Advice regarding LIC Policies

POSTED BY Manoj Kumar ON September 7, 2012 12:14 pm COMMENTS (9)

Kindly advice regarding what to do with my LIC policies. Which ware taken by me for Insurance & Saving for future. Shall I continue or Stop. Details are as below. If yes then please advise the better source for Insurance & Saving.

 

DOB: 25/05/1982

Marital: Married

Income: 2Lac/Year

Depend: 2 Nos

 

Praduct Name

Sum Insured

Premium / Yr

Policy Stat Date

Money Back

100,000.00

6,604.00

19-Jan-09

Jeevan Anand

100,000.00

5,724.00

19-Jan-09

Jeevan Anand

100,000.00

5,476.00

14-Feb-12

Jeevan Saral

250,000.00

12,248.00

28-Feb-12

 

 

Regards;

 

Manoj

 

Bhubaneswar

9 replies on this article “Advice regarding LIC Policies”

  1. Lakshmipathy G says:

    Hello Manoj,

    No worries. There are people here who can guide you, but it is only you who can take action.

    I hope you have read the Related Questions, Can you summarize what you have learnt from those. It will be easier to continue from there.

    1. Manoj Kumar says:

      Dear Sir,

      I am 30Years, Male, Smoker (Max Once in a Day), Tobacco User (Pan / Gutkha), Consuming Foreign Liquor (Max Twice in a Month) and Suffering Chronic Asthma from my Childhood. When I proposed to my LIC agent regarding Term Plan LIC Amulya Jeevan stating above in honestly, my agent is heritage to proceed with my proposal and He is asking some changes regarding my Habit & Disease. But I am Not. Is it possible to me to get LIC Policy, Should i go for LIC with Above Proposal. Or Go for Aviva I Life. Your advice is highly solicited. Please advice…

      1. Dear Manioj, after knowing your all habits, please do not worry & apply with full confidence. There are only 2 options with LIC for your case –

        1. Deny the policy
        2. Issue the policy with a higher prem. than normal one due to higher risk on your life.

        These same options ‘ll remain with any insurer with whom you ‘ll deal in future, be it Aviva or Kotak or Aegon Religare or any other.

        Thanks

        Ashal

  2. Dear Manoj, if you die tomorrow how much money these policies in total ‘ll pay to your family? Till how many days or months that amount can sustain your family’s living expenses? What ‘ll your family do, once this amount is exhausted?

    Please answer.

    Thanks

    Ashal

    1. Manoj Kumar says:

      Thanks for your response, here is the answer…

      Ans for Q1: About 6Lacs and incase accidental death 8Lacs
      Ans for Q2: About 5Yrs with various changes in life style and education.
      Ans for Q3: I don’t know.

      Respected Sir, to be very honest I am from a poor family, except from some lands in my village (about 5/6 Lacs) I have nothing another assets. I am currently living in Bhubaneswar City with my family in a rented house. At present my cost of living is Rs.15000/PM. I am earning Rs.20000/PM. My goal is my son (5Yrs) education, a small house in my village and day to day living expenses after retirement.

      Looking forward to hearing from you

      1. Dear Manoj ,for the given situation, instead of opting these high prem. low insurance policies, please go for a low prem. high insurance Term covers. If you want to go with LIC alone, the policy name ‘ll be Amulya Jeevan for 50L Rs. In case you can change the insurer, you may go for either online term plans or offline plans like SBI’s Smart Shield.

        Once this new Term cover of 50L Rs. is active, please surrender/stop all these money draining policies & invest your saved prem. in pure investment oriented instruments like FDs, PPF, MFs.

        Thanks

        Ashal

        1. Manoj Kumar says:

          Dear Sir,

          Should i go for Online Term Insurance of Plan Bharti AXA Life e Protect. Is it good.

          1. Dear Manoj, Yes, you may go with this policy.

            Thanks

            Ashal

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today