Should I go ahead with HDFC Sampoorn Samrudhi ?

POSTED BY Aiyappa ON November 22, 2013 11:28 pm COMMENTS (2)

am 28 years old and only recently started my career. All this while i have been hearing things about financial planning and did try my hand at learning atleast the basics but everything sounds like rocket science! happened to visit HDFC bank where I am a account holder for some routine work and was bulldozed into listening about SAMPOORN SAMRUDHI plan.The in-charge probabbly sensing me knowingg squat randomly went through some numbers.Me having no financial experience whatsoever-(this would be my first real investment) could barely understand what he said.But this s what i understood ad recollect.

1.I have to pay Rs.1,00,000/- per year-quaterly for 10 years
2.At end of ten years i get approximately Rs.20,00,000
3.life insurance to the tune of Rs.17,00,000 upto the age of 99
4.lock in period of 3 years

I made up an excuse and told them that I would have the money only in three days they took my signature on a whole lot of forms and copies of ID,PAN,photo and said they would process the form only after i paid the money which i said i would in three days.In a way i brought myself some time before those vultures could swoop in on me!!

I got home and checked online and saw some disturbing reviews on this plan.I thik i am not averse to the idea of putting aside around Rs.10,000/- p.m. into a saving plan that would help me in the future.Iam not married yet and have no debts.I know you are hard pressed for time and probably recieve thousands of similar queries but I request you to guide me with this particular episode.Hope  l master your advice from your book soon.please help.

2 replies on this article “Should I go ahead with HDFC Sampoorn Samrudhi ?”

  1. Ashish Garg says:

    Hi Aiyappa,

    You are just about to become one more victim of mis-sellin an insurance policy. Imagine that you have to pay 1 lakh a year for 10 yrs (which means you shall pay Rs.10L) and you shall get 20L after 10 yrs, that too guaranteed. IMPOSSIBLE by any far fetched imagination.

    Just ask the HDFC to stop processing of your application immediately, else they may end up processing your application (taking premium through ECS, you never know you may have signed such form).

    As suggested please read the post thoroughly and move step by step.

    Ashish

  2. ashalanshu says:

    Aiyappa, please stop this policy purchase right now with a written request to your branch. Regarding financial planning thing, please spend your valuable time in reading this discussion and i’m sure you ‘ll be a far more educated person in terms of financial knowledge post reading.

    jagoinvestor. com/forum/finacial-planning-faqs

    Please do not forget to update your views/comments/learning either in this discusion here or in the shared discussion.

    Thanks

    Ashal

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