ULIPs are not for senior citizens — Here’s how to pick the right investments to secure the golden y

In the last few days, Twitter has been awash with tweets about senior citizens being mis-sold ULIPs by banks. People have gone to the extent of calling it ‘atrocious’ and a ‘crime,’ and even wondered why the regulator does not step in to curb such malpractices. In fact, if mis-selling was a crime, which it is, selling ULIPs to a senior citizen would rank high up in the list. What makes it worse is that sometimes ULIPs, or Unit-Linked Insurance Plans, are sold as fixed deposits, with the promise of fixed returns.