Anonymous
Anonymous asked in Business & FinanceInsurance · 1 decade ago

LI C's jeevan saral policy for 10 yrs.?

i hav a LIC's jeevan saral policy......for Rs.1500 per month for 10 yrs from march2009....i m 34 yrs old.....i hav just received a LIC certificate.....it stated that maturity sum assured is Rs.163335....plz tell me how much i'll get on maturity after 10 yrs....??

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  • 1 decade ago
    Favourite answer

    You will get Rs. 163335 plus Loyalty Addition, if any.

    After 10 years LIC will declare Loyalty Addition depending on performance of the scheme.

    Pl check if the policy is for 10 years Ideally it should be 35 years. The policy allows exit any day after 10 years.

  • HMT
    Lv 7
    1 decade ago

    Loyalty Additions:

    This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit. Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.

    Maturity Benefit:

    The Maturity Sum Assured plus Loyalty additions, if any, is payable in a lump sum.

    Did you not read the policy brochure before buying it?

    Did you not see the benefit illustration chart before buying the policy?

    This is nothing new. Everybody who buys LIC policies is ignorant about them. Most realise their mistake only after some time.

    After 10 years you would have paid a premium of Rs 1,80,000/-.

    Against this the company assures you a sum of Rs.1,63,335/-. You may get 1 bonus if your term is 10 years.

    That is the price you pay for surviving the term.

    The goal or purpose of insurance is not investment. You must not think of what you will get after 10 years, but instead what your survivors will get in case of your death.

    In your case your survivors will get about > Rs 5 lakhs after 10 years in case of your death.

    What will be the value of Rs 5 lakhs after 10 years?

    If you had paid the same amount i.e. Rs 18,000/- p.a. for a Term Plan, your survivors would have got about Rs 50 lakhs.

    That is real insurance.

    HMT

  • 1 decade ago

    Why don't you try Birla SunLife Insurance Dream Plan and Be insured by it. .It will save you from giving inome tax too and will double your capital Rs.30000 into 5 years.

    Also,you will get aditional benefits if you do this through The Royal Freedom ( http://www.theroyalfreedom.com/ ) .you will get a free joining in The Royal Freedom of Rs.15555 and all the benefits which you can see on it's website.Contact me at dukeanuj@rocketmail.com if interested.

  • 1 decade ago

    Hi

    You will be receiving around 2.25 lacs as the Maturity Amount which includes Sum Assured and Bonus.

    Regards

    Rasika - 98863 40781

    Financial Advisor

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  • 5 years ago

    For Annual Premium of Rs. 36030 you will get risk cover of Rs. 7.50 Lacs plus accidental death cover of another Rs. 7.50 Lacs. The maturity amount will be Rs. 329370 (Maturity sum assured which is guaranteed portion) plus a component called Loyalty Addition. Loyalty addition, if any, is payable on performance of LIC.

  • 1 decade ago

    That is the minimum sum graranteed.

    In addition you may get loyalty additions depending upon the performance of the corporation.

    good luck !

  • Anonymous
    1 decade ago

    if u have any doubt about lic u can visit licindia.ind.in website

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