Is this a good scheme?

[Bigron]

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.

I think this is a good idea. I am presuming that you are from India as per the currency mentioned. The terms are relatively reasonable but if you signed a contract with the government agency you must make sure to take note of the fine details which they could use in denying you future payment

 

[Good-Person]

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.

I have never been a big fan of such kind of insurance schemes and i have always avoided such kind of insurance plans. I usually prefer business and trading and protecting my asset myself.

 

[tyrim88]

I have never been a big fan of such kind of insurance schemes and i have always avoided such kind of insurance plans. I usually prefer business and trading and protecting my asset myself.

Well you might want to look at it from a different perspective though,but in some clime it is almost compulsory to have an insurance plan for your assets and business,because the insurance scheme works properlly in those clime.

 

[Lynaia]

If you're sure that the documents is well signed without any error then I'm telling you that's really a good offer. You also have to be praying to be very old before you die so that your family can also make more money

 

[frederick_9]

Such insurance policies have never really appealed to me, therefore I have always steered clear of them.
I often choose running my own business, trading, and asset protection.

 

[Good-Person]

Such insurance policies have never really appealed to me, therefore I have always steered clear of them.
I often choose running my own business, trading, and asset protection.

Well, some insurance policies may appear really juicy and this is why many people actually purchase such kind of policies. I am also being offered insurance policy as well by a local bank.

 

[tyrim88]

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.

The issue of getting an insurance is a good thing if you will have the means to be funding the package,because what will make it not to be that appealing is if the money is no longer coming.

 

[Good-Person]

The issue of getting an insurance is a good thing if you will have the means to be funding the package,because what will make it not to be that appealing is if the money is no longer coming.

Not all kinds of insurance is better for you. There are many companies in here who tend to offer the "Islamic version" of insurance in order to capture the Muslim market in our country.

 

[tyrim88]

Not all kinds of insurance is better for you. There are many companies in here who tend to offer the "Islamic version" of insurance in order to capture the Muslim market in our country.

Well if that is the case then it will not be a good thing to force a loan facility on someone that is not in the same faith with you so that he can bend to your rules,it should be for development instead.

 

[Good-Person]

Well if that is the case then it will not be a good thing to force a loan facility on someone that is not in the same faith with you so that he can bend to your rules,it should be for development instead.

No one is forcing someone to buy insurance belonging to a certain faith. The main point of Islamic insurance system is to avoid the usage of interest money which is prohibited in many religions. If someone does not want to buy such insurance, then no problem. It is their choice.

 

[tyrim88]

No one is forcing someone to buy insurance belonging to a certain faith. The main point of Islamic insurance system is to avoid the usage of interest money which is prohibited in many religions. If someone does not want to buy such insurance, then no problem. It is their choice.

That is very much ok i get.

 

[Georgeadawara]

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.

You're absolutely right by saying this, it always baffles me the more anytime I realized that most people don't know the differences between life insurance and the so called investment in general.

 

[eenya00]

Anything that has to do about insurance is good for me, because you can not predict the future and what it will entail as well, so you need to always plan ahead for the future which is important

 

[Good-Person]

Anything that has to do about insurance is good for me, because you can not predict the future and what it will entail as well, so you need to always plan ahead for the future which is important

Well, there are many people who are also buying the Islamic alternative of insurance which is known as "Mudarba". It is gaining much attention in the Muslim community.

 

[Shigobad2020]

Insurance is a good thing to do , but you have to be careful of its authenticity, if you can afford that kind of money on a monthly basis , then all you need to do during your retirement is continue enjoying your money.

 

[Good-Person]

Insurance is a good thing to do , but you have to be careful of its authenticity, if you can afford that kind of money on a monthly basis , then all you need to do during your retirement is continue enjoying your money.

I think that insurance policies are quite expensive and this is one of the main reasons why many people do not buy such kind of policies in here. They rely a lot on personal savings and investments,.