Is this a good scheme?

[Lord Saru]

So I registered for a insurance plan run by the government agency. I have to pay approximately 3500 Rupees every month till I am 55 years old. After 55 years, I will recieve Rs 1,00,000 every year and on death, my family members will recieve approximately (age of death x10) lakh rupees.

I already registered and is now planning to continue with it. Do you think its a good choice? Enlighten me.

 

[Dan The Man]

Life insurance is not an investment. Your goal should be to make enough money and enough income streams (real estate, crypto, stock market) to self insure.

 

[bharath]

Insurance is bit different and they don't offer you money in middle of investment also you haven't said how many years you are or how many years you need to pay them?
You will get only 1 lac per year that means around 9k per month, but how much the total investment in it?

 

[Thinker009]

It's a good thing to register for an insurance company , but the most important thing there is to ensure that you are actually able to pay back with your salary ,just incase you are asked to pay back

 

[eLdavis]

Good one, I don't know how all these insurance of a thing work but form what you have explained, it sounds nice but I would advice you not to rely on insurance alone, startup a business for yourself and your family as well, make other investments also.

 

[kayode10]

I don't have a knowledge on how insurance works in India. But I will advise you to approach a personal finance expert in your city to ask them on which type of insurance you should choose for yourself.

 

[Nomad]

I think that's a good scheme. I have bought an insurance scheme that give me 25 percent return on my insured amount every five years and by the end of 20 years, I will receive insured mount along with bonus.

 

[Justin]

I have 15 years insurance policy that will give me my insured amount along with insurance bonus in one big amount. I wish I could buy another insurance policy that will give me monthly benefits for rest of my life.

 

[HayKay]

Of course it is in the long run, I know you're considering the cost of how much you'll have to pay till that age (55), but I want you to understand that you'll get way more than that from that age till death where your family would even get compensation.

 

[kayode10]

This looks sketchy and I have my doubts about the program. you should know that you are not the only one to apply for the program. The question is how will they be able to provide that amount for a lot of users without having a financial problem.

 

[Grandeur]

So I registered for a insurance plan run by the government agency. I have to pay approximately 3500 Rupees every month till I am 55 years old. After 55 years, I will recieve Rs 1,00,000 every year and on death, my family members will recieve approximately (age of death x10) lakh rupees.

I already registered and is now planning to continue with it. Do you think its a good choice? Enlighten me.

You already registered so it's a good choice it only becomes otherwise if said company doesn't fufil their own end of the bargain by the time it's ready for collection

 

[Kunkun]

Life insurance isn't a bad idea bit there are better ideas one could venture into that would even prove more profitable in the end because with this one is still depending on someone at the end of the day

 

[Busybee]

You should use insurance to save you from taxes. It's good for your family's safety but not so good for investment. To qualify as an investment vehicle, it should generate cash flow and appreciate in value. So would suggest you split your investments in stocks, gold, silver, crypto, and real estate. Some crypto coins such as Cardano, Polkadot promote staking and provide interest for your coins contribution, educate yourself and invest your money on these assets that provide you a steady cash flow.

 

[HK World]

Your insurance scheme sounds good but you must keep a stable and regular source of income for you and your family which could support you financially on monthly basis.

 

[glitch]

Is this basically just life insurance or? I am not familiar with this arrangement. I would imagine you are in India given the currency mentioned. I am not very familiar with their insurance or anything.

 

[Good-Person]

Is this basically just life insurance or? I am not familiar with this arrangement. I would imagine you are in India given the currency mentioned. I am not very familiar with their insurance or anything.

I am not a really big supported of such kind of schemes because at the end many people end up paying more than what they gain. This is why I prefer not to invest or buy such policies.

 

[glitch]

I am not a really big supported of such kind of schemes because at the end many people end up paying more than what they gain. This is why I prefer not to invest or buy such policies.

That makes sense. Why would you want to take a huge risk knowing there is a good chance you will end up losing in the end? It just seems foolish.

 

[Good-Person]

That makes sense. Why would you want to take a huge risk knowing there is a good chance you will end up losing in the end? It just seems foolish.

You will find many people promoting and advertising such kind of schemes over the internet. There are many Hyip sites that also offer many kinds of investment opportunities that are not opportunities at all.

 

[tyrim88]

Well that is a good one though,but one thing about insurance is that you need to be consistent with your payment,and it should not be done in a way that will be putting the beneficiary under pressure.
That is a very good one though,but one thing you need to understand is that you should be able to follow through with the agreed plan of the insurance scheme,then you are good to go.

 

[Bbwoy95]

I agree with you. I think that you should invest as well since your insurance is already assured. Taking online businesses and taking physical business is very key.

Life insurance is not an investment. Your goal should be to make enough money and enough income streams (real estate, crypto, stock market) to self insure.