LIC policy?

ammulu - 2008-06-10 00:30:05 - Insurance

i am 25 yrs old and i want to take a LIC policy which policy will suit me best and how to approch an LIC agent

Best Answer:

You need to assess first what are you looking for ? Insurance? Investment? or both? If you need only Insurance, then Term Plan is the best Insurance to go for. It is the cheapest and comes at a fraction of other endowment, whole life or moneyback policies. You can select Anmol Jeevan under Term Assurance plans to calculate the premiums for a typical plan at yr age at LIC Premium Calculator http://www.licindia.com/premium_calculator.htm And if you are looking at safe long term investments, there are far better investment vehicles than these policies. Read on why Insurance and Investment should never be mixed, and options for other very safe investment vehicles -from a similar question I answered just 5 mins back, here at http://in.answers.yahoo.com/question/index;_ylt=AjfjDMuzLrp9dMOTsB.4VvWGHwx.;_ylv=3?qid=20080610025803AAkBoTv

Answer:

The sooner you take LIC Policy the more you gain on premium. as the premium rate increase due to increasing age. You can take maximum benefit of premium and investment if you invest just 1-2 weeks before your next birthdate. If you are hurried, you can also go for it immediately. You can opt for policies which will give you a handsome amount after some period of time. The timeframe to gain that handsome amount which you can decide on. The premium varies as your return timeframe changes. You can ask your friends for any agent of LIC in your area. Alternately you can also search for signboards of various LIC agents . Some of them do post signboards outside their office or flat. If you want high risk coverage but no returns you can opt for those types of policies also, but in that case your risk will be covered to any amount, but you will not get returns on your investment. You will get just coverage. If you are indian, you should be aware that the first 3-4 installments are borne by the agent. i.e he will pay your premium for first 3-4 months. You can ask him to pay for you. He has to do it. He will do it.

I suggest you to take Jeevan Anand or Jeevan Tarang both whole life policies which cover your whole life. good luck pnkmurthy@yahoo.com http://www.geocities.com/pnkmurthy/lic.html

Please consider taking Term Insurance plus Jeevan Saral combination depending on your age. Please ignore last few lines of Abhijeet message. Passing off of commission is discouraged by Law. If you are mumbai based i can help you with financial planning. write to me at gadiyarsp@yahoo.co.in

You need to assess first what are you looking for ? Insurance? Investment? or both? If you need only Insurance, then Term Plan is the best Insurance to go for. It is the cheapest and comes at a fraction of other endowment, whole life or moneyback policies. You can select Anmol Jeevan under Term Assurance plans to calculate the premiums for a typical plan at yr age at LIC Premium Calculator http://www.licindia.com/premium_calculator.htm And if you are looking at safe long term investments, there are far better investment vehicles than these policies. Read on why Insurance and Investment should never be mixed, and options for other very safe investment vehicles -from a similar question I answered just 5 mins back, here at http://in.answers.yahoo.com/question/index;_ylt=AjfjDMuzLrp9dMOTsB.4VvWGHwx.;_ylv=3?qid=20080610025803AAkBoTv

ask to lic agent.........

Hi, My dear friend. My suggestion is to invest in mutual funds if your goal is only investment or unit linked insurance plan if you want insurance as well as investment. Investing in conventional LIC plan hardly offer good returns. Mutual funds carry market risk but if you invest for a long term say around 10 or 15 years then you will get superior returns as compared to other investment avenues. Mutual fund charge an entry load of around 2.25% so for example if you invest 2000/- per month in mutual fund then Rs.45/- (2.25% of 2000) will be deducted every month and the rest of the amount 1955/- (2000-45) will be invested in the share market by the fund manager depending on the debt and equity component. If you invest in Unit linke insurance plan then there charges are very high but you will also get an insurance cover. If you invest 24000 yearly then roughly around 7000/- will be deducted in the first year as various charges like insurance,fund managment, policy document charge etc and the rest will be invested in the market. There are charges in subsequent years too and that differs from company to company. http://www.investorcamp.blogspot.com