Agents Tricks To Make You Pay

When the agent tries to sell life insurance policy then he uses all tricks to force the other person to buy it. But the worst part is that even the educated class also becomes easy prey of agent tricks. Here, we will list some of the commonly used tricks which will help you in protecting yourself from such tricky situations-
Historical high returns of the fund- The agents try to sell insurance policy by citing some illusion on funds huge returns in the last 3 or 5 years. But, it is not necessary that if the fund had generated good returns in the past then it will also do in present times. In case of equity funds, it largely depends on the business, prevailing conditions in the stock market and global economic conditions rather than paving focus on performance of fund manager. So, it is necessary to stick to your fundamental basis of deciding what amount of risk you should take and then take your decision in accordance to that.

Everyone is purchasing the insurance plan- It is not necessary that if the particular thing is right for the one person then it will also go well with the other person. The same thing applies with the life insurance policy and therefore, you should think if the agent will say you to buy the plan because other people are also purchasing it. It is the sad story of the insurance sector that policies are sold without understanding the actual needs of the consumer.

Purchase ULIP and get protection for throughout life- Many times, agents push such products which get them maximum commission. Therefore, it is on you who have to decide what kind of insurance and how much coverage will you require. It is important to know following points-

Term plans give you good coverage for a fixed duration of time, say 25 years or 30 years.
Whole life insurance plans offer coverage for the entire life and you would be required to pay premiums for entire life to ensure family protection.
Endowment plans give benefits/assured returns to policyholder if he/she will survive by the end of the policy term, say 25 years or 30 years.
ULIPs or unit linked investment plans help in growing your money by making an investment in varied investment instruments. These plans offer life coverage but it also offers life coverage.

You can stop paying premium at any point of time- Pay premium at your choice is one of the favorite lines which is used by agents to lure their customers. If you will stop paying premium on your policy then you will face discontinuous charges which will be levied in accordance with the year of your last premium payment.