Lic Investment

[chandannasta 4]

Guys I have heard from one of my colleagues in office that if we invest in Jeevan Saral LIC 36000 Rs for 6 years then we get more then 600000 in hand. Is this true guys I wanna know?

[::Hitesh:: 1,763]

^^^

You will not get that money, your family will get it after you go to haven !!!

But LIC is best for returning the money as per your taken plan...

[chandannasta 4]

Are you sure becoz my friend is very young and he got it.

[::Hitesh:: 1,763]

^^^

When did he got 6Lakhs in hand ? after ending of 6th year?

[chandannasta 4]

I confirmed with him again and he said its for 10 years he paid 360000 and he got 600000. My mistake in my earlier response its 10 yrs and not 6 years

[Arun 795]

Is it a market linked plan?

[commonman 228]

Please go through the Benefit Illustration of LIC Jeevan Saral in the official website. It will be an eye-opener.

LIC Jeevan Saral

[chandannasta 4]

commonman go through this site and u will get to know if I m saying the truth or if I am wrong http://www.licindias.com/jeevan-saral-by-lic.html

[aalok 442]

[commonman 228]

^^^

The site is not the official site.

As has been very clearly indicated in LIC site, the scheme does not have any guaranteed rate of return and return is dependent on market conditions.

Under such a situation, the projection of Rs.6.38 Lakhs in after investing Rs.3000 every month for 120 months is still not guaranteed.

On the other hand, Rs.3000 invested every month for 120 months in PPF gives guaranteed return of 8% i.e. around Rs.5.50 Lakhs in which interest is absolutely Tax free and tax benefit is also available on investment.

[aalok 442]

^ informative sir.. +1 for you..

[chandannasta 4]

Common man as you mentioned On the other hand, Rs.3000 invested every month for 120 months in PPF gives guaranteed return of 8% i.e. around Rs.5.50 Lakhs in which interest is absolutely Tax free and tax benefit is also available on investment. Check this PPF calculator over here:

http://www.personalfn.com/tax/calc/ShowPPF.Asp

Assumption: Fixed investment per annum = Rs 36,000

YEAR OPENING INVESTMENT TOTAL INTEREST CLOSING WITHDRAWAL LOAN

BALANCE(Rs) (Rs) INVESTMENT(Rs) (Rs) BALANCE(Rs) LIMIT (Rs) POSSIBLE (Rs)

1 0 36,000 36,000 2,880 38,880 - -

2 38,880 36,000 74,880 5,990 80,870 - -

3 80,870 36,000 116,870 9,350 126,220 - 9,720

4 126,220 36,000 162,220 12,978 175,198 - 20,218

5 175,198 36,000 211,198 16,896 228,093 - 31,555

6 228,093 36,000 264,093 21,127 285,221 - -

7 285,221 36,000 321,221 25,698 346,919 87,599 -

8 346,919 36,000 382,919 30,633 413,552 114,047 -

9 413,552 36,000 449,552 35,964 485,516 142,610 -

10 485,516 36,000 521,516 41,721 563,238 173,459 -

11 563,238 36,000 599,238 47,939 647,177 206,776 -

12 647,177 36,000 683,177 54,654 737,831 242,758 -

13 737,831 36,000 773,831 61,906 835,737 281,619 -

14 835,737 36,000 871,737 69,739 941,476 323,588 -

15 941,476 36,000 977,476 78,198 1,055,674 368,915

[chandannasta 4]

http://www.licindia.in/special_plan_001_illustration.htm

Can some 1 explain me wht is scenario 1 and 2 in this plan provided like wht do u mean by that.

[ACS 130]

Anything with a one shot payment of 1 lac which stays invested for 4-5 yrs or 10 yrs..

I don't trust these market linked plans.. but maybe they payback max.. isn't it ?

[Anil_S 6]

Investment & Insurance are totally 2 different things. Its only in countries like ours Insurance is sold as investment product. The main reason is Insurance company gets a paying customer for appox 20 yrs & the agent gets good commission.

Best way is to keep insurance & Investment separately. Go through sites like value research online. You will understand what it mean. Go for pure term insurance to cover your risk. The premium will be low but the risk will be covered & you will not get any thing after the completion on term.

For investment consult a financial adviser. Simple way is to start SIP for the balance amount ( after deducting insurance premium paid by you) in a good diversified mutual fund. For that you may go through site valueresearchonline.com for fund rating.

anil

Edited January 14, 2010 by Anil_S

[Anil_S 6]

Investment & Insurance are totally 2 different things. Its only in countries like ours Insurance is sold as investment product. The main reason is Insurance company gets a paying customer for appox 20 yrs & the agent gets good commission.

Best way is to keep insurance & Investment separately. Go through sites like value research online. You will understand what it mean. Go for pure term insurance to cover your risk. The premium will be low but the risk will be covered & you will not get any thing after the completion on term.

For investment consult a financial adviser. Simple way is to start SIP for the balance amount ( after deducting insurance premium paid by you) in a good diversified mutual fund. For that you may go through site valueresearchonline.com for fund rating.

anil

[ani_meher 42]

I agree to keep the investment seperate from insurance. Investment is something you enjoy afterwards, insurance is something your survivors enjoy after you!

I have noticed religare has the cheapest term insurance premium.

[chandannasta 4]

I can save every month 2k-3k approximately and want to invest in some nice thing where I could achive good returns also which includes insurance and it should get included under tax 80/c also. So is there anything which you guys would like to suggest.

Also I have never invested in my entire life. So I am starting my investment for the first time and would like to hear from people if they have done any investment till date have they got the benefit of that amount till date. If yes then how much have you invested every month and for how many years and how much have you received till now?