June 18, 2015
https://www.facebook.com/mehtarahulc/posts/10152852287416922
Is LIC looting common man?
.
I came across LIC policy which says
.
1. I have to pay Rs 5200 every year for 20 years
.
2. If I die during the 20 years, I get Rs X
.
3. If I live for Rs 20 years, then at the end of 20 years, I get back Rs Y
.
4. But if my financial situation worsens, and after 10 years I cant pay Rs 5200 , then I lose ALL !!!
.
Is this so?
.
If this is the case, then this is loot
.
And this is well calculated loot. At the time of buying policy , one will think that "oh !! I can pay Rs 5200 for next 20 years if I live" !! But some 5% to 10% will always fail to continue the policy for 20 years and will lose their savings.
.
=====
.
Solution I propose is
.
1. LIC should be required exit savings business and LIC and ALL insurance companies should be forced to confine to insurance ONLY
.
2. Universal insurance tied with income tax, and then life insurance should be ended
.
https://www.facebook.com/mehtarahulc/posts/10152852287416922
Is LIC looting common man?
.
I came across LIC policy which says
.
1. I have to pay Rs 5200 every year for 20 years
.
2. If I die during the 20 years, I get Rs X
.
3. If I live for Rs 20 years, then at the end of 20 years, I get back Rs Y
.
4. But if my financial situation worsens, and after 10 years I cant pay Rs 5200 , then I lose ALL !!!
.
Is this so?
.
If this is the case, then this is loot
.
And this is well calculated loot. At the time of buying policy , one will think that "oh !! I can pay Rs 5200 for next 20 years if I live" !! But some 5% to 10% will always fail to continue the policy for 20 years and will lose their savings.
.
=====
.
Solution I propose is
.
1. LIC should be required exit savings business and LIC and ALL insurance companies should be forced to confine to insurance ONLY
.
2. Universal insurance tied with income tax, and then life insurance should be ended
.
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