LIC - Jeevan Anand

[Globalview9]

which is the next policy you are taking.

 

[aarohi]

my insurance adviser has suggested me Jeevan Anand Policy with a premium of around 20k per annum with an insurance cover of 13 lac.my age is 29.

Is it good or me too or are thier better plans in market?

Any plan with mediclaim in it as well?

 

[deadbrain]

my insurance adviser has suggested me Jeevan Anand Policy with a premium of around 20k per annum with an insurance cover of 13 lac.my age is 29.

Is it good or me too or are thier better plans in market?

Any plan with mediclaim in it as well?

Do not take insurance policy for investment purposes. Insurance cover should be roughly 10 times of your monthly income. Jeevan Anand is a good policy and continues after maturity as well.

 

[josesul]

Hi,

I am having a Jeevan Anand Policy with the following details,

Policy start date : Feb 2010
Policy Premium : Rs. 56,912 every annum
Sum Assured : Rs. 21,00,000
Plan 149
Policy Term 75 (Premium paying term: 26)

I have 20 policies of 1L each and i first gets matured at age of 49 ie.2035 and the second in 2036 so on so forth...bcoz my premiums of each policy are not same.LIC sends these reminders for premium payments and i get 21 inland letters every year

Please advise if this is a good policy and if surrendered now, what is the surrendered amount that I would receive?

Regards

SJ

 

[aarohi]

What about increasing the insurance cover at later date.
IS there any cap on that?

What is the time taken for claiming the insurance in case of death?

 

[deadbrain]

Hi,


I have 20 policies of 1L each and i first gets matured at age of 49 ie.2035 and the second in 2036 so on so forth...bcoz my premiums of each policy are not same.LIC sends these reminders for premium payments and i get 21 inland letters every year


SJ

Taking a number of term policies is never advisable. One term plan is enough, one health insurance/ULIP, and rest you could have invested in mutual funds, PPF, MIS, FDs, etc. You can also login to LIC site and get to know about your status of policies and can manage from thereon.

 

[nakulgandhi]

Hi All,

I have this policy under my name. Below are the details:
Policy name: Jeevan Anand (With Profits) (With Accident benefits)
Date of commencement: 05/Dec/06
Term: 30 yrs
Sum assured: 100000 & I assume 100000 would be bonus. Hence Total on completion of term wud be: Rs 2,00,000
Premium payable: 3220/yrly
I was 18 yrs when this policy was bought under my name.

When I calculated, it gets me an effective rate of just 4.60%. It makes me wonder if my calculations are wrong or LIC has been successful in fooling us. Can someone please advise?

(in my financial calculator: FV = 200000, N = 30, PMT = -3220, PV = 0, this gets me an I/Y of just 4.60%) I am shocked to see this!!

 

[sy62k]

Nakul,

You are right. Based on financial advisors feedback about this policy, the optimistic I/Y you can expect is around 5.5%. You just missed one part though. LIC gives some thing called loyalty addition after 10 years or so. In your case it might be above 50,000. You can check it with your agent. May be others can correct me.

Hope that helps,
Hemanth
Source: I am a policy holder of Jeevan Anand

PS: Btw like your name. Never understood why people only wanted the name of Arjun and not other pandavas.

 

[venkateshiyer]

Hi, I am a LIC Agent in Mumbai. The returns from LIC are generally in the range of 7-8%. When age is more, returns are on the lesser range i.e. around 3-4%.

In your case, as you have mentioned yearly premium is 3,220. Your policy will get matured when you are around 48 years.

You can expect to get a maturity amount of approx. Rs.3,55,000.

In case of natural death, you get bonus + final additional bonus (in case policy has completed 15 years) + sum assured amount. Accidental coverage is upto 100,000. After maturity, something happens to the policy holder, an amount equivalent to sum assured amount is paid to the nominee i.e. in your case, your nominee will get Rs.1 Lac. There is lifetime coverage.

In case of any doubts, you can send me a mail at [email protected].

Hi All,

I have this policy under my name. Below are the details:
Policy name: Jeevan Anand (With Profits) (With Accident benefits)
Date of commencement: 05/Dec/06
Term: 30 yrs
Sum assured: 100000 & I assume 100000 would be bonus. Hence Total on completion of term wud be: Rs 2,00,000
Premium payable: 3220/yrly
I was 18 yrs when this policy was bought under my name.

When I calculated, it gets me an effective rate of just 4.60%. It makes me wonder if my calculations are wrong or LIC has been successful in fooling us. Can someone please advise?

(in my financial calculator: FV = 200000, N = 30, PMT = -3220, PV = 0, this gets me an I/Y of just 4.60%) I am shocked to see this!!

 

[rajeabc]

Hi All,

I have this policy under my name. Below are the details:
Policy name: Jeevan Anand (With Profits) (With Accident benefits)
Date of commencement: 05/Dec/06
Term: 30 yrs
Sum assured: 100000 & I assume 100000 would be bonus. Hence Total on completion of term wud be: Rs 2,00,000
Premium payable: 3220/yrly
I was 18 yrs when this policy was bought under my name.

When I calculated, it gets me an effective rate of just 4.60%. It makes me wonder if my calculations are wrong or LIC has been successful in fooling us. Can someone please advise?

(in my financial calculator: FV = 200000, N = 30, PMT = -3220, PV = 0, this gets me an I/Y of just 4.60%) I am shocked to see this!!

LIC is not for investment. This is only for protection. LIC take risk to protect one so take premium.