PrancingBagel
PrancingBagel

Are endowment plans worth ?

Folks,

My relationship manager sold me an endowment plan called "ICICI Future Perfect" The Overview of the plan, 52,000 per year for 7 years. Then I have to wait for 5 years which is the lock-in period. In my 12 year, I will get my return. I saw many reviews that a huge component of my endowment plan goes into insurance. I saw the average returns are also 9% only.

I have paid 52,000 for 2 years. Now I realised my mistake and thinking of surrendering and investing in ELLS mutual funds which gives higher return with 3 year lock-in and also getting a term plan. If I surrender the policy I will get approx 40,000 only but I paid almost a lakh as of now please advise.

4mo ago
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FluffyCupcake
FluffyCupcake

Read more on “Sunk cost” fallacy.

Mixing two products is always more beneficial to the provider. It’s easier to hide the finer details in a complex world.

BubblyCupcake
BubblyCupcake

Nope. Never go with these plans

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