LIC Policy Options

Hi,

I am 33 years old and would like to take a Life insurance policy, actually i want to take a policy for Rs. 25-30 lacs.

please guide me which policy would be the best one,

I want to know which policy would be best like only life insurance for 25 lasc or any investment return on the policy.

Thanks & Regards

my suggestion will be to not mix insurance with investment.
Go for term insurance type of policy to insure yourself.. and whatever money you save in premium, invest that wisely in other avenues. You can easily beat the return, provided you are discplined enough to invest somewhere else.

but if you don't invest the difference in investment, then u are not building any asset.

The policies that have return, come with extra baggage of higher premium.

So take a balanced decision before u make big financial committment for long term.

Hi,

Thank you so much for the information and advise

YEs you are right, i am not mixing the insurance with the investment, iwant to keep insurance separately.

I have checked in the lic website for term policy, like Amulya jeevan for 25 lacs which i need to pay Rs. 71,000 in single for 17 years.

if unfortunate happen my family will get 25lacs, otherwise if i complete the 17 years then howmuch i will get in return?

please advise me

Thanks once again

71k premium for 25l cover... I think, that is bit too much. Are you sure that this policy is term insurance. I have term insurance policies (I prefered to keep multiple policies so of 5Lac so that I can close them as pre my wish and adjust my insurnace cover)from hdfc and ICICI and I don't pay more then 5k for any of them. So for 25 L, u shdn't be paying more the 25 to 30k.

And you don't get any return at the end of these policies. But you can save the differential amount in MF which can easily give u lot better return by the end of 17 yrs.
If you know more about investing then you can get far better returns then MFs.

Sorry, I don't know about various policies of LIC and their differentiation..so can't help u much there. Better to check with LIC agent.

Happy Trading

Dear Middle,

I just saw ur post and also AW10 he has really given a good reply to ur post. Just add my yahoo id i will help u with term policies. Secondly i will tell u don't go with private compaines pocilies as while takin policy they promise they pay claims but i have seen we don't get our claims easily there are my points u have to face with them to claim ur policy. As ur post says if i m not wrong ur the bread earner in the family so u think abt ur risk and at this age its good to take a policy as age is a benifit for us.
Secondly i would like to know from AW10 abt his cover how did get 25lacs cover in very less premium payment.

my yahoo id is silentwavesofocean at yahoo dot com do add me middle

hope to hear soon
regards

The premium that I mentioned was for 5 lac cover with ICICI which costs me 4650 rs per year, taken about 4 yrs back. Simlar amount I am paying to HDFC as well. My policies are 4 to 6 yrs old. Not sure if Insurance companies have realised the trend /awareness level of people about Term plans and increased the premium due to higher demand.

(Can you imagin how much it hurts me to pay 28k permium for 3 lac cover on money back policy).

Go to this calculator site and chk out yourself about the term Ins premium.

http://www.insurancepandit.com/life/life_term_insurance.php

Friend, Life Insurance gives you total protection to you as well as for your family.

When you go for Term Insurance, on survival, you would not be getting any amount. But in case something happens to the policy holder, the nominee will get sum assured amount in case of term insurance.

As an insurance advisor for LIC, I personally feel that term insurance plan is recommended for people whose job involves lot of risks. Many professionals like software professionals and other go for this plan to provide ample protection for their families. When you go for home loans, term insurance will be very much ideal because you have to pay low premiums only.

In Life insurance, what happens is that you have the benefit of getting good returns on maturity. When you are healthy and young, it is better to take a life insurance and enjoy a peaceful and happy retired life. While going for Life Insurance,it is ideal to go for plans with profits.

Policies like Jeevan Saral provides liquidity as well as tax saving and Jeevan Anand provides life cover through out your life.

I can also provide you a combination of different plans according to your premiums.

You can also visit my blog.

In case you provide me your E-mail ID, I can send you the plan presentation.

Sorry for the same.

See which suits you and can decide accordingly.

Considering inflation factor, it is better to decide early. Take insurance when you are young and healthy. The premium will also be low when you are young. As age progresses, premium increases and risk factor also is higher.