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POSTED BY ON December 15, 2011 11:03 am COMMENTS (4)
Hello Sir,
I am having two LIC polices boths tarted in 2005
1. Jeevan Shree – premium Rs. 36153 (Premium paying term – 12yrs)
2. Jeevan Anand – premium Rs. 5490 (Premium Paying term – 20yrs)
My bonuses till now after 7 yrs of premium payment are as follows
1. Jeevn Shree – Rs. 66000
2. Jeevn Anand – Rs. 22000
By looking at this Jeevan Shree is under performed very badly.
Should i make the polices as paid up polices are should i surrender or should i continue the polices?
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Dear Prasad, There is something missing. In case of Jeevan Shree policy, actually it’s new jeevan shree with gtd. bon us rate of 50 Rs. per 1000 sum assured per year for first 5Y. So for your 5L Rs. sum assured, it should be 1.25L Rs. for first 5Y i.e. till 2010. After that for next yyear i.e. till 2011, the market rate of bonus ‘ll come in. Even at a modest 40 Rs. per 1000 sum assured, it should be around 20000 Rs. more. So your total bonus till date should be at least 1.45L Rs. if not more.
This difference in bonus calculation is the reason your jeevan shree is looking very bad in comparison to jeevan Anand.
My general take – both these policies are a drain of your hard earned money. You are not going to make a big fortune from these 2 policies. It’s up to you to continue or stop these policies.
Thanks
Ashal
Dear Prasad, read this query to know more about insurance cum investment products.
http://www.valueresearchonline.com/story/h2_storyView.asp?str=16862
Source: Value Research
LIC jeevan Shree:
I paid 7 years premium (7 * 36153 = 253071), the bonus(66000) is very less compared to
Jeevan anand for premium of (7 *5490 = 38430) the bonus is 22000
Hi
You need to take this decision looking at all ur investments in different asset classes and then decide…When you say performing badly relative to which instrument ?
Regards
Abhishek