Call from HXFC Life Insurance

Caller: Hello sir

Me: Hello

Caller: Calling  from HXFC life insurance we have a very good plan for you which yields 12% return , Premium need to be paid for 7 years and you will get maturity at end of 10 years.

Me: What will be the sum assured and what is the amount that I will get after 10 years? How is the IRR ( rate of return) 12% calculated, where do you invest this money to get 12%?

Caller: Sir,I will hand it over to my boss.!!!

.......

Team Lead: Hello sir, this Name of the plan is # bla bla bla, 7 year , 10 year, 15 year option #bla bla bla .. (No correlation to the question asked by me).

Me: Hold On. Can you please answer my question

What will be the sum assured and what is the amount that I will get after 10 years? How is the IRR ( rate of return) 12% calculated, where do you invest this money to get 12%?

Team Lead: Sir, this is a very good plan. We invest in government projects like road, metro, etc and that's why we get 12%.

Me: Through what instrument do you invest??

Team Lead : Sir, we will give you in writing that you will give 12% return assured. We don't invest in equity and we will give you a BOND ( Don't know what a BOND means???)

Me: What is the amount that I will get after 10 years , if I invest XXXX for 7 years?

Team Lead: This plan is.....

Me: What is the amount that I will get after 10 years , if I invest XXXX for 7 years?

Team Lead: Roughly YYYY

Me: That amounts to only 5-6% return which I can get from my SB account. You said it was 12%??

Team Lead: Sir, you wont get return anywhere . FD has TDS and they wont pay you more than 7%

Me; What??? You said the policy offers 12% return and the maturity amount stated doesn't justify that? Are you getting my question.

Team Lead: Sir, no bank gives you this type of return!!!

I hang up.

My humble request to all Insurance companies: Please get any product rolling into market..But please have the people that sell your product trained on IRR and comprehending customers question.( But may be you are doing this with a purpose- if some one gets all the right facts - No one may opt for your products)

+91 9894509065 caller number 14 may 11.32am( ask the right questions before you invest)