LIC Jeevan Labh - Suggestion

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Deal Cadet
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my parents planning to start sukanya samridh yojana(ssy) for my girl child(their grand child) ..

but my lic advisor advised to pay Lic Jeevan labh..

suppose for ssy:
yearly 36000*14= 5l we are paying
getting 18l averagely on 21 years

for lic jeevan labh:
yearly 36000*16 = 5.5l we are paying
getting same 18l averagely on 25years

if any death:
ssy we need to wait child 21 years
for lic child will get some benifit immediately and we can do fd for her furture..

please suggest which one is best to go..

please note: my parents planning their grand children’s future so we are calculating..

33 Comments  |  
12 Dimers
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Pro Critic
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Avoid LIC. Better invest in Sukanya Yojna in any bank. It’s really great scheme.

Your advisor is recommending you to buy LIC because they get fat commission in it. They get 25% for the first year’s premium and then 7.5% to 5% recurring commission.

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Deal Lieutenant
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all endowment policies are not that good as projected plus imo lic is even bad in terms of returns

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Deal Subedar
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Roushh wrote:

Avoid LIC. Better invest in Sukanya Yojna in any bank. It’s really great scheme.

Your advisor is recommending you to buy LIC because they get fat commission in it. They get 25% for the first year’s premium and 5% recurring commission.

how do u know this?

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Deal Cadet
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Roushh wrote:

Avoid LIC. Better invest in Sukanya Yojna in any bank. It’s really great scheme.

Your advisor is recommending you to buy LIC because they get fat commission in it.

I second that.
LIC should be taken only for term insurance. Life cover.
When it comes to investment and growth of money…try all other avenues.

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Deal Cadet
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Roushh wrote:

Avoid LIC. Better invest in Sukanya Yojna in any bank. It’s really great scheme.

Your advisor is recommending you to buy LIC because they get fat commission in it. They get 25% for the first year’s premium and then 7.5% to 5% recurring commission.

As he is recommending.. Suppose if any death accurance, they can’t pay and your child will get some amount on lic.. As on ssy we don’t get anything and should wait for 21 years compulsory on ssy.. Is that wrong?

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jaggu123 wrote:

As he is recommending.. Suppose if any death accurance, they can’t pay and your child will get some amount on lic.. As on ssy we don’t get anything and should wait for 21 years compulsory on ssy.. Is that wrong?

Don’t mix insurance with investment.

Invest in SSY. It has very good return rate. I think it’s around 9%.
And if you also need a risk/life cover then also buy a term insurance. It’s way cheaper. Like 8-12k per year for a cover of 1 cr.

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kurk wrote:

I second that.
LIC should be taken only for term insurance. Life cover.
When it comes to investment and growth of money…try all other avenues.

Suggest best term insurance..

Mother age 43
Father 46

No health issues till now..

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Deal Cadet
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Roushh wrote:

Don’t mix insurance with investment.

Invest in SSY. It has very good return rate. I think it’s around 9%.
And if you also need a risk/life cover then also buy a term insurance. It’s way cheaper. Like 8-12k per year for a cover of 1 cr.

Can you suggest best risk/life cover for my parents?

Mother 43, father 46.. No health issues..

They don’t have any insurances till now.. So we are confusing..

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Deal Cadet
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Never mix investment with insurance Invest in ppf or sukanya samriddhi.

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Deal Cadet
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Never mix investment with insurance Invest in ppf or sukanya samriddhi.

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Deal Cadet
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Never mix investment with insurance Invest in ppf or sukanya samriddhi.

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Deal Cadet
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Never mix investment with insurance Invest in ppf or sukanya samriddhi.

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Deal Cadet
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jaggu123 wrote:

Suggest best term insurance..

Mother age 43
Father 46

No health issues till now..

You could go with any of the major policy providers. There are no schemes when it comes for term insurance. Every company will have only one. And the price changes as per the age of the insured.
LIC is also good and so are other private players too.  You should check which one gives you a lower price.

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Deal Cadet
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jaggu123 wrote:

Suggest best term insurance..

Mother age 43
Father 46

No health issues till now..

You could go with any of the major policy providers. There are no schemes when it comes for term insurance. Every company will have only one. And the price changes as per the age of the insured.
LIC is also good and so are other private players too.  You should check which one gives you a lower price.

Missing
Deal Cadet
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jaggu123 wrote:

Suggest best term insurance..

Mother age 43
Father 46

No health issues till now..

You could go with any of the major policy providers. There are no schemes when it comes for term insurance. Every company will have only one. And the price changes as per the age of the insured.
LIC is also good and so are other private players too.  You should check which one gives you a lower price.

Missing
Deal Cadet
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654
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Expand
jaggu123 wrote:

Suggest best term insurance..

Mother age 43
Father 46

No health issues till now..

You could go with any of the major policy providers. There are no schemes when it comes for term insurance. Every company will have only one. And the price changes as per the age of the insured.
LIC is also good and so are other private players too.  You should check which one gives you a lower price.

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Critic
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jaggu123 wrote:

Can you suggest best risk/life cover for my parents?

Mother 43, father 46.. No health issues..

They don’t have any insurances till now.. So we are confusing..

your parents are in mid 40’s and you yourself already have a daughter. wow! thats some early marriage, twice over.
as I always state, insurance is not an instrument for investment. so an insurance should never be used for investment. always go for pure term insurance and invest the rest in proper investment instrument.
the investment is for your daughter, whose parents, you and your spouse, are obviously in the 20’s. so if at all there is a need for term insurance to protect your daughter’s future, that should be in your name, the father (or mother) of the child, not in your parent’s name.
SSY is for long term goals of a girl child and has one of the highest rate of return in its class. however, it can only be opened by any one of parents of the child and can not be opened by grand parents. of course, once you (or your spouse) open it in the name of your daughter, anyone, including your parents, can transfer funds to it, either online or offline.
there are many online term insurances from all major insurers available. choose any one of them for your parents. however, do keep in mind that if your mother is a housewife, she may not get a term insurance. your parents can make anyone the nominee including you or your child. in case of anything happening to them, the money received can be converted to an FD and the interest (or interest_part of principal) can be deposited every year to the existing SSY account.
if your father/mother works with govt/PSU, go for Postal Life Insurance. That is the only endowment policy worth considering.

PS: change your advisor. he is looking at his own benefit rather than your benefit.

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Pro Critic
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jaggu123 wrote:

Can you suggest best risk/life cover for my parents?

Mother 43, father 46.. No health issues..

They don’t have any insurances till now.. So we are confusing..

.

Missing
Pro Critic
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jaggu123 wrote:

Can you suggest best risk/life cover for my parents?

Mother 43, father 46.. No health issues..

They don’t have any insurances till now.. So we are confusing..

Go with any good company. If you prefer you can buy term insurance from LIC also. New India assurance has very good settlement ratio.

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Deal Cadet
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@jaggu123 Compare it online . As the the ages of your parents is above 30 , so I guess now the premium for term insurance could be little more .

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Blogger
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ssa is best investment , stay away from lic, end of lifecycle reached by lic.

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Deal Cadet
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Roushh wrote:

Go with any good company. If you prefer you can buy term insurance from LIC also. New India assurance has very good settlement ratio.

Thanks for your valuable comments @Roushh

As compared to lic term polices with other polices, LIC term policy premium was bit high too..

But for other term policy companies like icic etc person should graduated, seems doesn’t work my parents..

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Deal Cadet
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Go with what your parents were originally thinking..

Labh in lic n others is mainly for their agents.. not investors..

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Pro Critic
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rogerthat wrote:

ssa is best investment , stay away from lic, end of lifecycle reached by lic.

What is the investment scheme with SSA (Sarva Shiksha Abhiyan)?

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Deal Lieutenant
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Roushh wrote:

Don’t mix insurance with investment.

Invest in SSY. It has very good return rate. I think it’s around 9%.
And if you also need a risk/life cover then also buy a term insurance. It’s way cheaper. Like 8-12k per year for a cover of 1 cr.

8.4% return bhai. valid from 1st July 2019 to 31st Dec 2019

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Blogger
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Roushh wrote:

What is the investment scheme with SSA (Sarva Shiksha Abhiyan)?

sukanya samridhi account

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Pro Critic
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bikidas2060 wrote:

8.4% return bhai. valid from 1st July 2019 to 31st Dec 2019

Yeah, I checked yesterday. They had reduced it. A few years ago it was 9%. But still 8.5% return without any risk is pretty good returns.

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