Dog, this also very much mirrors my LIC experience. Just that I am still in it. As soon as I got married and got a job, my parents brought the local slimy LIc agent over who pulled out numbers from his ass. I didn’t know better and before I knew it I was paying 1.5 lakhs out of an 8 lakh salary to LIC. This was upon my return to India. I later found out that guaranteed returns would only be half of what I was told. So, I asked my parents to cancel them when I returned back to the US. But they secretly kept paying the premiums and I only found out a couple of years later. I started paying them to keep them happy - we are 13 years into the policies.
I am really curious about why you feel Bangalore real estate is a bad deal and how you got out.
Hey Jay! Your parents secretly kept paying premiums? 😂 Wow, it's the same with my folks. My dad tried hard to talk me into continuing my policies, but I had made up my mind to end it all.
You might want to look into this "paid-up policy" thing. You can now stop paying premiums and your policies will still continue to be in good standing. On stopping premium payments they just change into "paid-up policies". The annual bonuses will still keep coming. The only thing is that your coverage/maturity-amount will be reduced. Reduced by how much? Good luck finding that info, lol.
About real estate, I personally got duped. Have gotten stuck with a housing co-op and currently chasing after them to get my money back. Will make a post soon.
"In my next post, I’ll talk about my ongoing struggle to get out of my second bad deal - Bangalore real estate."
Really looking forward to this. I've noticed that rents in India are much cheaper than property prices. So there may be a huge asset bubble that will pop sooner or later.
I think I made too generic a statement. I'm not commenting on Bangalore real estate being a bad deal in general. I personally have found myself stuck in a scam-ridden housing co-op that I'm fighting to get my money out of. Will write about it soon!
Dog, this also very much mirrors my LIC experience. Just that I am still in it. As soon as I got married and got a job, my parents brought the local slimy LIc agent over who pulled out numbers from his ass. I didn’t know better and before I knew it I was paying 1.5 lakhs out of an 8 lakh salary to LIC. This was upon my return to India. I later found out that guaranteed returns would only be half of what I was told. So, I asked my parents to cancel them when I returned back to the US. But they secretly kept paying the premiums and I only found out a couple of years later. I started paying them to keep them happy - we are 13 years into the policies.
I am really curious about why you feel Bangalore real estate is a bad deal and how you got out.
Hey Jay! Your parents secretly kept paying premiums? 😂 Wow, it's the same with my folks. My dad tried hard to talk me into continuing my policies, but I had made up my mind to end it all.
You might want to look into this "paid-up policy" thing. You can now stop paying premiums and your policies will still continue to be in good standing. On stopping premium payments they just change into "paid-up policies". The annual bonuses will still keep coming. The only thing is that your coverage/maturity-amount will be reduced. Reduced by how much? Good luck finding that info, lol.
About real estate, I personally got duped. Have gotten stuck with a housing co-op and currently chasing after them to get my money back. Will make a post soon.
"In my next post, I’ll talk about my ongoing struggle to get out of my second bad deal - Bangalore real estate."
Really looking forward to this. I've noticed that rents in India are much cheaper than property prices. So there may be a huge asset bubble that will pop sooner or later.
Hi Daniel! Good to hear from you :)
I think I made too generic a statement. I'm not commenting on Bangalore real estate being a bad deal in general. I personally have found myself stuck in a scam-ridden housing co-op that I'm fighting to get my money out of. Will write about it soon!