Mis-selling( an euphemism for cheating) of Financial products is so rampant that Bajaj Allianze’s Ad on Their policies highlights this aspect.’stating that their Agents do not misguide you.
Banks and Insurance firms in their mad rush to earn Profits offload their Products on the unsuspecting Public..
Normally the Age, with savings,are their targets.
They misrepresent their products and even when they know the returns will be poor, they assure Moon.
ULIP Products are a case in point.
I had invested for my son in ICICI Prudential.
I was promised a return of about 60%
When I told the Agent that it was an impossibility, he took out a chart and started blubbering non sense.
As I had to take out cover for Tax purpose I took it.
Ran it for Five years, watching the Fund.
Finally I with drew with a return of 8% on Investment after 5 years!
These companies hide behind .Conditions apply”
I am yet to see a Banker or an Insurance man investing in their own products.
Best is to invest in Post Office, PPF, or Savings Bank.
Or the Old fashioned LIC standard Endowment Polity.
Now read the agony of an elderly Man.