POSTED BY November 18, 2011 7:14 pm COMMENTS (5)ON
I have purchased ‘Endowment to Age 60’ insurance policy of Max New York Life for my doughter when she was of 22 yrs. on18-8-2009. This was purchased through my son’s one of the friends, who was bent upon to give at least one policy in our family. I have purchased this policy thinking that the premium of the policy would be less and she will not feel any burden when she takes a job after her study. Now the premiums are paid by me. The sum insured is Rs. 4,54,025/- with personal Accident Benfit and Dread Disease riders of Rs. 1,00,000/- each. The half yearly premium is Rs. 6344.60. So far I have paid Rs. 6344 x 5 = 31720. Now after reading and listening the views on the Insurance, I feel that I am landed in wrong policy. Becuase most of the advisors recommend Term Insurance Policies and guide to avoid Unit Linked Policies. I think this policy is also a Unit Linked Policy, becuase the company has provided projection chart of earnings under three heads. 1. Guaranted 2. Non Guaranted Lower Rate( 6% p.a.) 3. Non Guaranted Higher Rate(10% p.a.). Can any body tell me whether I have done right thing? If not is there any way to correct it? or should I continue the policy? Thanks.