"Bundling of Financial Products is ILLEGAL", one of my clients sigh a relief after listening to this. Financial Products are the lifeline for any investor or borrower. We all must have come across situations wherein banks or financial institutions bundled Financial Products. A customer/borrower is at the mercy of a Bank or Financial institution for financial services/products. Now, you must be wondering that we have so many banks or financial institutions that we can shift to others. I agree, but the practice of Bundling of Financial Products is so widespread that it will not help. Home Loan ... Read More
Beware of Hidden ULIP Charges
ULIP Charges and Greed are synonyms for each other. ULIP (Unit Linked Plan) is a perfect case study of How Greed Kills. Greed is always both ways i.e. Banks/Insurance Provider's greed to sell more and Greed of investor for higher returns. ULIP was launched in 1971 but all the mess in ULIP started after private life insurers entered in 2000. ULIP misselling became so rampant that IRDA (Insurance Regulatory and Development Authority) had to step in. IRDA came up with regulations for ULIP to control ULIP charges in September 2010. I still remember that for few ULIP products, large portion of ... Read More
Convert Physical Insurance Policy to e-insurance
e-insurance is one of the most revolutionary step taken by IRDA (Insurance Regulator and Development Authority). In recent past, Insurance sector has undergone many changes. e-insurance is one such step for the benefit of customers. After Stocks, Mutual Funds, Bonds, NCD's, ETF's, Derivatives etc now you can store Physical Insurance Policy in paperless Electronic format also known as e-insurance or Electronic insurance. IRDA has issued licenses to five insurance repositories. These insurance repositories are authorized to digitise Physical Insurance Policy to e-insurance & store ... Read More