Received a mailer two days back, am wondering if there is any value or rather is it worth it:-
Dear Friend,
We would like to inform you that LIC has introduced a Unique Saving-cum-Insurance package “SWARNIM MONEY BACK PACKAGE”. This package has been framed specially to meet out the periodical financial requirements of the Individual because every-one has to fulfill his/her financial responsibilities for the plan and non-plan activities. This package helps in both the situation of life.The main features of this package are as follows:
1. Saving Rs.25000 to 27000 Per Year for 20 Years.
2. Return:
After – 4 Year = Rs. 20000/-
5 Yea = Rs. 20000/-
8 Year = Rs. 20000/-
10 Year = Rs. 20000/-
12 Year = Rs. 20000/-
15 Year = Rs. 20000/-
16 Year = Rs. 20000/-
17 Year = Rs. 20000/-
18 Year = Rs. 20000/-
19 Year = Rs. 20000/-
20 Year = Rs.572000/-
21 Year = Rs.189000/-
3. Insurance Cover – Rs.500000/-
4. Accidental Insurance Cover – Rs.1000000/-
5. Free Insurance Cover after Maturity upto 10 Years – 100000/-
6. Income Tax Rebate under sec.80 (c)
7. TDS Exemption on Return Amount.
8. Premium can be paid Yearly, Half-yearly or Quarterly.
9. Option to Increase or decrease the Premium Amount.
10. Instant Door-Step Services.
It is presumed that you will grasp this opportunity for the multiple benefits for your-self as well as for your beloved family.
Please mail us your Name & Mobile No.so that our Executives could contact you for an appointment to inform you the complele detail of this LIC’s Unique Money Back Package.
Just avoid it .
Hi Manish,
Can you please tell me the reason for avoiding it,actually I bought this policy in 2012 and have paid almost 3 premiums till date but now I feel I should have bought term plan instead of that as it would hit my pocket financially if I buy term plan(>1 Crore) now .ANy suggestion If I should surrender/pay off/withdraw from this policy and buy a term plan.
Appreciate your response.
Thanks
Mayank
You should make this a paid up policy if you do not want the money right now. Once done, then you purchase the term plan ..
One more ‘safety with supposedly high yield’ plan.
Doesnt work.