Types of LIC plans

Pls suggest goo LIC plans - Ur suggestion on Jeevan Sarl & Jeevan tarag policy? hw abt amulya ?. Pls advise the good one. Once selected can't change further as these are long term plans.

asked Feb 06 '11 at 05:35 by Viki 11446


Please don't get misguided by insurance company advertisements and marketing. Selling insurance is their business and they have to maximize their profits and minimize their risk. They are not doing any social service and market only those product on which they get max profits. Insurance agents also sell only those policies which have commissions.

Just give it a thought, How much your family would need to spend rest of the life comfortably in case something happens to you, say at the age of 40?

As per standard practice, one must have an insurance for at-least 10 times his/her annual salary. As this amount is considered good enough to maintain family's lifestyle after him/her.

In Jeevan saral, for a 30 year old person, 1,20,000 will have to paid per year to get insurance of just 25 lakhs.
Whereas, for same person, Amulya jeevan will provide insurance of 25 lakhs for just 9700 per year.

Now come to returns, Jeevan saral won't give you more than 7-8% return on total amount and your money will be locked till maturity. Whereas, If you invest remaining 1.1 lakhs (1.2 lakhs - 9700 for Amulya jeevan) into mix of diversified mutual funds and PPF. It will give you more than 10-12% return over long term. Also money won't be locked. The same money will help you after retirement.

So if you have 1.2 lakh rupees to invest per year, Term insurance + Equity mutual Fund + PPF/NPS will give you more insurance as well better return. Just compare returns as well risk coverage of Jeevan saral, jeevan tarang and bima gold with above plan.

PS: Forgive me if I hurt your sentiments by asking bad question.

answered Feb 06 '11 at 12:50 by pankaj 5.2k320

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I would advise you to buy Amulya Jeevan or Anmol Jeevan from LIC.
This will give you good amount of risk coverage at a small cost.

Insurance and investment should not mixed. insurance should not be bought with returns in mind.
For returns, there are better products in market like equity diversified mutual funds, PPF, New pension scheme etc.

answered Feb 06 '11 at 12:15 by pankaj 5.2k320

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Thanks for your reply.When we see the other plans like jeevan saral,jeevan tarang and new bima gold, it wil give us good returns with in 15 or 20yrs with risk coverage.Pls advise what benefit we will get when we keep on investing on amulya/anmol without any returns. Sorry if I am wrong in my question.When we get bulk returns at the age of 40yrs it will help us in survival.Kindly advise.
(Feb 06 '11 at 12:27) Viki

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Asked: Feb 06 '11 at 05:35

Seen: 2,799 times

Last updated: Feb 06 '11 at 12:50