That occasion of month when despite of all expenses from your wife’s shopping to children’s school fees, you were able to save some spare money. Often with this spare money you will knock the doors of banks to securely deposit it in the form of Fixed deposit with an expectation and prospect of better returns, profit and liquidity. However, customarily our associated managers sway us to buy Insurance Policies, which offers even better return and tax benefits.
To all of you I say, TAKE CAUTION!
Before you are persuaded in the eyes of benefits, lets not blindfold ourselves.
Stay curious and interrogate more. Check the brochure of the product and do certain interrogations that I personally advocate.
Does your insurance policy offer you the required liquidity at the time of need?
Where is your money being invested?
Is it a single premium policy or a regular payment one?
On comparing, Fixed Deposit with Insurance policy, both the products offer suitable and secured returns. However, be aware that Liquidity in Insurance policies do not there; you are only eligible to take loan against your insurance policy depending on the cash value it holds after remunerating the premium for three years. The returns on your insurance policy are tax-free and the investment helps you save tax. This is the Insurance Policy benefit. Also Insurance policy offers you death cover but remember Fixed Deposit is a one-time investment whereas mostly insurance policies are regular paying ones.
As a customer you need to be consciously aware of why you are choosing a FD or an insurance policy? When do you require your money? Do you have capacity to pay your premiums regularly as per the product design?
In case you have decided for Insurance policy go ahead and check the documents required for insurance policy purchase.
However, in case you have not read and bought an insurance policy in place of fixed deposit and do not understand what you should do.
Do not stress about it, we are here to help!
Its never too late, we are only a call away, You can approach us, we at Insurance Samadhan will help you file your documents justly and help you claim your money.
Until then, Stay aware!