DEAR SIR,
First of all I thank you for creating a website like this. It is creating a revolution in financial life of people using it.
I am already paying 186000 yearly premium to LIC for 14 different policies (JEEVAN ANAND-8, JEEVAN TARANG-3, JEEVAN SARAL-3)
My 49yrs old uncle wants to go for a JEEVAN SHREE 1 policy for 5 lac and according to printouts of plan details are:-
yearly premium-Rs 49500 approx,ppt-10 yrs, maturity amount Rs 9.25 lacs approx (SA+bonus) and loyalty additions which is not written on paper will come to around 2lacs as per agent so total money I’ll be getting comes to 11.25 lacs after 15 yrs i.e. 5 yrs after last premium paid. it is written that avg. rate of return is 9.25% on this policy. Sounds attractive return is better than PPF, NSC, KVP and bank FD.
Now after reading ur review on LIC JEEVAN TARANG, I understood that Term Insurance and MF investments are better than these LIC policies, but the problem is that we dont know the abc of Mutual Funds and we are far away from share market and Equity,ULIPs,SIP,etc. are alien terms for us. Though I am acquiring some knowledge from this website, still I dont understand from where to start. we dont even have any account in PPF.
I am asking all the experts here that is JEEVAN SHREE1 good enough a policy to put money in it. we are planning to buy 2 such policy for aged 49 and 52yrs.
what are better alternatives to this? if ur answer is Term Insurance+ MF, then which term Insurance Policy will cover max yrs at moderate premium and regarding MF it can give better returns but does it come with trust and guarantee which LIC gives with 96% claim settlement ratio and returns of 9.25% (in this case)
thank you all in advance n waiting for reply as I have negotiated some time from LIC agent.
Lets see if this can change our financial planning point of view.