lic money plus 2007

[shivasrinivas2012]

hi members, i paid 3 installments of lic money plus for 3 yrs locking period from 2007 -2009 , 3 years gapped now , how is this plan going now, i heard 3 yrs back doing worst at the time of nifty downtrend , now how this is going?

 

[saivenkat]

If your have not paid premium after 2009 or even after 2010, your policy would be foreclosed by now.. there is no chance of waiting for money appreciation in it..

Kindly contact your branch where the policy is serviced and submit the surrender discharge forms..along with your bank account details.. to get paid whatever left in the policy as proceeds.

Hope this helps..

 

[shivasrinivas2012]

thanks for your information sir, i paid 3 dues locking period , shall any growth in that amount? i will ask my lic branch here , thankl u sir.

 

[saivenkat]

1) Growth of any ULIP policy( includes money plus also) depends on the NAV rates.

2) Take for example, you remit a premium of Rs 20000/- on a particular date. And the NAV on that particular date is 11.0152. This means you will get an aprroximately 1810 units. .. (The NAV Declared for a day depends on the market on that particular day.. )After which, this process would have been repeated by you thrice in the subsequent years in which you have paid the premium..

Apart from this there are certain charges, like fund management charges, commision to the agents, Policy administration charges, Mortality Charges etc.. These charges are taken from your account, by cancelling the appropriate units allocated to you.. ( here from 1810 units)

In your case, since you have stopped paying premium after remitting for three years,.. no further units will be alloted,.. but these charges will continue to be deducted from the units you have..

There fore the fund value keeps on decreasing.. and to prevent from too much of fund being depleted from your account.. the policy is compusorily closed..if the further dues are not paid for two full years.. after it has become due.. This is called as foreclosure.... So there will be no appreciation of money.. to you..

It is in this context i have told, that.. you could better contact the branch and submit application for surrender at your earliest time. Why to leave your money unused.... keep them in your hand.. and just participate in the rally that is awaiting..some beautiful stocks are there.. just invest.. and certainly the loss you had with money plus will be nullified..

Hope that this time i have cleared... your doubts.. cheers.

 

[shivasrinivas2012]

hi Sai, thank u very much for ur value information , since i think that 3 yrs locking period paid amount will have some growth after 3 years ie after 2008 nifty topped here , just now i come to know about the fact, thank u very much for your informations sai.

 

[saivenkat]

What Happened Srini.. Have you got the policy closed? Any updates? If you find time.. just drop a few lines..

Thanks.

 

[syedj]

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