help me deciding should I apply for this bajaj life insurance

106°
Deal Cadet
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Hi All,
Bank people from IDFC are constantly  telling me to buy this plans and all,

Can anyone give merits and demerits of this plans.,

Whether  I should apply for it or not.

I need help because I don’t  understand  this plans much,
I already have one LIC plan.






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no life insurance plan is good for investment…

Return would be only 5-6%. Better invest in alternative and buy a term plan for life cover.

I already denied for Bajaj and HDFC plan from IDFC

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Yes such plan is definitely better for IDFC guys & not for you !!!

Never ever mix Insurance & investment in a single product. Such plans are never worthy be it from any company – Lic/bajaj/hdfc/max etc.

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..I am using bajaj emi card and bought health insurance…they gave me an aditya birla health insurance policy…

…and the nightmare began….

…just avoid…
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still_guessing wrote:
..I am using bajaj emi card and bought health insurance…they gave me an aditya birla health insurance policy…

…and the nightmare began….

…just avoid…
mask mask mask
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AVOID.

BETTER invest the same amount in mutual funds / PPF (as per risk epitite) and take a pure life insurance (1 cr ) without the return of money @ 200-500 per month

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Insurance as a savings or investment plans should only be used when you want a fixed amount whatsoever at a fixed date in the future. E.g. if you need money exactly after 12 years for a child who is studying in class 1 for his/her college fees then you should take insurance as an investment because you will anyhow need the fixed amount for the college fees and this time bound fixed income is generally not given by mutual fund/market linked scheme because at the 12th year when the child is about to go the school then market might not be at the desired place to take your money out from the share market/mutual funds. And even if you met with any accident during these 12 years then also the fixed amount for your child’s college fees will be given by the insurance.

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Moderator

Buy a pure term insurance plan. Do not mix investment (return of premium/guaranteed income plans) with insurance.
I just helped a relative in buying a term plan… Current age 27 yrs, Yearly premium 12200 (i.e. Just 1000 a month), Sum Assured= 1 Cr and increases by 5L every year for next 20 years, Which Means Sum Assured = 2 Cr after 20 yrs from now. Policy coverage till 70 yrs age.

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cm4444 wrote:

Buy a pure term insurance plan. Do not mix investment (return of premium/guaranteed income plans) with insurance.
I just helped a relative in buying a term plan… Current age 27 yrs, Yearly premium 12200 (i.e. Just 1000 a month), Sum Assured= 1 Cr and increases by 5L every year for next 20 years, Which Means Sum Assured = 2 Cr after 20 yrs from now. Policy coverage till 70 yrs age.

Is the plan just for a person or is it a family plan?

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Moderator
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InvestPotato wrote:

Is the plan just for a person or is it a family plan?

Life insurance. One person.

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