Be careful while buying Insurance

Invest In Tax Saving Mutual Funds Online

Download Tax Saving Mutual Fund Application Forms

Buy Gold Mutual Funds

Call 0 94 8300 8300 (India)

 

Many insurance policyholders have been getting similar calls from representatives of the Insurance Regulatory and Development Authority (Irda) for a while now. In fact, the insurance regulator was forced to issue a public alert recently, cautioning policyholders against falling for such sales pitch by the so-called 'Irda representatives'. The regulator had sent out a similar note even in 2010, when such incidents first came to light. For the record: Irda, or its representatives, do not get in touch with individuals for selling insurance policies. Agents, who find it difficult to meet their targets, indulge in various malpractices to trap gullible consumers. They pose as bank relationship managers, agencies which can help businesses get loans against insurance policies, Irda officials, and so on.

According to Irda, people have been "receiving calls from individuals who claim to be representatives of Irda and offer insurance policies of different insurance companies with various benefits — such as offering of scholarship along with policy, etc. Some fraudsters are also offering special bonus or 'interest-free' loans on life insurance policies.
This apart, earlier this year, some private life insurers, including ICICI Prudential Life, HDFC Life and Reliance Life, had lodged complaints with the Economic Offences Wing (EOW) against fraudulent callers, asking policyholders to surrender their existing covers and switch to policies that fetch better returns.

I have heard of cases where individuals who already have policies have received calls from agents who highlight the poor performance of their existing policies. Then they get lured into buying new policies after surrendering the existing ones.

What policyholders are not told is that they lose out on a huge amount of money in the form of surrender charges when they close their existing policy.

Moreover, since other charges are deducted from their premium in the initial years, the amount they receive upon surrendering the policy could be lower than total premiums paid. These cases have emerged as people have procured databases of customers and mostly these are small-time brokers making these calls with false promises to customers.

Fraudsters are using every technology — be it emails, SMS, calls — to rob unsuspecting individuals. At one point in time, they were sending emails posing as RBI officials, seeking details of bank accounts.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund