How does New Jeevan Shree (LIC) Policy work?

Vijaya Krishna P - 2008-11-05 02:20:54 - Insurance

Hello, I have taken New Jeevan Shree policy from LIC in the year 2002. I have been paying premiums of Rs. 15999/- semi annually for the last 6 years. I do not know much details about this policy and would like to know if continuing the policy is beneficial or terminating the policy and investing the surrender values somewhere else gives me better returns.

Best Answer:

Sir, The Jeevan Shree as available in 2002 was one of the best policies on offer. It is not availavle now. The guaranteed returns of Rs. 75 per 1000 SA meant that it will give you returns of perhaps over 10% p.a. including loyalty addition available at the end. Therefore, I strongly advice to continue this policy. Such GUARANTEED returns for 25 years are no longer available. However, if you are looking to get yourself additional free insurance cover from your existing Jeevan Shree, then kindly let me know on following mail/number. Bhushan Sheth 9967280006 bhushansheth@gmail.com

Answer:

You loging to your LIC user id and password and see your new jeevan shree policy work details.However you see to site http://www.licindia.com every thing here.

The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Basic Sum Assured at the time of claim. The policy participates in the profits of the Corporation’s life insurance business from the 6th year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary Bonuses will be declared per thousand Basic Sum Assured annually at the end of each financial year.

Sir, The Jeevan Shree as available in 2002 was one of the best policies on offer. It is not availavle now. The guaranteed returns of Rs. 75 per 1000 SA meant that it will give you returns of perhaps over 10% p.a. including loyalty addition available at the end. Therefore, I strongly advice to continue this policy. Such GUARANTEED returns for 25 years are no longer available. However, if you are looking to get yourself additional free insurance cover from your existing Jeevan Shree, then kindly let me know on following mail/number. Bhushan Sheth 9967280006 bhushansheth@gmail.com