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Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
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You have done a great job.LIC should be put behind the bars for this dirty act.
I have also suffered from this bogus policy and I am not sure what to do.My policy will complet 10 years now.
Can you please suggest if I shall Withdraw it ?I was waiting because some of LIC executives said that I will get bonus on 10 year term.
Please Help!
BUT JEEVAN SARAL IS A GREAT PLAN.
ITS A PURE TERM & ENDOWMENT COMBINATION.
SO, UNLIKE TERM PLAN
IT DOES RETURN OF AN AMOUNT.
WHICH IN CASE OF TERM PLAN IS LOST ( LOSS A CONSEPTION, NOT A FACT).
PL ASK WIDOWS WHO RECEIVED THE 250 TIMES CLAIM
( BIGGER THAN ANY TRADITIONAL ENDOWMENT, IN SAME PREMIUM ,TERM).
I FEEL IN COURT LIC WILL WIN. ON PRODUCT GROUND.
AS PRODUCT IS PASSES BY IRDA AFTER DUE SCRUTINITY.
NO FLAW IN PRODUCT TERM & CONDITION.
FOR EXAMPLE:
TAKE SAME PREMIUM & TERM & COMPARE IT WITH OTHER ENDOWMENT PLANS OF ALL LIC & PRIVATE INSURANCE CO.
PARAMETERS AS:
1.PREMIUM :SAME
2.TERM:SAME
3. RISK COVER= SARAL IS. BETTER
4. MATURITY= SARAL IS BETTER.
AS LA DEPENDS UPON MORTALITY & INVESTMENT RETURNS.
LONG TERM WAS BETTER.
BUT
AS ON DATE NOW:
SARAL PLAN IS CLOSED FOR NEW SALE.
THE EFFECT ON MORTALITY WILL BE ADVERSE.
AS IT WAS DESIGNED TO BE AN OPEN ENDED PRODUCT.
IN EASY TERM: WITH NEW LA ENTERENCE THE AGERAGE AGE REMAIN CONSTANT ( PROBABILITY) BUT NOW THE AVG AGE OF POLICY HOLDER WILL RISE. RESULTING INTO MORE CALIM.
EVENTUALLY: ITS BETTER TEN A TERM PLAN WHERE .NO RETURNS ON MATURITY.
ANYWAYS:
ITS IN FAVOUR OF POLICY HOLDER.
MU JUDJMENT:
THOSE WHO GOT THE CLAIM,
FLEXIBILITY IN WITHDRAWL
INTEREST OF 7% ON LAPSES .
POLICY(BROKEN PERIOD).
250 TIMES THE RISK COVER.
PARTIAL WITHDRAWL
SAME PREMIUM FOR ALL AGE.
TERM + ENDOWMENT COMBINATION
ITS WAS A GREAT MIX OF NEED & WANTS.
COURT IS THE BEST PLACE, WE ALL WILL RESPECT & ABIDE BY ITS GOOD DECISION.
NOTHING WRONG IN GOING TO COURT OF LAW. IF CASE OF ANY DOUBT.
GOOD INITIATIVE
NICE JOB.
BEST WILL PREVAIL.
Most of the people are commented without the knowledge of this product,and the besic concept of life insurance as well.
Half knowledge is dengerous.
What you said is totally true. But one thing is also true that the mentioned plan was not sold as term plan. Nobody knew its more of a term plan and less of a traditional plan. And while selling also returns were discussed instead of cover as regarding to term plans.
Regards
Thanks to LIC for this inovative product.
Main concern is not understanding of this product.
Basically Insurance policies are for Insurance cover.and not for higher returns.
In term insurance policies nothing will be payable at maturity,This does not mean that Term insurance is bad for return.
Can anybody file a case for no returns in term policies.
Risk premium increases with age and death sum assured.
Higher the age higher will be the risk premium.
If any body opts for insurance at higher age ,naturally the premium amount towards risk will be higher.
Jeevan saral plan of LIC is very nicely designed innovative product and was awarded at various platform.
It is absolutely wrong to say about this plan.
Please understand the product first and then comment.
This plan gives good return as compared to other product, for lower age at entry . Returns will be less for Higher age at entry.
It is quite obvious that higher the age higher will be the probability of risk of being died.
In Many policies of Jeevan saral LIC settled the death claim.
A policy holder must be given an option to surrender and take money back along with Interest
Request others to join in this mission
Thanks for your comment. I am a part of Moneylife, and hope I can resolve your issue regarding the Jeevan Saral Policy you have. Here is the link to a maturity calculator, created by an independent agency (so all your doubts are alleviated).
https://www.investobite.com/maturity-calculator/lic-jeevan-saral-plan-165.html
If you still believe that you have been cheated, please send us a mail at [email protected], with the subject:"Attn: Yogesh/Aditya Jeevan Saral".
2017: https://www.moneylife.in/article/life-insurance-lic-jeevan-saral-a-toxic-product/50333.html
2018: https://www.moneylife.in/article/will-lic-be-made-to-pay-for-the-horrible-mis-selling-of-jeevan-saral/53802.html
google within our site and you will find more!
Thanks for your comment. I am a part of Moneylife, and hope I can resolve your issue regarding the Jeevan Saral Policy you have. Here is the link to a maturity calculator, created by an independent agency (so all your doubts are alleviated).
https://www.investobite.com/maturity-calculator/lic-jeevan-saral-plan-165.html
If you still believe that you have been cheated, please send us a mail at [email protected], with the subject:"Attn: Yogesh/Aditya Jeevan Saral".