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When a life insurance agent tries to coax you into buying a particular life insurance scheme and in the same pitch offers to give back to you a certain percentage of his commission, you should run away as fast as possible. Double your speed if the particular policy in question remotely resembles a Unit Linked Insurance Policy (ULIP).
Commission kickbacks are illegal. You might make a few thousand rupees in the very short-term, but if you choose a policy solely for such kickbacks, you might as well kiss goodbye to several hundred thousands of your hard earned money over the long-term.
Tip Tuesdays is an initiative to share practical personal finance tips — every Tuesday. I’d be delighted if you could share a tip or two from your own experiences. Drop a comment or use this form to submit your tip. And, as always, do spread the word if you find this useful.
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.