Oct 15, 2011 03:03 PM
169357 Views
Short Description: I pay 4 lakhs in 16 years as premium, I will get insurance coverage for 25 years and get return 25 lakhs at the end of 25th year
I started this policy during 1999, the policy premium term will end at the 16th year. I opted half yearly premium payment(Rs. 12843), so at the end of 16th year I will be paid Rs. 4, 10, 976 as premium. At the time of start, I was told that this will fetch about 11% compound interest which is going to stopped soon. So started this policy.
According to my agent, I supposed to get Rs. 25, 00, 000 at the end of 25th year. My death is covered by policy for this 25 years, need not pay the premium but my family will receive 5 lakh sum assured immediately and matured amount at the 25ht year. I got very different opinion as this is waste on one side, and it is still best and best risk covered on the other side. I searched and got a close answer from one forum which is very close to my agent. So sharing with you as I belive it will be useful! Thank to him!
I had started this discussion on JEEVANSHREE(OLD)policy-plan112 of LIC and I thank you all for taking discussion to different dimensions. Still the opinions are varying. So I discussed with a senior agent. He has given me a new information regarding FAB(Final Additional Bonus).LIC rewards those policy holders with FAB, who keep their long term policies in force without default unto last installment.The present rate of FAB is up to Rs.1850 per thousand sum assured(not per
annumm).
Regarding Loyalty additions, the present rate declared is Rs.150 per thousand sum assured(not per annum).
so the final proceeds may be as follows:-
Benefits on Maturity
Sum Assured 5, 00, 000
Guaranteed addition(@Rs. 75 per 1000 sum assured per annuum) 9, 37, 500
Loyalty addition at present rate Rs.150 per thousand(subject to change in future) 75, 000
Total 15, 12, 500
+Final additional bonus(conditional as mentioned above)-present rate up to
Rs.1850 per thousand(actual rate to be declared at the year of maturity
of policy)
