Recently, a friend called me to check on a long-term foreign currency investment that was pitched to him. His reason: his son would go to the USA for higher education. The cost of education would be in dollars. So, he wanted to ensure that he invested in dollars, and wasn’t caught short due to the depreciation of the rupee vis-a-vis the dollar.
When I saw the details, I realised he was being pitched a dollar-denominated endowment life insurance policy. Like the Indian endowment life insurance policies, it was a terrible product with long commitment timeframes, low surrender values and just principal
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