Canara HSBC oriental bank of commerce ULIP – Is it worth ?

POSTED BY raki ON October 9, 2013 3:26 pm COMMENTS (4)

I’m planning to go for a ULIP plan from canara HSBC oriental bank of commerce Life Insurance.  The agent says it as an open ended (closes only if you take out all the money), for 10 years(premium payment term) @1.2lacs p.a. premium and a life coverage of 27.6lacs. Premium allocation charges  @10080(first year), 7680 (next 2 years), 6480 (rest 7 years),  and service tax @ 12.36%. Since I’m looking for a long term wealth creation, will this be suitable for me. I can handle the premium amount with my surplus of every month.

So, I’m looking at the best insurance + life coverage plan I can get into. Also, is this plan better compared to some of the other ULIPs available in the market. if not please suggest me a better one that can be suitable to me.

 

Regards

Ravikiran

4 replies on this article “Canara HSBC oriental bank of commerce ULIP – Is it worth ?”

  1. ashalanshu says:

    Dear Raki, please compare the cost involved and you ‘ll notice that in a combo policy, you lose on both counts. neither your insurance is good (basic sum assured) nor returns for your invested money. Still if you want to go ahead with this situation, you are always welcome to opt it.

    How to check the above thing? Please compare the policy you are opting for with a Term plan from same COH life ins. co. + Canara Robeco Eq. funds (MF from Canara bank) and tell me the results.

    Thanks

    Ashal

  2. raki says:

    Dear Ashalanshu,

    I agree that I do not make any money from my vehicle insurance, but if there would be somebody out there who can provide me good returns on my investment and also give me a vehicle insurance with it, at a reasonable price (something like allocation charges), I would definitely try going for it. If insurance cover comes to me for free (of course allocation charges are there.. ), why shouldn’t I go for it..!!

    This is just my thought, you can correct me if I am wrong.

    Regards
    Ravikiran

  3. ashalanshu says:

    Dear Raki, from the given numbers, I assume you do own a vehicle. Please do tell me, how much money you are making from your vehicle insurance policy every year?

    If yes, how much? If no, Why?

    Thanks

    Ashal

  4. Anshuk Jain says:

    No. Don’t go for ULIPs. Keep investment and insurance separate..

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