The world of insurance sales is murky and it gets proven every day. Here’s one more.
A reader recently emailed to me that his son had taken up amongst other insurance policies:
New Endowment plan with profit : Sum Assured 14.95 lakhs, started 2016, yearly premium is Rs. 40,836
New Endowment plan with profit : Sum Assured 8.55 lakhs, Table &Term is 814 & 30, started 2016, yearly premium is Rs. 27,067
It has been told by the well known agent that, this is a “Magic plan for retire & enjoy” which is a combination of LIC plans specially researched to meet the objective of securing a financially independent life assured and his/her spouse on retirement. and the net annuity will increase every yr. to take care of inflation approx. @ 9.00%.
It is relevant to point out a few words from the message:
- Well known agent
- Magic plan for retire and enjoy
- Securing a financially independent life assured
First things first. I was not sure about the well known agent thing. As I replied with my observations, he mentioned to me again that the agent was MDRT, USA.
He did so multiple times suggesting that he considered it as some sort of an certified authority, in this case, in insurance.
It’s time to break the myth.