Hi Manish/Team,
I request your help on the below mentioned query:
I have purchased a Jeevan Saral (With profits) policy from LIC through my agent. My Annual premium (I pay it every half year a Rs. 30325) is Rs. 60650 and term is 21 years. Before I purchased this policy, my agent had shared a Return’s spreadsheet with me that showed me the return in 21st year to be Rs. 3105748, it is shown in the same spreadsheet that effective yield without tax benefit is 7.6% and with tax benefit it is 10.41%.
After a few days, I recieved the policy document which had following details:
Maturity sum assured: Rs. 1467850
Death Benefit sum assured under main plan – Rs. 1250000
Accident benefit sum assured – Rs. 1250000
I got concerned reading these figures as nowhere in the policy the sum assured amount mentioned was close to what was shown to me i.e. Rs. 3105748. I called up my agent to check the same to which He said that LIC may have published the figure just for the sake of it and the Return spreadsheet that He had shared with me was on a conservative side and eventual return at the end of 21st year will be much more than Rs. 3105748. I was not convinced with his statement however trusted his words as He is like a family friend.
Now I needed your help to figure out if the figure (maturity amount) He shared with me would be close to what I would get at maturity. Please advise. Also, I have couple of other questions:
1. Is Jeevan Saral a good policy to go with?
2. Which is the best policy to be bought for your child?
Thanks in advance!
Arpit Arora