June 10, 2011 7:03 pm
I’m planning to take Jeevan Saral policy( from LIC) for a term of 20 years at an annual premium of 24000.
Is it advisable to have this policy? if yes, is term period of 20 ok?
I have also taken LIC Jeevan Saral Policy, Yearly Premium is 60050 and sum assured is 1200000 for 35 years and accidentle death benefit is double. On maturity I will receive all premiums paid except 1st year + sum assured. I have paid 3 years premium.
Should I continue this policy or surrender it?
Dear Nitin, Please check on your own in an exl sheet for the return rate you are getting for those 6K Rs. invested yly for 20Y & getting maturity value of 4L Rs.
Here is a direct answer for your calculation.
The return comes out around 11.5%. Is it possible to earn such high return from an insurance product, where the basic investment is done in to a debt product? Please do understand, that 4L figure is merely a gimmick & not a guarantee.
My take ‘ll be to do not make a fool of yourself & forget those 6K Rs.
Purchase Term cover for your insurance needs & invest in other pure investment products.
As per Table No 165 for Jeevan Saral, Rs. 6000/- annual premium for 20 years will mature to Rs. 4 Lac approx.
I’ve paid 1 premium, Please advise whether i should continue or better forget Rs. 6000/-.
(I’m already utilising full PPF limit and also having Mutual fund SIP plans.)
Dear Purna, in case of Jeevan Saral, there are 2 sum assureds.
1. Death Sum assured
2. Maturity sum assured
For your annual prem. of 24K, the Death sum assured is 5L Rs. but what’s the maturity Sum assured, please post this if you know already else ask your LIC agent & then post the data here.
The rest calculation based upon your maturity sum assured ‘ll surely give you a surprise.
I am not sure how much return total you can get from that , do you have the numbers given to you from the agent ? Did you do the comparision with Mutual funds + Term insurnace or even PPF + Term insurnace ?
what goals / aims are you looking to achieve by taking this policy?
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