 "Life Insurance, Insurance")
Ashish, a staff member, visited his bank a few months ago to rent a locker. He was asked to buy an insurance policy if he wanted the locker. He was informed he would need to pay a one-time premium of Rs 1 lakh and the returns would surpass those of bank fixed deposits (FDs). Since Ashish needed the locker, he broke his FD to pay the premium.
When he checked the policy, he discovered he had been sold a 30-year policy with a 10-year premium payment term. As he couldn’t afford the premiums, he enquired about surrendering the policy. He
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