What is the best way to pay LIC Insurance Premium? any discounts you're aware of?

Nope

use amazon icici or ola sbi card.

Sirji LIC me invest karke he aap kafi amount ka notional loss kar rahe ho. That too 1.5 lac per year is too huge.

Check how much return will u get in % terms (those charts shown by agent always looks upbeat) & how much insurance u get.

Jeevan Labh me 7% interest mil raha hain Sir
Ek saal ka premium already de chuke hain. Aaj doosre saal ka payment karna hain
PPF me bhi utna hi milega check kiya maine

Soon I will be posting 1 thread, how to calculate return of such products (money back plans).

Many people will get shock after doing actual return calculation.

U have already paid 1st installment, so no point of discussion abt it. Hope u get good deal for premium payment…

drjpatwa wrote:

Soon I will be posting 1 thread, how to calculate return of such products (money back plans).

Many people will get shock after doing actual return calculation.

U have already paid 1st installment, so no point of discussion abt it. Hope u get good deal for premium payment…

Financial Literacy is shit. People want safety over return. They don’t give a F about inflation or return.

drjpatwa wrote:

Soon I will be posting 1 thread, how to calculate return of such products (money back plans).

Many people will get shock after doing actual return calculation.

U have already paid 1st installment, so no point of discussion abt it. Hope u get good deal for premium payment…

I know what you’re saying is right. Have thought of all available risk free options, closest being PPF which gives 7.1% interest
I thought of letting the policy lapse.
But don’t think it is a good option now

What you suggest?

BubbleBoyChickenLittle wrote:

Financial Literacy is shit. People want safety over return. They don’t give a F about inflation or return.

Principal protection is of utmost priority, what are the options according to you? Except stock market

sabkamaalikek wrote:

Principal protection is of utmost priority, what are the options according to you? Except stock market

Ppf + Term plan usually gives more return than such plans. But i have to look for policy details before commenting 100%

drjpatwa wrote:

Ppf + Term plan usually gives more return than such plans. But i have to look for policy details before commenting 100%

If you can spend just 5-10 minutes?

I have an excel file ready with me that has taken the average of all simple bonuses and final bonus based on the last 3 historical years rates.

Then you can tell me if I should continue paying for the 2nd year, last date is today.?

drjpatwa wrote:

Ppf + Term plan usually gives more return than such plans. But i have to look for policy details before commenting 100%

Sum Assured: 30 Lakhs
Premium paying term: 15 years
Policy term: 21 years
Premium after tax: 1,65,000 approx

Expected return on maturity (21st year): 62,61,000

Hence, IRR: 7%

Closest risk free instrument is PPF that offers 7.1% interest

Best is Axis Flipkart card (Flat 1.5% unlimited) otherwise you may save a few bucks using some credit card on registering for standing instruction but only close to 100-200 Rs max.

sabkamaalikek wrote:

Principal protection is of utmost priority, what are the options according to you? Except stock market

Bro, I am no expert. Plus your purpose is principal protection. It makes a huge difference.
I just know such financial products ruin one’s financial goals. They are pushed just coz they have good commission.

BubbleBoyChickenLittle wrote:

Bro, I am no expert. Plus your purpose is principal protection. It makes a huge difference.
I just know such financial products ruin one’s financial goals. They are pushed just coz they have good commission.

Normally you can negotiate with the LIC agent for commission.

If you bargain hard you can get 50% of his comission from him.

@sj260498685 – Bro did you get something back in comission from your LIC agent?

Yes

sabkamaalikek wrote:

If you can spend just 5-10 minutes?

I have an excel file ready with me that has taken the average of all simple bonuses and final bonus based on the last 3 historical years rates.

Then you can tell me if I should continue paying for the 2nd year, last date is today.?

@drjpatwa checking if you can help me out

sabkamaalikek wrote:

Sum Assured: 30 Lakhs
Premium paying term: 15 years
Policy term: 21 years
Premium after tax: 1,65,000 approx

Expected return on maturity (21st year): 62,61,000

Hence, IRR: 7%

Closest risk free instrument is PPF that offers 7.1% interest

So, u pay for 1,65,000 for 15 years & on 21st year u will get approximately 62,61,000 at 1 go?

sabkamaalikek wrote:

@drjpatwa checking if you can help me out

If i assume above details correct, then for 6% annual return will get around 6004718.

So if u get 62 lacs then return may be around 6.5 %.

Not bad as per ur requirement, go ahead. Otherwise u will lose almost all ur 1st premium…

drjpatwa wrote:

If i assume above details correct, then for 6% annual return will get around 6004718.

So if u get 62 lacs then return may be around 6.5 %.

Not bad as per ur requirement, go ahead. Otherwise u will lose almost all ur 1st premium…

I have taken 6% compounded annually. If we take compounded half yearly then it will be more than 60 lacs.

i got paytm 5% cashback using paytm debit card on payment for indane gas boocking. If We pay in paytm with paytm debit card, LIC premium will 5% cashback will get or it is only for rupay gas offer?

drjpatwa wrote:

I have taken 6% compounded annually. If we take compounded half yearly then it will be more than 60 lacs.

Also he will end up getting around 75k to 1 lakh as commission back from his agent after 1st year. Which also makes this even sweeter deal.

drjpatwa wrote:

So, u pay for 1,65,000 for 15 years & on 21st year u will get approximately 62,61,000 at 1 go?

Yup, you’re right. Assuming the bonus rates stay at same levels.
I checked even during recession of 2008 bonus rates didn’t change from LIC.
So 47 per 1000 of Sum assured as SR Bonus
And 10 per 1000 of Sum assured as final bonus is my assumption.
Share your email id if you want to see the calculation or else there is website insurance21 which provided calculation of 62,61,000 (same amount that I got in my excel)

rahulkothu wrote:

Also he will end up getting around 75k to 1 lakh as commission back from his agent after 1st year. Which also makes this even sweeter deal.

I don’t think agent will pass on that much amount. If its true, then its good…

May Be OP can comment, how much he got back from agent?

drjpatwa wrote:

I don’t think agent will pass on that much amount. If its true, then its good…

May Be OP can comment, how much he got back from agent?

50-60 ki range me hoga

@sj260498685 bro,if you find any way to get some discount.do,post here please.even i need to pay some premium.

nirmaltvd wrote:

i got paytm 5% cashback using paytm debit card on payment for indane gas boocking. If We pay in paytm with paytm debit card, LIC premium will 5% cashback will get or it is only for rupay gas offer?

@abhishek012

sabkamaalikek wrote:

Sum Assured: 30 Lakhs
Premium paying term: 15 years
Policy term: 21 years
Premium after tax: 1,65,000 approx

Expected return on maturity (21st year): 62,61,000

Hence, IRR: 7%

Closest risk free instrument is PPF that offers 7.1% interest

Brother your plan name please

nirmaltvd wrote:

i got paytm 5% cashback using paytm debit card on payment for indane gas boocking. If We pay in paytm with paytm debit card, LIC premium will 5% cashback will get or it is only for rupay gas offer?

RuPay platinum debit card offer officially valid on electricity, gas, water and sanitary pad.

dnt know about other utility bills but mujhe ekbar phonepe wallet load pe cb mil gaya tha but uska cb 8 or 9 months baad aaya tha

@COUNTSTOP

hiteshu wrote:

Brother your plan name please

Jeevan Labh 836