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POSTED BY ON March 18, 2012 10:55 pm COMMENTS (18)
Hello Experts,
I have taken LIC jeevan saral policy in Jan 12 whose sum assured is 5L and the premium is 24000. After going through Jago invester and speaking to people, i feel i would hav taken a term policy instead of this.
Please suggest whether i should continue with the current policy till the locking period or surrender it. If i surrender now how much will i get.
Please also let me know the process for the same.
Abhishek
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Dear Vinay, Quite interesting to know that you contacted 3 different agents. 🙂
thanks
Ashal
I was Planning to take up this Policy, but after seeing my friend situation i had given up the plan,
My friend has taken the same policy(Jeevan saral) by paying small amount 12k per year, after paying 4 years, would want to withdraw the money, So went to LIC office with bond asked for the returns they said if u surrender now you would be going under 10k of loss, means not getting even invested amount forget about the benefits.
Then we called that LIC agent and blasted like anything to give the wrong information.
I feel this LIC agents should educate properly.
I wanted to check the knowledge of LIC agents so I asked 3 agents about the details and ROI of this police, if i pay 3000 every month for 10 years. i got 3 different answers and returns but no where relevant to each other.
Wealthucreate : I agree with Ashal. At the time of settlement its always feasible to deal with 1 company rather than 2(specialy in terms of insurance) as Ashal said.
Abhishek
Abhishek,
Its better to split your insurance. if you need 50 lakh insurance,25 lakh can be taken up where the rates are on lower side. Another 25 lakhs can be taken up with provider who has best settlement rate.
By doing this reducing your risk. If one company rejects the claim you have another backup.
Or if one company takes time, you might count on other one.
Best part is, if one company settles your claim then there is better scope for other company also to settle your claims.
Let us know your final outcome
Dear Wealthucreate, what ‘ll be the happen in reverse situation, the early processing co. rejects the claim & late processing co. ‘ll also follow the same path based upon the prev. co.?
Thanks
Ashal
Thanks Ashal for your suggestion..
Ashal, shall i keep that emergency funding amount in saving account?
I have a health insurance of 1.5L which the company has done on my behalf.
Dear Abhishek, you may keep that amount in a SB account having sweeping FD facility.
thanks
Ashal
Which insurance company has a good settlement ratio…I have read somewhere that Aegon Religare settlement ratio is poor. Shall i buy online or through agent.
Dear Abhishek, choice of insurer ‘ll be a personal call. Please opt from the insurer where you are comfortable at. Regarding the low claim ratio of AR, please dig a little deep in to the actual nos. & you ‘ll notice that there is a logic for such low claim ratio. The company is new so the filed claims fall under early claim category & hence needs to be checked thoroughly. Also see the total no. of claims filed & then you ‘ll notice that for 10 filed claim & 5 denied from the same, the rejection rate of 50% looks harsh (it’s an example of nos. not the actual representation) but do you feel, after few years when the co. is old enough & so do the policies, the same 50% rejection rate ‘ll be there?
Please answer on your own.
thanks
Ashal
Thanks ashal. 🙂
Dear Abhishek, apart from that Term cover, please first create an emergency funding of at least 6-9 months of your living expenses as well as mly investments. So it ‘ll be around 1.5L Rs. at least if not more.
Also please purchase a health plan from the choice of your insurer.
Thanks
Ashal
I am 28 single, and my salary is 40k/month. Expence around 15k-17k. Total Saving as of now is 1 Lac.
I am thinking to invest in the following funds.
1) For Large Cap => DSP BlackRock Top 100 Equity (2k/month)
2) Large And Mid => HDFC Top 200 (2k/month)
3) Mid And Small cap => IDFC Premier Equity Plan (2k/month)
4) ELSS-HDFC tax saver -24k annually
5) PPF-25k
Planning to get married in 2 years. No family liablities.
Abhishek
Dear Abhishek, as of now you do not have any liability so in my view you should not purchase any term insurance as of now but as you are not quite sure of your marriage, You may go for 35Y term plan offered by Aviva or Aegon Religare. Please opt a sum assured of at least 10 times of your yly income.
Thanks
Ashal
Thanks wealthcreate for your comment.
If i surrender the same and want to take a Term plan from LIC only. Does this surrender affects my other investment from LIC.
Abhishek
Dear Abhishek, please answer my question asked you to for your marriage & other family details.
Please do tell us more for your current assets & investments if you do have any.
Thanks
Ashal
Dear abhishek same mistake I did and now I am planning for term insurance of 1cr. From policy bazar and premium is @ 12500.00 for 20 year. Of religare .
I advice u to compare it on policy bazar.com.
All the best.
Good that you have realised your mistake quite early. Surrender is usually after 3 years.
No point carrying this further. Even after 3 years when you submit you would be lucky if you get 50% of money paid by you.
Even if you lose all your money, it still makes sense to correct this mistake at the earliest. Let us see what senior members have to say about your question.