assurance behind and that they are at least
proven to be decent.
Even depositing in Nationalised Banks blocking the money for a few
years u/sec 80 C is sure to have a confirmed return.
ALTERNATIVELY, THE GOVT CAN INCLUDE INDRA VIKAS PATRA U/SEC 80 C WITH
A LESSER RETURN BEING PROMISED.
Please note that there is no Insurance Agent in my family and that I
am starting this topic unbiased.
The agonies faced by many of our CA brethren and their clients may be
posted on this forum to open up our minds for a suitable advice to our
clients and our family members.
REMEMBER YOU ARE GETTING CLOSER TO MARCH. AN ILL ADVICE MAY NOW BE
PREVENTED IF YOU FIND THESE MNC'S FACELESS.
Thanks and regards
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