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HDFC offering Infinia against investment - is it worth it?

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anirban.choudhury said:
Apologies for the poor selection of words
But I would genuinely like to know more
If I purchase 500k points from 100 people each selling me at 1 Rs per point
How does RBI come into the picture ?
And also how will IT raid me.
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anirban.choudhury said:
Apologies for the poor selection of words
But I would genuinely like to know more
If I purchase 500k points from 100 people each selling me at 1 Rs per point
How does RBI come into the picture ?
And also how will IT raid me ?
Click to expand...
Enough has been said.. Not keen on continuing this.. Thx
 
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Zacobite said:
Enough has been said.. Not keen on continuing this.. Thx
Click to expand...
Thanks.
But can anyone else please provide some insights into this as I am bit concerned now.
As last year I bought around 1 million points ( Amex , Marriot ) etc from different individuals,Amex etc and might double that this year with my hard earned money .
So if there is any potential RBI , or IT involvement in this would like to know more.
 
anirban.choudhury said:
Thanks.
But can anyone else please provide some insights into this as I am bit concerned now.
As last year I bought around 1 million points ( Amex , Marriot ) etc from different individuals,Amex etc and might double that this year with my hard earned money .
So if there is any potential RBI , or IT involvement in this would like to know more.
Click to expand...
@Abhishek012 your inputs needed
Confused Looking For GIF by Looney Tunes
 
anirban.choudhury said:
Thanks.
But can anyone else please provide some insights into this as I am bit concerned now.
As last year I bought around 1 million points ( Amex , Marriot ) etc from different individuals,Amex etc and might double that this year with my hard earned money .
So if there is any potential RBI , or IT involvement in this would like to know more.
Click to expand...
Hotel points are out of financial regulations purview
Enjoy your stays…cheers👍
 
amitr29 said:
Mortality charges are over and above 15% deducted.For a vanilla term plan, In 20,000/- you will get cover for 1 crs, if you are between 30-35 yrs. What after 12 years? Your life cover will expire and you will end up paying higher mortality cost for a term plan, as you will be older. You should take a term plan of 30 years, so you are covered till 70 years.

Worst is that in ULIP, you get higher of Sum assured or surrender value, in case God forbid something happens to you.

If you take MF and term plan combination, one gets death cover plus the MF market value. So, for a 1 crore cover and investment of 2.5 lacs in MF, it can be somewhere around 1 cr + 22-25 lacs . But in Ulip will be 25 lacs max

Not sure on this one, but if your premium is 2.50 lacs, isn't the return taxable?
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Mortality charges are within that 15000 deducted. I already have a 1.5 Cr Term plan till age 60 with 10% topup each year. Rest all are in MFs.
 
sjmajumder said:
Hats off to the BM/RM, has a bright future.

FYI - Visit any PSU bank and they will give you locker (if available) for FD of 25-50K depending on locker size. For private banks too open SB with 25-50K MAB or equivalent FD. Some banks will even give you discount on locker with certain variants of their SB AC.
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Ya. At last moment only RM can help in emergency. Didnt had time to visit PSU bank. I wanted locker within 3-4 days. Private banks dont have lockers available unless it is a new branch. On my account type i have a locker rent discount of 50%.
 
shashankrt said:
Well above calculations are not correct.
1. Like @amitr29 mentioned in below post - 20K premium will easily get you 1 Cr + term insurance (without any riders) and even more if you have better relationships with insurance companies.
2. MF investments will get way higher returns (more than double on annual growth and may be 5 times on CAGR)
3. Upfront ULIP charges will NOT be returned if you close your policy in 5 years. If you want to close your policy you need to close it this year itself by converting to single premium 5 year lock in plan. Else just cancel the policy if its in free look period OR stay with it till maturity.
4. ULIP are better only compared even more horrible endowment plans - otherwise its net loss especially if its only taken for a locker.
5. 9 % CAGR is only if markets exceed 20% in returns - else ULIPs will have miserable returns.
6. Also please get clarity on taxation. If its even 1 Rs more than 2.5L then all returns are TAXAB
Click to expand...
A 25 L Term plan with 12 Year term and limited pay of 7 years costs 20 K per year inclusive of GST. As usual, MF fetches more. I will complete 5 yrs lockin then withdraw. Yes. Ulips are better than other plans. Ulips have returns at par with MFs except the charges. Thats why premium = 2.5 lacs, not a piase more.
 
hysteriadoc said:
A 25 L Term plan with 12 Year term and limited pay of 7 years costs 20 K per year inclusive of GST. As usual, MF fetches more. I will complete 5 yrs lockin then withdraw. Yes. Ulips are better than other plans. Ulips have returns at par with MFs except the charges. Thats why premium = 2.5 lacs, not a piase more.
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I am not sure which term plan you are referring to? Seems the BM confused you with endowment plan. Term plan at minimum gives cover till age of 60. So ULIP insurance coverage and term plan coverage is miles apart with term plan being superior (as its tightly regulated)

Its fine if ULIP is your preference - however then why withdraw in 5 years. All the mortality and other charges will be a sunk cost. Might as well wait till maturity (which I believe is 12 yrs?) when even all charges will be returned
 
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shashankrt said:
I am not sure which term plan you are referring to? Seems the BM confused you with endowment plan. Term plan at minimum gives cover till age of 60. So ULIP insurance coverage and term plan coverage is miles apart with term plan being superior (as its tightly regulated)

Its fine if ULIP is your preference - however then why withdraw in 5 years. All the mortality and other charges will be a sunk cost. Might as well wait till maturity (which I believe is 12 yrs?) when even all charges will be returned
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There are some limited pay term plans as well.
 
anirban.choudhury said:
Yeah seems like that.
Particularly if the only way to sell them is on basis of other non linked benefits like Infinia or lockers , it is sure to stay till infinity.
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A co-operative bank representative came to me yesterday for making FDs in his newly opened branch. I asked, Why are you running behind FDs when all other banks are behind Investment products. He said, they dont yet have permission yet for ulips and other investment products. And, still people are taking FDs. Once they get permission for Investment products he will forget even the definition of FD.
 
credit_explorer said:
I read in this forum that we can get Infinia by investment route. I enquired about it with bank. They are offering Infinia if I invest 1.5 Lakh/year (earlier they were demanding 2 Lakh/year, but when I declined they came down to 1.5, and now they are eager to sell the policy, calling multiple times a day saying they got approval for Infinia). They are saying I can surrender the policy after 3 years and get the money back. I have few questions: How much money I will get back if I surrender the policy after 3 years (they are claiming I will get back 6-6.5 lakhs) ?
Is it worth it to invest 1.5 Lakh to get Infinia? I have Regalia Gold.
Thoughts and suggestions are appreciated.
Note: Infinia offered is not LTF. They are claiming RBI made some rules, so they cannot offer LTF for super premium cards.
Policy offered is Sampoorna JeevaDe
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credit_explorer said:
I read in this forum that we can get Infinia by investment route. I enquired about it with bank. They are offering Infinia if I invest 1.5 Lakh/year (earlier they were demanding 2 Lakh/year, but when I declined they came down to 1.5, and now they are eager to sell the policy, calling multiple times a day saying they got approval for Infinia). They are saying I can surrender the policy after 3 years and get the money back. I have few questions: How much money I will get back if I surrender the policy after 3 years (they are claiming I will get back 6-6.5 lakhs) ?
Is it worth it to invest 1.5 Lakh to get Infinia? I have Regalia Gold.
Thoughts and suggestions are appreciated.
Note: Infinia offered is not LTF. They are claiming RBI made some rules, so they cannot offer LTF for super premium cards.
Policy offered is Sampoorna Jeevan
Click to expand...
Definitely not. And never go for Endowment or ULIPs.
 
AKJ said:
Definitely not. And never go for Endowment or ULIPs.
Click to expand...
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Difference Between ULIPs vs Mutual Funds: Where to Invest

ULIPs Vs Mutual Funds: Where to invest, here is an analysis of Mutual funds & ULIPS across 9 different parameters which will help you to choose one.
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Its Not all bad.. if planned well.. Blind selling with no context of personal finances is a problem..ULIPS can be part of a portfolio with life cover if bought properly..and well thought through.. Banks missell and people are stuck with crappy policies.. IRDA has cut out many extra charges already.. evaluate / understand / check suitability and buy of it fits into your money plans... NOT to get a locker or a CC..
 
shashankrt said:
I am not sure which term plan you are referring to? Seems the BM confused you with endowment plan. Term plan at minimum gives cover till age of 60. So ULIP insurance coverage and term plan coverage is miles apart with term plan being superior (as its tightly regulated)

Its fine if ULIP is your preference - however then why withdraw in 5 years. All the mortality and other charges will be a sunk cost. Might as well wait till maturity (which I believe is 12 yrs?) when even all charges will be returned
Click to expand...
Generally, the plans are for 25 years.
 
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