POSTED BY October 18, 2013 8:52 am ONE COMMENTON
Hi…I am planning to buy Invest Gain -Platinum policy with FIB rider.This is like LIC Jeevan Mitra Triple cover.But here its quadraple cover and with Fib rider (Monthly 1% of base sum assured(12% pa) paid to nominee for minimum 10 yrs or end of policy term which ever is higher)(Endowment Plan) from Bajaj Allianz Life Insurance co.Iam planning to take 1250000 base sum assured,so in the event of death 50,00,000 is covered and monthly 1% of base sum assured is paid to nominee for minimum 10yrs or end of policy term wh ever is higher.
The agent is saying that if i pay for 15 yrs term(limited payment option) it will continue(coverage) for 40 yrs term ( I am 30 Yrs),so at my 70 Yrs age i will get my sum assured plus compound bonus (bonus will be 2.5% on sum assured).I am supposed to pay Rs 58035/- for 15 yrs and at maturity i will be getting almost 35 Lakhs @ 2.5% bonus on SA.so in next 15 yrs iam paying Rs 8,70,525.00 (58035*15yrs) and i will be getting 35 Lakhs(sum assured 1250000+Compound Bonus).The rate of return will be around 5-6%.
what i am thinking is that i am paying 8.71 lakhs and getting 35 lakhs as a maturity and risk is covered till 70 age.
Suppose if i take any online term plan for same 50 lakhs i am supposed to pay around 10000 pa.so on the whole iam paying 10000*40yrs=Rs 400000.and i will be investing rest of money in PPF or FD, so i will be getting more than 50 lakhs as a maturity,but regarding FD always there is a risk of falling interest rates.but still i hope i can get 50 lakhs as a maturity.
Instead of that if i took this policy i will be getting 35 laks maturity and total risk cover.so iam confused whether to take this policy alone or else Term policy plus FD.Already iam doing 15000 sip per month.i can get very good returns from sip but still i want to scatter my investments,so can i treat thsi policy as debt fund with 35 lakhs returns by paying 8.71 lakhs in 15 yrs or just online term policy and FD.
If i convert this into sip instead of FD i know i will get more than Fd but already i am doing 15000 sip.we can’t keep all eggs in one basket.becoz market risk is biggest risk.
Kindly suggest me about this policy or can i take term Plan + FD