LIC’s New Plan 2016-Jeevan Pragati (Table No.838) Review

View Comments

• sir meri age 28 hai mein lic ki konsi polocy lun jo mere liye beter ho

  • Manoj-Term Insurance.

• Sir First of all Thank You for doing a wonderful job by educating about financial planning.
  I want to purchase a Term end policy. My age is 27 yrs, Monthly income 32,000/- in a Gov. Job.
  Please suggest me a suitable Term plan for 50 Lakhs.
  Should i go for any rider with it, like accidental or disability or critical illness etc.

  Thank You
  Ambesh

  • Ambesh-Refer my latest post "Top 5 Best Online Term Insurance Plans in India-2016"

• Sir
  would like to know good policy cover for life ( for home loan linked) for 58years age joint owner 49 years. Rs 50 Lakhs.
  The premium payable for 5 years committed for 10 year term loan and cover.

  ICICI Prulife initially quoted 69000 pa incl tax but after med test - diabetic increased the premium to Rs 1.20 L per annum. Feel it is too hight

  pls suggest any other agency or policy

  • Srinivasan-I have not done any research on this front. Sorry.

• dear sir
  i am ram 41 yrs i need a lic policy for me please suggest

  • Ram-LIC policy for investment or insurance?

• Sir the above video was helpful..can you share that excel sheet for looking into various premiums and the benefits..

  • Gowtham-Various premiums and benefits can be arrived at premium calculator available on LIC portal.

• Dear sir,
  I am confused by the way u are just getting term insurance policies ahead of endowment policies but i understand that some reason may be behind this...If endowment gives u returns both at your death and ur survival,and term plans only offers only on your death ,how it is better case ???can you explain..waiting for ur reply

  • Anesh-How much return? How much insurance? For how long your family survive on this insurance? Think and decide. I am not forcing you to buy anything.

• Hi Basavaraj Tonagatti,

  I have 3 LIC policy only.
  1.New Bima Gold - 25,000.00/annum coverage 5 lakh started on 2010
  2.Jeevan Chhaya - 72,000.00/annum coverage 13 lakh started on 2012
  3.Jeevan Anand - 51,000.00/annum coverage 10 lakh started on 2013

  Apart from that I have one Sukanya samriddhi account.
  4.Sukanya samriddhi 50,000/annum started on 2015

  I know these are very big mistakes done during my earlier days.Now I want to balance my investment and some I wanted to invest in SIP.

  Kindly suggest me which LIC I can surrender with minimal loss and invest some in SIP.

  Best Regards
  Amiya

  • Amiya-Surrender all policies which completed 3 years.

    • Thank you for you response.
      What is the next step? Kindly suggest how to invest 2lakh/annum in different direction for better return?
      And what about sukanya samriddhi?

      Regards
      Amiya

      • Amiya-First create your basics. Buy term insurance, health insurance, accidental insurance and create an emergency fund of at least 6-12 months household expenses. Then think about goals.

        • Hi Basavaraj,

          Thank you for your suggestion.I am working with an MNC and already have company provided health insurance for family.
          My age is 35 yrs now and my goal is to achieve at least 1 Cr within 15 yrs. Regarding investment plan I am planing to invest in SIP mutual fund.
          Kindly suggest how can I achieve this?

        • Amiya-This is where all do mistake. What if from next year onward your company stopped to provide you health insurance? How you get covered once you retire or during out of job periods? You must have your own health insurance. Regarding your expectation of Rs.1 Cr target amount after 15 years, if we assume equity investment returns as 12%, then you need monthly investment of Rs.20,000. However, do remember that the current value of Rs.1 Cr not be same after 15 years.

• Hello sir,

  This product will not give more than 6-6.5% return over a 20 year policy period (like any other Endowment or money back plans from LIC)

  Suppose if this product doubles investment over 20 years (like any other LIC plan) in case of regular investment plan, IRR works out be around 6.22%.

  However, my question is can ULIP give a better return?

  I still believe there is a merit to consider ULIP instead of traditional plans. There is every possibility that over the next 20 years, Indian stock market will give better returns (inflation beating that is). In that case can I expect to get 3 times of my original investment? IRR works out be 9.60% in that case. I believe yes.

  I know that to materialize the same, fund should generate CAGR of 12% p.a. over a period of 20 years. However, I think it is possible given India's transformation from being a developing economy to developed economy.

  Investing through mutual funds will give even higher returns. However, for people who are ready to take risk but are obsessed with "Insurance" can certainly give try to ULIP instead of traditional plans which have lost their relevance.

  Thanks

  • Ritesh-Hard part of ULIPs are, you don't have control over your portfolio, less liquidity, no track record of fund or fund manager.

• dear sir plese tell me which instrument gives guarantee 8 to 9% interest risk free, tax free etc

  • Gopala-Timeframe?

• Respected Sir, I have noticed that from ur discussion about jeevan Anand or jeevan pragati is not benefited for people, so please inform me which is better for young people like 23years old from Lici.

  • Swajan-LIC's online term insurance plan :)