Me and my colleague are being approached by LIC Bangalore for this plan. They have also sent us an email with details. Not sure how can I forward or attach the email to you, i don’t have your email. the nos (return) and % are looks highly overestimated when I compared to LIC website and it’s calculator. please let us know if this is fake or genuine LIC nos.
First thing you have to remember that neither IRDA nor LIC show you the return part of any plans. As per IRDA, all insurance companies have to show INDICATIVE RETURN, but not the actual return. Hence, by showing higher return, this LIC representative breaking this rule of LIC.
Second thing, this is a typical endowment plan. The returns are not more than 6% to 7%. However, they do all such acts to show and lure buyers. Because they earn 35% commission of what you pay in first year. Which business on this earth will generate such huge commission?
In my view, go and buy this plan if you are OK with 5% to 6% return for such long term investment and also if you feel the life insurance cover the plan offers will suffice your dependent to survive for their rest of life when you are not here.
Reger my blog post on the same “LIC’s Jeevan Labh (Table No.836)-Features and Review“.