Dear Sir – Every time i walk into bank for some info, they start chasing me for some investment plans. This time the story is like this..
Plan name –HDFC Life Sanchay Par Advantage.
– They are asking me to invest 1L every year for 10 years mandatory and then immediately, i ll get around 30k till 100 years for every year (They asked me to take in my Son’s name aged 1 year).. Also they said if i close this some where around after 20 years, i would get lumpsum of 40L.. I don’t know how far its true and whats the catch here.
Last year 1 agent from HDFC bank fooled me to invest in HDFC life pro growth plus opportunities fund. I invested for two years and its going in negative..
Bottom line – all these plans offered by different banks reliable? I found this nuisance mainly with private banks like hdfc, icici etc.
This plan is one more TRAP. Stay away from all these. Banks are nowadays not RELIABLE as they are into SELLING mode than SERVING mode.
Why it is a trap? Can you explain it to me in detail?.
Returns are less than the typical inflation rate. Hence, you end up in NEGATIVE REAL RETURNS. If you are comfortable with 5% to 6% returns for your LONG TERM goals, then this is the BEST product on this earth but not a TRAP. However, think about inflation (your purchasing power). Then decide.