Thanks for visiting Capital Advisor. I frequently update this blog to cover various topics on personal finance such as investment strategies, financial products that you should buy and ones that you really should stay away from, financial calculators, emerging themes such as early retirement and financial independence, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.
A full-page Page 3 advertisement in today’s Economic Times (Bangalore edition) introduces the Wealthsurance Foundation Plan from IDBI Fortis Life Insurance Co Ltd. Obviously, with such an honestly lame name (seriously, Wealthsurance!), it has to be a Unit Linked Life Insurance Product (ULIP) in disguise — and it is!
After a hair scratching/tearing analogy with pomegranates and human embryos, the scheme [or scam?] goes on to explain that
You can protect your Plan from death, terminal illness, 17 major diseases, 13 serious accidental injuries, or any illness requiring hospitalization. Thus your Plan is not affected by sudden financial demands caused by bad kismat.
Hilarious wording. And you’re doomed if you contract that 18th major diseases or suffer that 14th serious accidental injury. Thank God, they haven’t provided us a statistics table with age-ranges, major diseases, serious accidents, and their probabilities. I’d love to meet the actuary behind this scheme [or scam?].
The footnotes are worth highlighting:
- IDBI Fortis Life Insurance Co Ltd is only the name of the Insurance Company and Wealthsurance Foundation Plan is only the name of the unit linked life insurance contract and does not in anyway indicate the quality of the contract, its future prospects or returns. [Ummm...then why should I buy this policy?]
- The various funds offered under this contract are the names of the funds and do not in anyway indicate the quality of these plans, their future prospects, and returns. [Again...why should I buy this policy?]
- IDBI Fortis Life Insurance Co Ltd has applied for the registration of Wealthsurance as a trademark with the Trademark Registry. [WTF mate?]
- IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. [What are you there for? Management fees?]
All said and done, here’s what the ad actually wanted to say:
Hand us the cash — right now. Watch us grow rich by consistently looting “management fees” from your Plan. Watch us washing our hands off any liability. Watch us waving goodbye. Thank you. Next customer please. Repeat.
Let me know if you’re brave enough to buy this policy.
Thanks for reading this article. I'd love to hear your opinion. Please use the comments section below to share your thoughts. I frequently write new articles that also cover several other aspects of personal finance including credit cards, financial goals, health insurance, income tax, life insurance, mutual funds, retirement planning, and much more. You can Subscribe through Email and receive new articles directly in your Inbox or you can Subscribe through the RSS Feed and receive new articles in your feed reader.