12 replies on this article “Lic policy jeevan saral & Term insurance”

1. Ashal Jauhari says:

   September 10, 2013 at 1:59 pm

   Dear Jwalant, what about tax liability on the property sold?

   thanks

   Ashal

   Reply
2. Jwalant says:

   September 10, 2013 at 12:21 pm

   Dear Ashal
   Thank You Very much for Your Prompt , eye opner response.

   I was thinking taking home via home loan & sell it after 2-3 years when price good price come.
   It will give tax benefits also & if not sold property can be maked.

   what is your suggestion?

   Reply
3. Ashal Jauhari says:

   September 10, 2013 at 12:17 pm

   Dear Mustafizur, you are taking a right step. Please go for it.

   thanks

   Ashal

   Reply
4. Mustafizur Rahaman says:

   September 10, 2013 at 12:13 pm

   Jwalant,

   My father had had bought 2 Saral, when I was not very much proactive in financial aspects of life. After going through some of the blog, I have prepared a details comparison chart of all LIC policy & among them Jeevan Saral is the one of the worst, that I consider to cancel immediately. I have read somewhere that because the guaranteed return for surrendering is like 80% of MSA after 3 yrs, 90%of MSA after 4 yrs, and full MSA after 5 years(note this MSA is in proportionate to the actual premium paid w.r.t. original premium supposed to be paid). People say that it is better to surrender after 5 yrs because of 100% MSA but my calculation is follows
   if surrender after 3 full years- Loose 64K (Premium paid till date- surrender value)
   If surrender after 4 full years – Loose 64K
   if I surrender after 5 years – Loose 55K

   Therefore, I have decided to cancel immediately even if I loose more now, but I hope to encash that in 2 years if I invest wisely now.

   My thought is if you have a term plan, no need to Saral, no matter whatever the argument may be.

   @All,
   I know this decision making requires lot of calculation, but overall from the above, can any one please suggest if I am taking the right decision.

   Reply
5. Ashal Jauhari says:

   September 10, 2013 at 12:04 pm

   Dear Jwalant, FYI- the moment, you ‘ll apply for surrender of SAATHI, the vested bonus ‘ll also come down as it ‘ll be given on the proportionate sum assured. Please check your surrender value.

   Regarding other investment options SIP is a medium to invest systematically in MFs. It’s not an instrument in itself. How ‘ll you earn benefit from Home?

   thanks

   Ashal

   Reply
6. Jwalant says:

   September 10, 2013 at 11:22 am

   Dear Ashal

   i got your Point.
   StiI l will reomve my mental block for same
   Please advice me for online term plan which company to select after Tata.

   Kindly also advice me for Jeevan sathi for which i had paid 97000 total premium & 96000 vested bonus has been earned. I had purchased same in 15 Jan 2009 for 30 years with 500000 sum assured.

   After investing 50 K -100K in PPF for both individually ,which option i should select?
   1. Gold
   2. SIP
   3. Home

   can you suggest Good SIP for longer period?

   Reply
7. Ashal Jauhari says:

   September 10, 2013 at 11:01 am

   Dear Jwalant, the return is already written in your SARAL policy bond. Do not believe me, just check it now & look for the maturity sum assured. this MSA is the Gtd. part of SARAL if the policy is run for full term. apart from this a one time loyalty bonus ‘ll also be added which I can not predict as on date. 🙂

   In any case, the SARAL can not provide more than 5-6% return.

   For term plan, if the idea is to earn claim any how, one of you should kill the other one at the age of 65-70. that’s the possible way to earn profit from your prem. outgo for a term plan. Please do not take this as a joke. I’m seriously answering for your mental block – by hook or by crook, I should get some money back from my insurance policy.

   thanks

   Ashal

   Reply
8. Jwalant says:

   September 10, 2013 at 10:55 am

   Dear Ashal
   I got the knowldge form jagoinvetor forum team (specialy you & manish ) that
   1. insurance & investmnet should not mixed ,
   2 LIC polciies are poor in return ,
   3. equity /MF / SIP also wil give 10-12% at longer run etc.

   I had taken Jeevan saral for my wife as PF fund for her reiterment. as PF deducted by her employer is very less yearly. (1000 app. yearly).

   After reading Jagoinvestor blogs i was surprised for Jeevan saral & LIC policies.

   For term plan 40 years just due to availbity of term for 40 yeras by company like TATA & family get retun of insurance if i die after 60 years. ( Ha. Ha.Ha…)
   I had selected HDFC / TATA as trust for online term plan.

   As per your exeperince what will be LIC saral retun?

   Reply
9. Ashal Jauhari says:

   September 10, 2013 at 10:37 am

   Dear Jwalant, if she is earning 50K independently, why she should not has a term cover for herself?

   Please do not assume 8-9%. Please check your own policy documents to understand what ‘ll be the possible return from this (nothing) Saral policy. 🙂

   Why are you mixing investment & insurance? Any specific reason?

   Regarding Term cover, why do you want to purchase till age 72 i.e. 40Y term?

   Thanks

   Ashal

   Reply
10. Jwalant says:

    September 10, 2013 at 10:30 am

    Dear Ashal
    My age is 32 & my wife age is 30.we both eraning individualy 50 K per month.
    i just assumed for 8-9%.

    reagrds,
    Jwalant Desai

    Reply
11. Ashal Jauhari says:

    September 10, 2013 at 9:42 am

    Dear Jwalant, what’s your age? is it 50K+50K = 1L total income or 50K total income for both of you?

    How did you come to the conclusion that Jeevan Saral is giving you 8-9% return?

    Please elaborate.

    Thanks

    Ashal

    Reply
12. Jwalant says:

    September 9, 2013 at 7:02 pm

    Dear Manish / Ashal
    Kindly reply to my query…..

    Reply

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