Infinia Infinia Against ULIP?

[sonuyos]

I got an offer from HDFC RM, saying I can get Infinia (I have no shot at getting it directly without waiting for like years. As it took them 8yrs to upgrade my Moneyback to Millennia card.)

If I go thru FD backed route it will be - 7.20% interest rate on 10lk fd. I straight up lose 5-7% on 10lk = 60k roughly every year.

They said to pay 2.1lk to get the card and of which I can surrender the Policy if I want after 1yr, and get back roungly 103-108k back.

In return they will give me Infinia Metal with a guaranteed upgrade (giving me in writing over email) to Infinia Reserve once the card launches.

Plus the card would be 3 yrs free.

Should I go for it?

Edit : Did not go with it. As many pointed out, the cost doesn't justify the card, especially after the 2:1 accor devaluation.

 

[ccrnc]

Is Infinia against FD back as an option? Last I enquired and even heard on this forum, they had stopped issuing Infinia as secured since August 2023 or so.

 

[Pissant]

Is Infinia against FD back as an option? Last I enquired and even heard on this forum, they had stopped issuing Infinia as secured since August 2023 or so.

no. But it is possible via TRV. But you'll need to have a trv of around 80lk-1cr. I have close to this trv but still at DCB lol.

 

[sonuyos]

no. But it is possible via TRV. But you'll need to have a trv of around 80lk-1cr. I have close to this trv but still at DCB lol.

Its not.

I offered them 1cr TRV, they said they cannot give Infinia. I said ok, haha, bye.

Axis would come to my house and open a branch if I give them 1cr TRV.

 

[Pissant]

Its not.

I offered them 1cr TRV, they said they cannot give Infinia. I said ok, haha, bye.

Axis would come to my house and open a branch if I give them 1cr TRV.

it is. My dad got Infinia a year ago when he shifted 1.3cr from HSBC to HDFC. That was his first card from HDFC too btw.

 

[Pissant]

at the end of the day someone from your branch has to ask for permission from the regional cc head, and if they are willing to do that for you 90% of the time you will get HDFC Infinia approved. It is just that these branch managers are ruthless and are willing to completely wring us for as much benefit we can give them.

 

[Zacobite]

Its not.

I offered them 1cr TRV, they said they cannot give Infinia. I said ok, haha, bye.

Axis would come to my house and open a branch if I give them 1cr TRV.

and i got one without banking relationship.. just as upgrade from dcb in normal fashion.. so they also profile csms..more u chase them.. more they act pricey

 

[sonuyos]

it is. My dad got Infinia a year ago when he shifted 1.3cr from HSBC to HDFC. That was his first card from HDFC too btw.

I offered them last week, they said we cannot give you card based on PMS of 1cr.

I was like bye.

Went with Axis.

 

[sonuyos]

and i got one without banking relationship.. just as upgrade from dcb in normal fashion.. so they also profile csms..more u chase them.. more they act pricey

They wont give me, so eh.

 

[Pissant]

I offered them last week, they said we cannot give you card based on PMS of 1cr.

I was like bye.

Went with Axis.

why not HSBC? And what did Axis give you?

 

[sonuyos]

why not HSBC? And what did Axis give you?

What will HSBC give? lol.

Axis gave LTF MB and now because of PMS they won't even require me to maintain anything in the account.

A proper support. I am 1 msg away from BM & RM both. Who actually know what they are doing.

I did a foreign remittance from HDFC on Saturday, it didn't go through till Thursday.

I did foreign remittance from Axis on Friday, it went out the same day with the BM being in constant touch and checking through and giving me update on the process.

For me, Axis is miles ahead of HDFC.

I contacted HDFC RM to tell me the procedure to secure BlackBiz against FD, they said they will follow up in 24hrs, its been 2 weeks.

I contacted HDFC last year for home loan, it took them 1.5months to get in contact with back, not even apply, just to get back to me.

Axis got me sorted in 2 days. I prefer Axis way over HDFC.

 

[Pissant]

What will HSBC give? lol.

Axis gave LTF MB and now because of PMS they won't even require me to maintain anything in the account.

A proper support. I am 1 msg away from BM & RM both. Who actually know what they are doing.

I did a foreign remittance from HDFC on Saturday, it didn't go through till Thursday.

I did foreign remittance from Axis on Friday, it went out the same day with the BM being in constant touch and checking through and giving me update on the process.

For me, Axis is miles ahead of HDFC.

I contacted HDFC RM to tell me the procedure to secure BlackBiz against FD, they said they will follow up in 24hrs, its been 2 weeks.

I contacted HDFC last year for home loan, it took them 1.5months to get in contact with back, not even apply, just to get back to me.

Axis got me sorted in 2 days. I prefer Axis way over HDFC.

HSBC Premier has amazing support too. They would give you the HSBC Premier card

 

[sonuyos]

And what's the point even in an LTF Magnus? My paid Atlas seems to be better

No its not.

5:4 through and through.

Ez 20-25% RR

 

[Pissant]

No its not.

5:4 through and through.

Ez 20-25% RR

oops I read it as Magnus and not Magnus burgundy. disregard my other post.

 

[sonuyos]

oops I read it as Magnus and not Magnus burgundy. disregard my other post.

I am in hopes of them to give me LTF Reserve in return of 1cr TRV, lol.

 

[Lobogris]

Once again, complete ignorance on ULIPs and how mortality charges are incurred. Let's say your insurance cover is 20 lakhs and you pay 2 lakhs per year as premium for 10 years and the policy is for 25 years. The mortality charge is applied on the difference between this 20 lakhs and the worth of your portfolio. First year, you pay 2 lakhs and the mortality charge would be on 18 lakhs. Next year, your corpus is 4 lakhs plus whatever gain it gets. So let's say it is 5 lakhs. Now, in the 2nd year, mortality charges would accrue only on 20 lakhs - 5 lakhs, which would be 15 lakhs. So these charges become zero or near zero after about 8 to 10 years, depending upon portfolio growth. No one normally chooses a 40 year policy but even if you did, you wouldn't be paying any mortality charges after 10 years or max 15 years if fund performs poorly.

@Centurion_wala as well.

 

[Lobogris]

it is. My dad got Infinia a year ago when he shifted 1.3cr from HSBC to HDFC. That was his first card from HDFC too btw.

I would have done it happily as well if they had agreed!

 

[Lobogris]

They are paying you 1st yrs mortality charge in 11th.
2nd yrs on 12th

but the problem is say the policy is of 40yrs.

The large chunk of your mortality charge will deduct from 30th yr to 40th yr (naturally.

And those payments that u making, u wont get it back because ur policy expires on 40th yr.

Even if u have life time of policy, once u die u wont get the payment of mortality charge of the last 10yrs before ur death. that's the biggest chunk, not the pennies u pay in the start.

Once again, complete ignorance on ULIPs and how mortality charges are incurred. Let's say your insurance cover is 20 lakhs and you pay 2 lakhs per year as premium for 10 years and the policy is for 25 years. The mortality charge is applied on the difference between this 20 lakhs and the worth of your portfolio. First year, you pay 2 lakhs and the mortality charge would be on 18 lakhs. Next year, your corpus is 4 lakhs plus whatever gain it gets. So let's say it is 5 lakhs. Now, in the 2nd year, mortality charges would accrue only on 20 lakhs - 5 lakhs, which would be 15 lakhs. So these charges become zero or near zero after about 8 to 10 years, depending upon portfolio growth. No one normally chooses a 40 year policy but even if you did, you wouldn't be paying any mortality charges after 10 years or max 15 years if fund performs poorly.

@Centurion_wala as well.

 

[Lobogris]

woh hai aadat se majboor.. analysis paralysis 🤯🤯.. ulip vs endowment.. Never the Twain Shall Meet

My analysis is clearly presented. You guys are the ones making generalisations without any evidence whereas I have all the facts and formulas in front of me from various policy documents.

 

[Lobogris]

Rehne de Bhai, ye banda nahi maanega. He's convinced that ULIPs are one of the best Investment Instruments in the world. I tried explaining but -

Satirical Post by an redditor about ULIP and infinia

Today came across a post on reddit by a user who was fedup by one of the notorious RM on reddit who honey traps innocent people with the greed of getting them infinia if they do investment.

www.technofino.in

I never said it was the best investment. I have presented you clear evidence of how it would equal or even beat a similar mutual fund but you have already made up your mind to continue your misconception and ignore all facts.

 

[sonuyos]

Once again, complete ignorance on ULIPs and how mortality charges are incurred. Let's say your insurance cover is 20 lakhs and you pay 2 lakhs per year as premium for 10 years and the policy is for 25 years. The mortality charge is applied on the difference between this 20 lakhs and the worth of your portfolio. First year, you pay 2 lakhs and the mortality charge would be on 18 lakhs. Next year, your corpus is 4 lakhs plus whatever gain it gets. So let's say it is 5 lakhs. Now, in the 2nd year, mortality charges would accrue only on 20 lakhs - 5 lakhs, which would be 15 lakhs. So these charges become zero or near zero after about 8 to 10 years, depending upon portfolio growth. No one normally chooses a 40 year policy but even if you did, you wouldn't be paying any mortality charges after 10 years or max 15 years if fund performs poorly.

@Centurion_wala as well.

10 years or max 15 years if fund performs poorly.

I already talked to the agent who was selling me the ULIP, he also confirmed that the money won't be refunded for last 10 yrs. And also confirmed that it will be substantial.

I am done with this conversation, you can be as delusional as you like.