Article

Traditional Life Insurance Plan
June 07 , 2012

Tradition generally has a positive connotation to it. Not so in the case of insurance plans! Traditional Insurance Plans are the type of plans LIC has sold over the decades – in the name of endowment or whole-life plans. Part of your premium goes to give you a small life cover. The rest goes into a black-hole, and you never know what became of it. In return, the company gives you a sum assured. The sum is often just about equal to your total premiums paid, making it about zero-return. Sometimes, bonuses are added to this. Even then, the return almost never exceeds about 5%.

For decades, there was no option for customers but to buy such plans. However, there are now far better insurance products available, in the form of Term Plans. There are also far better investment products available, ranging from mutual funds to stocks to fixed deposits; that all give far better returns than these plans.

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