Introduction
In this article I will be writing about the new policy introduced by the LIC last month, which can be taken as the top up policy on the another existing policy. This article presents some of the key facts on that new policy. If you have any doubts please post it in the comments section. Please subscribe to our future articles here.
LIC Jeevan Nischay
- Entry age for this policy is 18-50
- Policy period is 5/7/10 years
- Policy amount is Rs.10000 – Rs.10lacs
- It is the single premium policy. You have to pay at the time of taking this policy. There is no more premium to be paid.
- If premium amount is Rs. 25,000 or higher, the policyholder would receive a higher maturity sum assured due to available incentive.
- Last date for taking this policy is 31-03-2010.
- This policy can be taken only those who already have the LIC policy. Only for the existing policy holders.
- Loan facility available under this policy.
- On death during the first policy year, five times the single premium is payable.
- You can invest only maximum of 10% of your total assured amount on all LIC policies. For example if you have two insurance policy with total assured value of Rs.500000. You can take LIC Jeevan Nischay policy up to Rs.50000 only.
- It is like the top up policy for the existing policy.
- In this policy, there is not much return on the maturity. Think twice before taking this policy.
Summary
This policy will be suitable for those who want to increase their assured amount by taking more policy, this could be the another option. But, there is not good return on this policy and coverage also less. Hope this article is useful. Thank you for reading!!! If you have any doubts please post it in the comments section.
November 28, 2009 at 4:34 am
My LIC agent told me you will get double this money after 5 years for Jeevan Nischay policy.
Is it correct or wrong ?
I need some investment information from you.I would like to invest Rs.5 lakhs and want to need monthly/qty intrest.But investment should be safe.Postal MIS & Banks FD my limit is over.
Pls. send your answer on my email id.
My email id is : rm013_in@yahoo.com
I will thankful to you by getting your answer in this regards.
Rajesh
November 28, 2009 at 5:46 pm
Hello Rajesh,
Who said Jeevan Nischay will offer double the return? Please don’t take this policy. It is only top up policy, that means if you already have the policy then you can take it to add more claim benefits. The return on this policy is not very good.
Regarding the investment, postal MIS is good option. But, bank FDs the interest rates are very low. If you are interested in company FDs, I would suggest for Mahindra Finance. I can help you to apply for it.
What is your plan? Please let me know so that I can help you to chose the right one.
Thanks,
Krishna
December 3, 2009 at 8:52 am
Can i take insurance cover for “Mahindra Finance Fixed Deposit” ?
December 3, 2009 at 10:40 pm
Hello Jay,
No. You can not take the insurance cover.
Thanks,
Krishna
December 10, 2009 at 10:57 pm
i think so to invest in LIC and post is the best option as this are not private companies so have surity of our investment.If anybody interested then contact me.
December 29, 2009 at 9:25 pm
Hello Sir,
It would be great if you post a topic on MEDICLAIM,most of them are not aware about the mediclaim policy…there are so insurance co but we do not know which one is good for us…Benefit Coverage, Benefit Limit, Special Condition we have to see…..
March 6, 2010 at 11:19 pm
Its a very down to earth explanation. Thanks for you info.