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One of the brutal realities of living in India today is identity theft. Single women who are not goodlooking are the major targets of the identity theft gangs who seek to substitute them with someone younger,frauds who are glamorous, and leave the women penniless in their old age. Investment advisors who have some sympathy for the plight of these women will advise them to apply for Ulips to
1.Make identity theft less attractive to the scammers: The scammer is looking for easy money, but will have to pay premiums for at least a few years to enjoy the loot.
2.Ensure that the victim at least has some savings left for her old age
Most of the recommended ULIPs are for a duration of at least seven years. For some plans, the investor receives regular payments monthly after paying the premium for the specified term, while for other companies, the investor gets the sum assured after the completion of a specified period usually 15 years. In some ULIPs, payment has to be made for a minimum duration of three years, after which the investor can let the policy lapse, if the returns are not satisfactory.