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Home > Categories > Finance and Insurance > Life Insurance > View Advice  

Query from: Vijaya, United States, 12/31/08
Topic: LIFE INSURANCE      Submitted on: Ammas.com
Subject: One time payment for Life Insurance

I am 35 years old. I would like to know if there is any LIC policy where i can invest only ONCE (not yearly once/twice/thrice/four times)? If i take policy worth 2 lakhs now, how much i will get after it gets matured and after how many years?

Similarly, can i do the same (one time policy payment) for my 5 year old daughter also? If so, whats the outcome (maturity period? money value?)?

Rate = 2.5 (Rated by 5 Council Members)
[ This query closed ]
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Response from: BRIJESH GADHIA,   
Council Member on Ammas.com
Source: LICINDIA
HOPE THIS WOULD SATISFY YOUR QUERY Home - Insurance Plans -Jeevan Aastha LIC’s Jeevan Aastha is a single premium assurance plan which offers guaranteed benefits on death and maturity. The Plan is close ended and would be available for a maximum period of 45 days from the date of its launch i.e. 08.12.2008 .

1.Eligibility conditions and other restrictions a) Minimum Entry Age : 13 years (completed) b) Maximum Entry Age : 60 years (nearest birthday) c) Minimum Basic Sum Assured: Rs.1,50,000 d) Maximum Basic Sum Assured: No Limit The basic sum assured shall be available in multiples of Rs. 30,000. e) Policy Term : 5 or 10 years f) Premium payment mode : Single premium only

2.Premium rates Specimen Single Premium rates per Rs.1000 Basic Sum Assured for some of the ages are as under: Age at entry Policy Term 5 years Policy Term 10 years 20

174.50

165.00 30

174.70 165.40 40

176.10 167.95 50

180.85 175.90

3.Rebate High Sum Assured Rebates per Rs. 1,000 Basic Sum Assured :

Basic Sum Assured Rebate Term – 5 years Term – 10 years Below Rs.3,00,000 Nil Nil Rs.3,00,000 to Rs.5,99,999 Rs. 2.00 Rs. 3.00 Rs.6,00,000 to Rs.11,99,999 Rs. 2.50 Rs. 3.50 Rs 12,00,000 and above Rs. 3.00 Rs.4.00

4.Loan Loan facility will be available to you under this plan , after completion of one policy year. 5.Surrender value

The policy can be surrendered for cash after the policy has run for at least one year. The minimum Guaranteed Surrendered Value allowable is equal to 90% of the Single premium paid excluding all extra premiums. Corporation may however pay Special Surrender value as applicable on the date of surrender provided the same is higher than the guaranteed Surrender Value.

The Special Surrender Value will be the discounted value of the Maturity Sum Assured and Guaranteed Additions accrued as on date of surrender.

6.Cooling-off period In case one is not satisfied with the “Terms and Conditions” of the policy , the same can be returned to us within 15 days

Home | Media Room | Tenders | Download Forms | NRI Centre | Glossary | Associates | Feedback | FAQs Grievances | Sitemap | Privacy Policy © Copyright Life Insurance Corporation of India 2004 Registration number : 512 Designed by: Digital Branding Solutions

Rate = 2.5 (Rated by 2 Council Members)

 
Response from: M M Lohia,   
Featured Member on Ammas.com
Source: This information comes from my own knowledge.
You are at right age to buy insurance policies. Most appropriate product today available is Jeevan Ashtha from Life Insurance Corporation. You can opt for 5 yr or 10 yr on single premium payment of about 2 Lakh, and will get guarantee sum of about 3 lakh and 4 lakh respectively plus some loyalty bonus. Plan is closing by 22 Jan 09 and is very popular in NRI category. If you are looking for specific advice on this or product for your daughter, you need to provide more details. You can reach me at ********@*****.*** or 09910493350. I would be happy to help you in the matter. As regard, your daughther, it is not worth suggesting, without first setting a financial target of how much you want by what date.

Rate = 2.5 (Rated by 1 Council Member)

 
Response from: Jamuna Kubendran,   
Registered Member on Ammas.com
Source: LIC insurance
LIC's Bima BachatLIC’s Bima Bachat is a money-back policy which offers financial security and assurance to the policy holder and his family. Bima Bachat requires the policy holder to pay only one premium. The amount paid for the premium depends on the duration of the policy taken and life insurance is available till the date of maturity.

No Its not possible for ur daughter because the age limit of the policy starts from 15 yrs

Rate = 2.5 (Rated by 1 Council Member)

Thank this advisor   
 
Response from: prabhat mishra,   
Featured Member on Ammas.com
Source: This information comes from my own knowledge.
THEre are single premium policies which you can take - but from your question its clear you do not want life insurance but want to use this as instrument for saving .

i would suggest you should invest 60% in bond fund choose any , and 40% in equity for 5 year 10 year whatever period you choose.

this owuld be better than single premium policy - policy should be taken only for life cover or life cover+saving - they may not be good option for saving .

In a way life insurance company also invest in bond and scurities for return , giving you average 6 to 7% return with compunding on your investment in traditional plan.

but By directly investing in equity fund you can expect 12 to 16% over a period of 6 to 7 year plus. and bond will yield 6 to 7% a combination of both would be better in terms of liquidity also and return also.

some good bond fund

1. icici prudential gilt fund

2. TEMPLETON INCOME BUILDER

EQUITY

RELIANCE REGULAR SAVING PLAN

RELIANCE VISION FUND

TEMPLETON BLUE CHIP FUND

for more infor you can see value research website for MF ranking

Rate = 2.5 (Rated by 1 Council Member)

Thank this advisor   
 
 
 
 
 
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