Ulip Vs FD – A Detailed Comparison| SBI Life (2024)

Insurance Regulatory and Development Authority (IRDA) has been receiving complaints, through email/letters and in its Integrated Grievance Management System, from members of public informing the Authority that they are receiving spurious calls from unidentified persons:

Claiming to be representatives of IRDA and offering insurance policies of different insurance companies with various benefits.

Claiming that IRDA is distributing bonus to insurance policy holders out of the funds invested by insurance companies with IRDA.

Claiming that the policyholder would receive bonuses being distributed by IRDA if they purchase an insurance policy and wait for a few months after which the bonus would be released by IRDA.

Advising customers to subscribe to fresh policy after surrender of the existing policy and wait for a few months after which the fresh policy would be entitled for additional enhanced returns / benefits.

Informing that ‘Survival Benefit or Maturity Proceeds or Bonus’ is due under their existing policy and investing in a new insurance policy is mandatory to receive the amounts which are due.

Advising public to invest in insurance policies to avail gifts, promotional offers, interest free loans, or setting up of Telecom towers or other such offers.

The general public is hereby informed that IRDA is a regulatory body established by an Act of Parliament, i.e. the Insurance Regulatory and Development Authority Act 1999, to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. Further, IRDA informs the members of public that:

IRDA does not involve directly or through any representative in sale of any kind of insurance or financial products.

IRDA does not invest the premium received by insurance companies.

IRDA does not announce any bonus for policyholders or insurers.

Any person making any kind of transaction with such individuals/agents will be doing the same at their own risk.

IRDA hereby urges the public to remain alert and not to fall prey to frauds or scams perpetrated by miscreants who impersonate to be employees / officers of IRDA or other insurance companies.

If any member of the public notices such instances, he or she may lodge a police complaint, along with the details of the caller and telephone number from which the call was received, in the local police station.

Ulip Vs FD – A Detailed Comparison| SBI Life (2024)

FAQs

Which is better ULIP or fixed deposit? ›

Thus ULIPs are overall a better place to invest as compared to FDs. Apart from ensuring that your money is safe, and providing you life cover, they also give you a chance to earn by investing your money. This versatility is what makes them one of the best avenues to put your money in.

Is ULIP good for long-term? ›

Since a ULIP comes with a lock-in period of 5 years, it offers a higher ROI over a long period.

What is the return on ULIP in 10 years? ›

Market experts estimate a return of 10-12% annually on a ULIP plan with a 10-year tenure.

Which scheme is better than fixed deposit? ›

The post office time deposit (POTD) is an alternative to the bank fixed deposits for those looking for fixed income. It is safer than than an FD because the principal invested and interest earned are backed by sovereign guarantee. In a POTD, there are four tenure options- 1, 2, 3 and 5-year deposits.

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