It is last month of Financial Year 2014-15. LIC is launching new plan from 4th March 2015 called Jeevan Sangam (No.831). This plan is mainly meant to garner the business from those taxpayers who run to invest at year-end.
This is single premium, non linked, with profit, single premium and limit period plan. This plan will be available for public from 4th March 2015 to a maximum period of 90 days. Below are plan features.
In this plan, an agent will earn the commission of 2%.
When you can surrender this plan?
In this plan, you have two options to surrender it.
- Guaranteed Surrender Value-If surrender in first year then 70% of single premium paid. Thereafter, it will be 90% of premium paid. (Note-payout will exclude taxes you paid).
- Special Surrender Value-It will be calculated based on some calculation of LIC.
Whether you go ahead to buy?
This plan is mainly meant to catch the business from those taxpayers who usually sleep for whole year and try to invest at year-end to save tax. Usually LIC does such trick to garner business from these buyers. So I do not think it fulfil your dream of having neither insurance nor the return (I expect around 5% to 6% return). However, exactly review will be once we will get the premium chart. Let us wait for that.