7 replies on this article “lic jeven anand”

1. sridharan p says:

   December 13, 2011 at 9:39 pm

   Thank you all for the reply,

   For this policy I have to pay the premium for oct month i.e 52000/- ( for 7 policies ) and for the march month another 1,06,000 rs, so total I have to pay rs 1,58,000 /- I have taken a decision to lapse the policy. If i surrender after paying all these premium i am going to get only 1,20,000/-. Kindly advice me, is it right to lapse the policy.

   Reply
2. Syed Sagheer says:

   December 13, 2011 at 6:44 pm

   You are paying twice the premium for the policy of that value rather than a single folio policy. Do follow the advice of what others have written above.

   Reply
3. ashal jauhari says:

   December 13, 2011 at 2:25 pm

   Dear Sridharan P, Till date you have paid total 5, 1/2 yly prem. so you are not eligible for any refund in the form of surrender of the policy. Even if you opt to pay the 6th 1/2 yly prem. due in april 2012, you ‘ll get following amount as gtd. surrender amount –

   30% of the prem. paid for 2nd & 3rd year. I.e. for 4.25L Rs. prem. of 2nd & 3rd year you ‘ll get around 1.21L Rs. as gtd. surrender amount. This is an indicative figure & actual figure may vary from this one.

   In my view it’s advisable to pay the last 1/2 yly prem. in april 2012 & after that surrender the policy in oct 2012. In between purchase a term plan of at least 1 crore rs. for your self. Once that term plan is in running, divert this jeevan anand prem. amount to other investment products like bank Fd, PPF, MFs.

   You ‘ll get a lot of money than this Jeevan Anand. Also you ‘ll be able to recover your losses due to surrender.

   Thanks

   Ashal

   Reply
4. Ramesh says:

   December 13, 2011 at 11:31 am

   Some Salient Features of Jeevan Anand policy:
   1. No guarantee on the amount of simple reversionary bonuses (has been around 40-43 for years 2004-7 and for 2010 varies from 34-43 per thousand rupees premium). Roughly this is 3.4 to 4.3 [Remember the current rate of interest on savings accounts varies from 4-6%]. Moreover, this bonus is paid at the end of premium paying term, not before that.

   2. The Loyalty bonus at the end of premium paying term is also NOT guaranteed.

   Roughly, if your money doubles in 18 years, it means you are getting a CAGR of about 3%. You better keep that money in a savings account, that too of Yes/Kotak bank. You will get more return. And surely, your agent cum cousin is getting more money out of your policies, than you yourself will get. Remember, he will get money now, while you will get them only 18-33 years later.

   Reply
5. sridharan p says:

   December 12, 2011 at 9:51 pm

   Hi Ashal,

   The policy is Jeevan Anand 149.

   Reply
6. sridharan p says:

   December 12, 2011 at 9:50 pm

   hi Ashal, thank you very much for replying for my query.
   The first premium i paid was on oct 2009.
   Totally I have 16 policies, each policy sum assured is 300000/- and the 16th policy sum assured is 500000/- the first policy matures in 2027 and the last policy matures in 2042.
   The lic agent confirmed that at the end of the maturity of each policy i.e for 3 laks sum assured i will get 6 laks and a insurance cover of 3 laks for the rest of the life, it is like this in 2027 the first policy matures i will get 6 laks and in 2028 second policy matures i will get another 6 laks its goes on like this. Kindly advice me is this policy a good one r shall i surrender the policy.

   Reply
7. ashal jauhari says:

   December 11, 2011 at 8:55 pm

   Dear Sridharan p, When all these policies were started (I mean the first prem. paid)? That ‘ll decide that are you eligible for any surrender amount or not. As you are paying around 2.13L Rs. yly prem. it indicates that your yly income is at least 10L Rs. or more. Please share the details of your Jeevan anand policies.

   Thanks

   Ashal

   Reply

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