LIC Market Plus -I 191

POSTED BY priyanka ON June 21, 2012 10:33 pm COMMENTS (4)

Hi,
We have have been paying rs. 10, 000 pm as premium for LIC market plus -I (191) policy from aug 2008 till date.
My husband was misold this policy. I want to know what does this policy cover and should we surrender the policy, if yes, then when.
I feel 10,000 rs pm for LIC is too much.I would rather break up the amount & invest in good mutual fund. I am not able to trace the agent who sold this policy.
Looking forward to your advice.
PS

4 replies on this article “LIC Market Plus -I 191”

  1. Dear Priyanka, first of all please read the policy documents carefully. Please check the sum assured & surrender charges. Once you have checked that, decide that you want to surrender or not?

    Just FYI- It’s a pension plan & no sum assured is there in it. Being pension plan, the surrender charges ‘ll eat a good chunk of your money & the surrender amount ‘ll also become taxable for your husband.

    Please check with LIC for possibility of keeping the policy alive but not paying any more prem. in it.

    Thanks

    Ashal

    1. priyanka says:

      Hi Anshal,

      Thanks for your reply.

      i check the details you asked for :

      Sum Assured is 8 Lacs.
      Surrender value is units x nav price [ after 3 years depending on the market situation]

      I am yet to check with LIC wether we can stop the premiums & still keep the policy alive.

      I am not sure what should the next steps be.

      This is a classic case of agent making money and miselling a policy.

      1. Dear Priyanka, Your husband has paid almost 4.7L Rs. prem. till date in this policy. Against this what’s your fund value, I do not know. Kindly check with LIC for surrender of this policy.

        Thanks

        Ashal

    2. selvaraj says:

      Hi Ashal,

      I have been reading some of the advises that are being provided in this forum. I see a preset mindset taken by advisors(?) with regard to the suggestion you give investors. You seem to give only things that would discourage people having committed to assured return investments (may be of less returns) as well as those who have made investments that are 100% safety w.r.t the principal amount invested. o
      On the other side indirectly encouraging people towards mutual funds, shares and etc, Which are totally risky be it returns or the Principal amount invested itself. Before you advise, you need to factor in their appettite towards risk other financial information, family structure etc.

      There are ample evidence where people have made money even under Insurance, ULIP etc and also with their investment being 100 % guaranteed (other than ULIP).

      First you should be able to ask if the investor is ready to take the risk of the money invested going to negative if it happens so and stop giving only the one side of the story always, ignoring the risk involved. (which is also based on past few years of information /data)

      Regards,

      Selva

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