12 replies on this article “Money back policy”

1. Sudhindra Hebbar K says:

   April 2, 2012 at 1:39 pm

   Thanks ashal i will look in to table 2 and table 5 and decide which to go for. Why not any Money back? Thanks once again.

   Reply
   1. ashal jauhari says:

      April 2, 2012 at 11:45 pm

      Dear Sudhindra, I’m trying to save your skin from your relative, that’s why I’m not recommending any money back plan. In theory it looks good to get some money back in between but from pure financial calculations, these money back plans are one of the worst plans.

      Hope I’m clear to you now.

      Thanks

      Ashal

      Reply
2. ashal jauhari says:

   April 1, 2012 at 7:33 pm

   Dear Sudhindra, I assume You can not say NO to your relative – putting pressure on you to buy a worth less policy. My practical solution for this situation – Purchase a huge sum assured policy say Jeevan Surabhi for 25Y of 20L or 25L sum assured. Opt mly mode prem. Ask your relative to pay initial 6 months prem. from his/her pocket. It’s a common practice among LIC agents for this discount, although it’s banned by Law but things still work this way. Once the policy is issued. Forget that policy. As no money from you has been invested in that policy, you are not going to lose a single penny.

   It’s a workable solution as you are not saying NO to your relative but saying NO to LIC. 🙂 🙂

   Thanks

   Ashal

   Reply
   1. Sachin Kumar Nigam says:

      April 2, 2012 at 11:48 am

      :))) Dodging the great LIC Bullet !!

      Reply
   2. Sudhindra Hebbar K says:

      April 2, 2012 at 11:59 am

      Hi ashal,

      Else can i go with less premium and for long term? What u say? Any product u have in ur mind?

      Reply
   3. Sudhindra Hebbar K says:

      April 2, 2012 at 12:01 pm

      Hi ashal,

      Else can i go with less premium and for long term? What u say? Any LIC product u have in ur mind?

      Reply
      1. ashal jauhari says:

         April 2, 2012 at 12:18 pm

         Dear Sudhindra, for lowest possible prem. & that too with out hurting your relationship, please ask for Anmol Jeevan – 1 of 5L Rs. SA for 20-25Y term.

         Thanks

         Ashal

         Reply
         1. Sudhindra Hebbar K says:

            April 2, 2012 at 12:50 pm

            Thanks ashal but i have term plan. So can u suggest money back for less premium and for long term in LIC. I will take call staright away after ur reply.

            Reply
            1. ashal jauhari says:

               April 2, 2012 at 1:18 pm

               Dear Sudhindra, You may opt either Table 2 or Table 5, the Whole life plan from LIC.

               Thanks

               Ashal

               Reply
3. justgrowmymoney says:

   April 1, 2012 at 6:29 pm

   Sudhindra – Dont succumb to family/relative pressure. Since the person is a relative it is the more easier to discuss this : Just ask them why you should invest in this plan if the returns are so low and while there are better alternates. They have to agree this plan is bad for you and this discussion itself will deter them from asking you to sign up. I agree it is easier said than done, still!

   Reply
4. ajay@ethicalfinancial.in says:

   April 1, 2012 at 5:41 pm

   Hi,

   Sad but true Most of the idiotic products are sold like this? If you can avoid the situation avoid it, if not request the adviser or your friend to give you a term policy. Anmol jeevan can be a decent pick if its mandatory to stick with LIC.

   Regards,
   Ajay

   Reply
5. wealthucreate says:

   April 1, 2012 at 4:59 pm

   Sad, to read your question. If at all you should take a policy then go for LIC term plan
   instead of money back policy.

   Policy option can be your choice right? Amulya or Anmol jeevan could simply mean win win situation.

   Reply

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