Since globalization, money flow has been tremendous at the hands of common people and so are the options available to spend and invest. Such a new option available is ULIP.
Since it is relatively new and hot cake among investors, so many people entered into financial services marketing without experience. Their aim is not to cheat the investors but sell his product to earn a decent commission. Because many of the sale in insurance so far has been closed out of compulsion through known contacts like relatives and friends, professional solution cannot be expected.
Since they are inexperienced and with little product knowledge, they are ill-equipped to explain the pros and cons of the product. Here the Company and the Government regulator should be blamed for not educating 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 in force, the customer shall know about premium, mode of payment, policy term and premium paying term and applicable charges etc.
So Now investment in ULIPs are completely transparent and when next time an agent approach you for a ULIP, please ask him for detailed benefit illustration. Because the money is HARD EARNED. DON’T BLAME THE AGENT ANY MORE