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POSTED BY ON April 4, 2012 12:20 pm COMMENTS (7)
I have taken Jeevan Saral Policy for 10 years with monthly premium of Rs.6,125/-. I was explained and also seen various websites/statements/charts that on maturity I will be getting Rs.12,77,424/-. I have received the policy but the maturity sum assured shown therein is hardly Rs.4,87,680/-. I have understood the death and tax benefits under the scheme. I only want to know if i survive what amount i will get on maturity? Kindly help as my entire family is disturbed on seeing the policy as we have taken this policy for my daughter’s marriage in 10 years from now.
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Please go through some of the term policies available at present (non-LIC), and see what kind of cover you will be able to get with 1 month of your erstwhile (thankfully) jeevan saral policy.
Sincere thanks to the Forum, Mr. Ramesh and Mr. Ashal Jauhari. As advised, I have cancelled the Jeevan Saral Policy within the time stipulated, since I will be ending up with loss at the end of the term (even after considering Loyalty addition, which is not guaranteed), although the death benefit is good. Thanks to all once again.
Dear Nandgopal Rao, at 6K mly prem. you were covered for around 15L Rs, sum assured. Can you imagine for same 6K Rs. yly (Yes it’s yly & not mly) you may get a cover of around 50L Rs. for next 20-25Y from a plain vanilla Term cover & you still have another 11 mly prem. in your pocket to invest else where. That’s what dear Ramesh wants to convey to you.
Thanks
Ashal
Sir,
What about Loyalty Addition, Bonus etc. Same to be added to Maturity Sum of Rs.4,87,680/- Then will it be that sum of Rs.12 lacs odd? Kindly inform. My policy term is 10 years. Whether Loyalty Addition is available?
Loyalty additions and bonuses will make the final return 5-6%.
Dear Nadgopal Rao, let me simplify the things for you. At the time of maturity after 10Y you ‘ll get that MSA (Maturity Sum assured) of 4.87L Rs. + one time loyalty addition on that MSA calculated as per the then performance of LIC. There ‘ll not be any yly addition of bonus on your policy. Now the next question in your mind ‘ll be what ‘ll be that one time Loyalty addition, well even LIC people do not know the answer to this question.
Thanks
Ashal
Where is such a chart?
I can only find this chart (which is from the LIC’s site)
http://www.licindia.in/special_plan_001_illustration.htm
(All other charts are bogus to say the least). Go through it, and expect around 5-6% returns from the policy (which means the 9.5-10% returns which you have been shown, is wrong practically and ethically).
If you have received the policy within the last 15 day, you can also return it without incurring too much penalty.
In my opinion, a recurring deposit is a better option for you.