Today LIC is launching a new plan called “Wealth Plus”, an unit linked insurance plan (ULIP) having a term of 8 years. As usual, here is my review on this plan with inputs from a development officer working with LIC based in Bangalore. On this blog you can also read about other ULIP products available in the market by various insurance companies. This plan comes with an option of choosing from either of a single premium or 3 years payment term. LIC Wealth Plus plan will be available for three months from 9th February 2010 and the plan closes for sale after those initial three months. There after the funds collected will be invested in equity market, implying that the risk is only medium.
Let us take a look at the salient features of this plan:
- Gauranteed return of highest NAV of the first 7 years or the 8th year NAV, whichever is higher.
- 8 years of Policy term
- Either 3 years premium payment term or single premium as per client’s choice.
- Minimum single premium of Rs 40,000 and Minimum Yearly premium of Rs 20,000.
- Risk cover of 5 times of the annualized premium or 1.25 times of single premium.
- In case of death during policy term, the plan returns basic sum assured plus fund value
- Extended risk cover for 2 years even after term end.
- Partial withdrawal allowed at any time after 3 years.
- Accident Benefit Raider (EDAB) allowed at a nominal charge of Rs 0.50 per 1000
People in the age group of 10 to 65 years can avail this plan by paying a minimum premium as mentioned above. Maximum premium has no restrictions.
Policy holder’s risk is covered for a minimum of 1.25 times of the premium paid through single premium mode. The maximum risk cover under single premium for age less than 40 years is 5 times the premium, while the same is 2.5 times if age is below 50 and 1.25 times for ages above 50. Under the regular premium mode the minimum risk cover is 5 times and the maximum cover is 10 times the annual premium for ages below 50 years.
This plan guarantees to pay the policy holder the higher of the highest NAV reached in the first 7 years of its term or the 8 th year NAV. But this guarantee of highest NAV can only be availed if the policy holder completes the term of the policy and of course, a charge is levied for this guarantee at the rate of 0.35% of the fund value.
The plan comes with an extended life cover for a period of 2 years after end of the term. You can surrender the plan even within three years, but the amount will be only paid after three years from date of the policy as per IRDA restrictions and there are no surrender charges.
As a maturity benefit policy holders are offered the highest NAV for units in the fund, provided the completion of a term of 8 years under the plan. Death benefit equals the sum assured plus the fund value during the term of the policy. For death during the first two years of the plan, and also after the term of the policy during the extended risk cover period the sum assured is only paid as the benefit.
Instead of charging higher premium for risk cover based on age every year, This plan charges only a level premium based on age at entry. But in the case of revival of a lapsed policy, the age at date of revival is used to arrive at the risk cover premium. Revival can be done only within 2 years from date of lapse and Rs. 500 is charged for revival.
The plan does provide a feature of partial withdrawals wherein, withdrawals can be after three years from commencement of plan and the maximum withdrawal is restricted to twice in a year. Other condition to be satisfied to make a partial withdrawals is that there should be a minimum of one annual premium left in the fund, and the minimum amount to be withdrawn must not be less than Rs.2000.
Loan is not granted in this plan as one can avail the same via partial withdrawals. The plan also does not provide for payments of top up premiums.
* Allocation Charges:
Single Premium: 5% up to 4 lakhs and for above 4 lakh the charge is 4.5%.
Regular premium: 12% up to 2 lakhs on first year and thereafter 2.5% for remaining years of the policy term. For premium below 4 lakhs the charge is 11.75%, and 11.5% for less than 7 lakhs and above 7 lakhs, the charge would be 11.25%.
* Guarantee charges at the rate of 0.35% of the fund value.
* Fund management charges at the rate of 1% of the fund value.
* Policy administration charge at the rate of Rs 60 monthly for the first year. Rs. 25 for the second year, Thereafter escalates on Rs 25 at the inflating rate of 3% every year.
* An accident rider benefit is offered with this plan, by paying Rs.0.50 per thousand risk cover. But the accident raider can only be availed by individual’s within the age of 10 yrs to 62 yrs.
My Take on this policy:
There is nothing new offered by LIC through this wealth plus plan except an extended insurance cover for 2 years after the policy term. Though the charges look moderate when compared to similar plans in the market like SBI Life Smart ULIP or Bajaj Allianz Shield Plus, I am basically not in favor of combining insurance with investment. For reaping best benefits always separate out insurance and investment. To get a better idea of what that means, please do read through some of the articles on this blog related to investment. Having said that I request readers to compare and contrast similar ULIP plans wrt various features provided before deciding on buying a policy.
g wanjari says
i have about 12500 rs to invest half yearly for 3 yrs in lic wealth plus how much max returns will get me after 8 years
regarding lic ulip plans, my sincere advice is never ever beleive in lic agents sweet talks. they are just manipulating things and put us in trouble.lic officials also promise you kheer and once you taste it you will understand it’s bitter only. so my advise to all investors is never go for lic schemes. their QRS never answers your queries and they are only interested to loot our money.
dear all, here life iunsurance co’s recruiting Every year maximum new promoters, officials, Spouse agents of Govt. Officers, and other agents ( THROUGH THEIR CLOSE RELATIONS!! ). Govt. Officers compeling junior officers to take these plans. High volume of these new Agents by insurance companies, results in maximum losers including hard earned money of poor peoples invested in ULIP schemes. These companies or govt. should make awareness program to the public. All these complaints reveals customer is not aware of the full features of these produt before they purchasing. Agents highliting some benefits & collecting amout throgh their close relations.. Here now lic’s standing for promoting Share market not for life cover!!…. I request all to make a survey about the same…
Hi,my lic agent is insisting me to invest in market plua at least with Rs 100000 without life insurance and he guarantees that amt. will be at least double at 5yrs.is it true,pls.comment.
ramesh d says
I had already invested in wealth plus is it worth,kindly letme know which is the best sip mf for 10 to 15years
please never advise lic schemes to anybody, because lic is just cheating peoples. their agents & some branch managers misguiding peoples and cheating. LIC wealth plus is totally a blunder.
never invest in lic schemes. it’s complete of cheating by agents & lic officials. they are not giving any insurance, just taking our money and getting commission. if you are planning to invest in lic , double check.
Manin Sharma says
none other company is reliablee much than LIC,, so forget it.
N Ya don’t blindfoldedly rely on Insurance agents whoever company it may be.. for Lic go to official website for all details
I did a big mistake in investing money in LIC mutual funds. I invested 1.5 lakh in LIC money plus for more than 3 years , and i got the same amount back which is very dissapointing. If i had invested even in a chit fund company or as a fixed deposit , i would have earned at least 50000 as profit.My whole family invested in LIC for more than 5 and 10 years respectively but we got back the same amount back. I swear i will never go with LIC again.
iam ganesh(27+) ,iam planning to invest in MF through SIP…i wat to invest btween 50k to 60k for 3yrs to 5yrs ….and i want good rteurns without big allocation charges..so which one suitable for me….iam plnning for UTI DYF….can u guide me plz..?
why lic is cheating people through wealth plus. they have collected a huge amount and postponed their closing date from march 31st to may 2nd. that means a person invested on march 31st or may 2nd will get the same units. so lic just kept all this money and earned a lot. actually they should allow additional units to the peoples who invested their money earlier. is int it? waiting for your comments.
Could you suggest a good mediclaim policy. I want to take a family floater fo our family but a little confused with which one to opt for. I have short listed ICICI lombard family floater policy. Any reviews on that from you or your readers would be great.
Hi Mohan, thanks for this nice article with all the details. I really liked the way in which your blog readers enlighten us with their knowledge. Great job.
I am looking for some child insurance/investment plans, can you help me out on choosing the best one?
I am not convinced yet with the ideas of going for child plans. As long as the guardians/parents have good cover, they shouldn’t be worried much about child insurance plans.
Thanks Mohan and Harish for your replies.
Could anyone, who invested in wealth plus let us know what % of amount paid by you has been allocated to the funds? It would be very useful if you share with us how many number of units you’ve got after investing how much amount of money?
I have just agreed to invest 1 lakh rupees in LIC wealth plus and my LIC agent advised me that 12% will be taken as allocation charges and 7% as his commission and the fund units will be purchased with the rest of the money (81%).
I wonder why would i have to pay agent’s commission,as i believe that should have been paid by LIC out of allocation charges paid by me.
Could you anyone let me know if this information is correct or not?
Sorry, I have no clue about the agent commission being paid extra apart from the regular charges. It wasn’t mentioned in any of the public document about this LIC Wealth Plus product.
Harish Surana says
I bought single premium policy last month and my agent didn’t ask for any commission. He might be fooling you because most part of allocation charge will be given to agent only.
Hi Sanjay ,
Why should the units drop from 200 to 400.
I am new to investments , can someone guide me a good plan for saving and provide me a good returns . I dont need an insuarance rider.
pl be in touch with me or over phone to have a insight of lic wealth plus ulip basis .if i pay the amounts monthly through ecs , how much percentage will be deducted .
Sorry, I didn’t understand your comment. Would you mind rephrasing it?
hello friends. highest NAV does not mean highest return. If you have 400 units at Rs.10/- nav and sensex at 17000 pts . Say market crashed to 8000 pts again. Can You Lock 17000 points in sensex. Impossible. When Your market falls, then NAV also falls. If you are taking highest NAV plans , your total units are not guarented.
say purchase units 400, with NAV 10/ invested=400*10=Rs 4000/-
while widrawing your highest nav say Rs 15/- but charges reduces Number of units to 200. Then what’s your fund value.
fund value = Rs. 200*15 =Rs 3000/- (example)
So it’s rather better to purchase plane ulip from any company (also charges to be seen) like PAC, MORTALITY, ALLOCn etc) except highest NAV. because highest NAV does not guarentee Highest Fund Value.
i want to invest in MF throgh SIP……. so how can i invest… i mean in which MF…i heard that UTI i s good…. plzz could u suggest me?
Rajesh Sharma says
Kindly guide me regarding LIC Wealth Plus. Should it be advisable to Invest in Wealth Plus ?
Is it Worthty to invest ?
Firstly When i heard about this Wealth Plus from LIC or for that matter Pinnacle from I pru i was convinced that to reap the benefits of higher return along with insurance cover i should be investing a high amount in these funds.
But thanks to you and others who have posted their comments/experiences i have now made up my mind that i should not be mixing insurance with investements. Thanks a ton for that.
Secondly from your personal experineces could you give me some ideas on which Term policies should i be going for pure play insurance coverage only .Since there are 23 companies plus LIC one really gets confused at their products. A request to you to give me some tips on which Term policies from which providers can be thought of purchasing?
Thanks in Advance
Santhosh G says
Please help me from where we get the Portfolio details of LIC. One LIC agent approached me to sell the Wealth Plus.When I asked him to give me a copy of the Portfolio(allULIPs) of LIC, he was totally unaware of the . Is LIC publishing their Portfolio of ULIPs, if so from where I will get one copy. So that I can compare the NAV performance and see where/which companies the money is invested.
Dear Santhosh, Shrinivas has has answered for your comment above. please read 🙂
Dear Mr. Mohan,
One of the fund managers told me the following about this guaranteed NAV option. In the first 4 years, they will invest mostly in equity and at an appropriate time, when they think that the market has reached a near top, they will slowly transfer the money to govt. securities. This way, after realizing the highest NAV in the first 4 years, they can at least maintain the same NAV and as a result, it should be able to pay the highest NAV. If it is true, then I think this is a decent investment, particularly from a diversified investment point of view.
Redin Raj says
Hello Mohan ,great to read your blog.
Quick Q: am in US ,my parents (58 and 55) wants to go for this insurance by paying 50,000 premium every year each . I read the all ULIP plans of various companies from your blog ,seems like LIC appears to be the cake as it is a GOV based.
They are thinking that it might give good return as well as it has some disabled coverage insurance for them. Please give us final suggestion to go with this plan instead of saying (It depends haha ) .I know it depends but am dumb in this investment ,insurance plans etc.
As one of the LIC agent brain washing them every day call saying this is the best.
If this is not the best ,please suggest for best policy/invest plan for my parents.
Thanks and wish you good luck again
Sorry, I don’t have a readymade solution. I’m not a finance/investment advisor!
yellappa setty says
Mr. Mohan, This LIC Wealth plus is exmpted from Income tax under 80CC.
Wish this was made clear in the LIC web site. Do you have any official link that talks about the tax exemptions for LIC Wealth Plus?
first of all many thanks sir…cfor giving us all information.Ii am going to invest RS 1,00,000 in lic WEALTH PLUS polcy… how could i invest ..i mean SINGLE DEPOSIT or YEARLY…which is the best? and as per ur prediction how much benefit i will get,,?..
Rohith, you are most welcome!
I have pointed out both the options in my review. Read through and decide which one suites you the best. No unit linked plan can be predicted wrt benefits towards the end of term. Sorry, i don’t have a prediction.
Santhosh G says
Mohan, from where to get the port folio of LIC’s ULIPs in detail. The same is not available in their website.
Y. Shrinivas says
You can get ulip portfolio of lic in any lic branch via their intranet site, which will be provided by BM of LIC.
Thanks for the info shared Mr. Shrinivas.
My CA said for Tax benefit I have to invest for 3 year (as i do yearly) in LIC WealthPlus. If one year, there is no tax benefit.
Gahesh, sorry but there is no clarity on tax benefit towards premium paid on this policy on the official LIC site. Everyone is making their own assumptions and selling it like a hot cake. Wish LIC had provided a clarity on this.
k.k. bhargava says
hi mohan, i have invested in sbi smart ulip in march 2009 amount rs 1.0 lac, i dont know how they work i got a confirmation from sbi life top management i will be paid as on 15.9 nav after 7 years. more or less net 45% gain in 1 year. i renewed it this year. good rise. also i want to know ur job whether u r a investment advisor or consultant. still awaiting u r reply on weathplus tax rebet.
Good to know about it!
Well, I am a software engineer. I am not an investment advisor or consultant. There is no clarity on the tax benefit on LIC Wealth Plus, look at this comment by a reader which may help you better. – https://mohanbn.com/lic-wealth-plus-ulip-with-guaranteed-nav-review#comment-10545
Hemang Parikh says
Last year I took personal loan from axis bank and agent told me that axis bank has tie up with Met Life and he gave Met Smart Plus forcefully. I am paying 12000 per year as a permium in Met Smart Plus.
Kindly suggest me, Met Smart Plus is good option for me to invest (12,000 per annum) ? Should i have to stop this now or i have to continue with it ?
Sorry for my post regarding Met Smart Plus here as this is LIC Wealth Plus forum, but i dont know where i have to post this.
Hi Hemang, I haven’t looked at Met Smart Plus. I shall look at the plan sometime in near future to provide my review.
Aditi Gupta says
LIC wealth plus policy number : LIC/int/2009-10/16. I have checked the LIC site http://www.licindia.in/wealth_plus_benefits.html , it does not specifically mention that the premium is eligible for tax benefit. Further a simple seach on the internet with respect to any clarification by IRDA on he same proved negative.
Off late most of the insurance companies aren’t providing the tax benefit statement in their brochures. I remember one of the reader commenting on some other article saying that it is an IRDA guideline on not to mention tax benefit in ads. I agree with you, those who are planning to invest in single premium modes need to be really careful about their options.
k.k. bhargava says
sir, i came to know from a high source that this policy is not notified by finance ministry for any kind of tax benefits. i m 41 yrs and invested 50 k in this policy in single premium as per commitment by lic agent, and this was shown in local brochure printed by the branch. will u please help me as i belong to very small town and have no c.a. pl guide so that i may stop cheque payment. pl guide asap.
Hi Bhargava, yes there seem to be a lacuna in tax deduction eligibility of LIC Wealth Plus. See my reply to the above comment. I shall get back on this.
Harish Surana says
Can anyone please tell me if I take single premium policy(40k) with 1.25 time risk cover. Will I get tax benefit of full amount under 80C or it depend upon the risk cover taken?
Hi Harish, you will be able to claim tax benefit under section 80C. However, the cap for rebate under section 80C is Rs 1 lac. So, think of your other investment modes on the applicability of tax rebate before putting all your money into one plan. For example if you already have invested upto 75,000/- towards section 80C, only the remaining amount of 25,000/- would be tax exempted even if you go for 40,000 single premium. Read my other article on Tax planning to help yourself better.
Thanks mohan for replying. I have invested 35k in LIC’s Jeevan Anand and I am planning to put 40k in this and remaining 25k in tax saver MF. Have I got right mix of investment?
Y. Shrinivas says
Mohan is playing hide & seek game in his blog here. He is not telling the truth to the full extent. You will not get any tax rebate under sec.80 c as if you do not get 5 times cover of your premium whether single or regular, you cannot claim rebate. Only pension plans without cover give rebate. More over Wealth Plus is not notified by Finance Ministry for tax rebates. Beware.
There seem to be a bit of confusion about tax exemption. Let me bring more clarity into it.
* Sub-section 3 of Section 80C of IT Act 1961, states that a deduction is available only to so much of the premium, which is not in excess of 20% of the Sum Assured on the policy.
i.e. If S.A. is Rs 50,000/- then only an annual premium up to Rs 10,000/- is eligible for deduction u/s 80C. Any amount in excess of Rs 10,000/- is not eligible for deduction.
Let me get back on this upon a confirmation from reliable sources.
Shrinivas – If you go by law, in case of Harish, he will be eligible for a deduction of Rs 10,000/- and not zero tax rebate. For the benefit of all, I shall get back with a confirmation from Development Officer at the earliest.
Y. Shrinivas says
I an an ex LICian retired from a responsible post. Dont rely on mouth confirmation. Go by official brouchers approved by IRDA which clarifies about tax rebates if notified by finance ministry.
Don’t comment anything in blogs on the basis of information given by dev.officers or branch managers. Customers are innocent and they believe what u write here.
No body is perfect, they are promotees from lower cadres by virtue of seniority or caste reservations.
Dear Shrinivas, thank you for sharing your thoughts and nice to have a reader like you here to enlighten us. What you say makes sense. Do you have any link to refer to such approved official brochures?
Y. Shrinivas says
Any Insurance co. prepares a draft policy and submits for approval to IRDA first. IRDA after agreeing principally on terms and conditions of the plan refers to Secretary(Insurance), Finance Ministry for tax purpose. Finance Ministry then notifies the plan if found viable and sends approval to IRDA and copies of notification to IT Deptt. IRDA inturn permits Insurance cos. to print the tax rebates column in IRDA approved brouchers. If any broucher approved by IRDA does not mention anything about tax, it means, the particular plan is notified by Ministry. Circulars of notification can be obtained but circulars of non-notification cannot be found. Clear sir ?
Thanks mohan and srinivas for giving your valuable inputs. Now I am planning to go with single premium(40k) + 5 time risk cover(2 Lakh) to be on safer side. I talked with one senior LIC officer too. He also told me about above mentioned clause but he was unable to give proof for this policy’s tax benefits. One thing is clear that I have to shell out 330 Rs every year for 2 Lakh risk cover. It is based on age of 25 years.
You are most welcome. But remember, single premium plan will give you a cover of only 1.25 times your premium.
Y. Shrinivas says
except in lic wealth plus all other cos. plans including pension plans offer 1.25times to 6.25 times cover. He can opt for them with 5 time cover.
http://www.licindia.in/wealth_plus_feature.html says minimum cover is 1.25 time and maximum cover is 5 time for single premium and up to 40 years. so it can be chosen by me.
Harish, Since your age is 25 years, you do get 5 times SA on your single year premium. I missed your age earlier!
Alert!!! Wealth plus Plan Is Foolish Plan So Dont Invest any highest NAV (e.g.ICICI Pinacle,Kotak Pig invest men,Birla Platinum Plus ect.)B,cos all Plans Invested fund Is Govt.Securitys Then Govt.Securitys Assumed Higest Gross Return 10% to 12%.ivestment Fund After diduct Chrges net Return 5% to 7%.So I will Sugest To All Investers Do not Inveat For Highest NAV Plan Any Co.
Hi All, Here is some good news for those of you who have been asking for a comparison among multiple ULIP plans in India. I have posted a detailed article comparing various ULIPs in one article, you can read it here – https://mohanbn.com/a-detailed-comparison-of-ulips
Thanks to Sumanth for his contributions to come up with this article.
Mitesh Pathak says
A very good analysis and easy to understand. Thanks.
Where do we get the portfolio of ULIP Plans, as such, gone through the LIC portal. It is not there. Even the branch office of LIC is either not aware or they don’t share. Do you have any information? please share. Thanks in anticipation.
Sorry Mitesh, even I have no clue on what the portfolio of this fund would be!
Instead of wasting time on these LIC policies, you should write about ICICI Pru life’s new ULIP plan called ACE. Like Aegon Religare’s iterm this is purely path breaking ULIP plan. Look at the benefits and charges. I am told the insurance advisors dont sell this plan due to very low commission. One can buy it online.
This is one plan even the insurance advisors can take home..
Yes, ICICI Pru ACE product review is on the cards and you will find it soon here on this blog. Thanks for the info.
Ramesh Parmar says
earliar ihave asked about wealth + but don’t get it
Sorry, i didn’t get your question right. What are you talking about?
Hemang Parikh says
Nice reveiw..I was planned to invest in wealth plus..but now i think i have to go for another option..Thanks Mohan
Hi Hemang, You are most welcome!
Thank you for the detailed analysis. You mention that it is never prudent to combine insurance with investment and I fully agree with you on this.
Is there any Investment policy or plan similar to this Wealth Plus plan (with a highest NAV guarantee) but without the insurance options. Am not interested in insurance, am just looking for a highest NAV guarantee investment option.
Your esteemed advice is kindly requested.
Zarir, I am not aware of any such pure investment plan giving highest guaranteed NAV. But opting for any good performing MF’s might suit you the best.
Mitesh Pathak says
Zakir, TATA-AIG is having highest NAV plan with ZERO death benefit option. The name of the plan is APEX Pension. It is available with 4 variants.
1. Single Premium – 10 Years Term
2. 3 Premeium Payment Term (PPT) – 10 Years
3. 5 PPT – 15 Years
4. 10 PPT – 20 Years.
Just Sharing, as information.
Many of you have been asking me various queries on home loans. So I came up with this article titled “Home Loan – Do’s and Don’ts” for the benefit of all my blog readers. Feel free to go through it here – https://mohanbn.com/home-loan-dos-and-donts
V. B. Bhosale says
while opting for term insurance many people suggest that compare the premium and take the decision…. i think one should look at the claim settlement ratios And LIC has the highest one.
I checked there are only three insurance policies with a term plan of 35 years
Bajaj Allianz Life – New Risk Care
LIC- Amulya jeevan
I happen to like Bajaj Alliance as it has some riders like accident insurance, disability and some medical benefit as well. However I do not understand these riders. In addition this policy also talks about some surrender value post 5 years (if the case may arise) unlike the other two.
Would you please take the time to write a review on Bajaj Allianz Life – New Risk Care for our benefit.
Thanks a ton
Sure, I will review that sometime soon. In the mean while, if you liked the posts here, feel free to subscribe for email notifications. That helps you to stay connected with new posts on this blog 🙂
Are you indicating that LIC might be charging higer premium than the other pvt insurers. Suggest me some other insurance policies you like in particular with the pvt insurers.
Can one trust them for the next 35 years.
To certain extent that is correct, at least that is what I found from my research. There are many term insurance products in the market from SBI Life, MetLife, Reliance, Aegon Religare, Aviva etc., The solvency/claim settlement ratio is the best measure to use while choosing insurance. Unfortunately, we don’t have much data from IRDA on term insurance providers.
Also, you can use this site to compare various policy premium charges – http://www.apnainsurance.com/term-insurance-india/quotes.html
Thanx a toone for educating on the policy by giving comparisons & the cost associated with the policy.
1)Can you please help me out abou the ratio in which the amount will be invested in equity & debt market.
Hi Krishna, you are most welcome. Well, that information has not been revealed by LIC yet.
wealth plus is open for sale upto 8th May 2010
Thanks for confirming that Satya!
Till when is this policy open?
None of the LIC agents are able to say that for sure or are unwilling to say.
I read somewhere that it is open for 3 months from the data of launch (Feb 9, 2010).
Is this information authentic? How can I verify?
Hi Sontoo, in the initial product PR, LIC did mention that the policy will be available for first 3 months starting from the date of launch. If you go by that statement, this wealth plus policy will not be issued after May 8th 2010.
Aditi Gupta says
Whats your opinion on LIC’s Amulya Jeevan. I am 28 and looking at a life cover of 25lac . just in case of an eventuallity.
Does LIC have a better plan for low cost PURE insurance cover.
Hi Aditi, I have taken Amulya Jeevan too 🙂
There are only 2 term insurance plans by LIC. One being Anmol jeevan for sum assured (SA) less than 25 lacs while Amulya jeevan for SA equal to or greater than 25 lacs. You will find the premium for the same amount to be a little higher with LIC when compared with other insurance companies products. I suggest you shortlist about 3-4 insurers and then compare and contrast them all to finalize on the one that you feel the best.
I have taken SAVE GAURD policy from aviva in march 2007 (its a unit linked policy n has a minimum 3 years payment term) i have paid only 2 premiums of this policy 12000 half yearly. There after i have not paid any premium n policy is in lapse mode as of now, so my question is shall i reinstate this policy by paying the premiums that are not paid from march 2008 to march 2010…..will it benifit me or should i surrender this policy.
( I got call from aviva office n the guy from AVIVA told me that i can start this policy without any documentation or medical but just by paying the due premiums)
so should i go for it or surrender it now….
Manoj, I haven’t looked at Aviva Save Guard. I suggest you do an analysis on your financial needs and the product you have choosen. I can’t comment on whether to re-instate or to surrender since I am totally unaware of your requirements. You may want to consider reading other articles related to finance on this site to help yourself better aware of financial planning.
Thanks for guiding all of us.
I changed my plan to buy LIC Wealth plus after reading your Blog. I have recently taken a Market Plus 1, Single premium policy for Rs 30000 ( 20years term) without life cover
I have taken the policy in my home town as it is a long term pension plan..
My Query : Is it possible to pay Top up premium in any of the networked branches in India or I have to pay top up only in the Home Branch?
Waiting for a fast reply from your end
Thanks & Regards
Sorry Ajay, I don’t have info on paying the top up premium through network branches. But based on my interaction with LIC, you should be able to do it from any branch since they have a centralized records made available through net. Do check with your nearby office before proceeding further.
I have about Rs30000 to invest anually. Could you advise which out of LIC Wealth Plus and Jeevan Saral are more suitable for this investment? I already have a jeevan saral with 5lac cover. I feel Wealth plus may give more returns but it has very less risk cover. Please advise
Can you unleash the difference between a MF and a ULIP.
Hi Raj, good question! that needs a different post altogether. Just to differentiate on a high level, MF is handled by a fund manager, they charge various charges on the paid fund premium and the left over would be invested in various stock market options to reap better benefits. Now ULIP does the same more or less except some nominal insurance to call it an insurance product with lesser returns compared to what you get in MF.