LIC Jeevan Saral ATM plan, jeevan aarogya free. Sounds too good to be true.

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23-10-2012
hiprakhar

LIC Jeevan Saral ATM plan, jeevan aarogya free. Sounds too good to be true.

I got a call from LIC's Jeevan Prakash office in Delhi regarding LIC's jeevan saral atm plan with which they were offering jeevan aarogya free for the whole term. I asked for a personal visit as I was interested. Here is the policy details:

1) Invest for 15 Years
2) Annual EMI- Rs 48,000
3) Guaranteed Maturity Value (after full 15yrs completion)- Rs 20,13,466
4) Jeevan Arogya Health Insurance Plan free- Sum Insured Rs 4,00,000
5) Jeevan Arogya's premium will be paid on my behalf annually for the whole 15 years or till the policy is alive.

It turns out that LIC is giving me a whopping 12.054% of assured returns. Plus a health insurance plan free whose annual premium is appox Rs 4000 for my age (I am 24 years old). This sounds too good to be true. Although I have enrolled for the plan, but I have given a PDC to the guy. I have recorded all the tele conversations we had so that I can use it as proof later on if need arises.

Should I proceed to buy this plan?? Please let me know any catches that I am missing here.
Is it really assured returns? The LIC guy says that the this value will be written in the bond papers.
24-10-2012
Matrix

Giving rebate in premium or freebie for buying insurance policy is against section 41 of Indian Insurance Act. You should report it to LIC immediately.

Section 41 of the Insurance Act, “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out OR renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.”
26-10-2012
Manish_Kumar

Quote:

Originally Posted by hiprakhar

I got a call from LIC's Jeevan Prakash office in Delhi regarding LIC's jeevan saral atm plan with which they were offering jeevan aarogya free for the whole term. I asked for a personal visit as I was interested. Here is the policy details:

1) Invest for 15 Years
2) Annual EMI- Rs 48,000
3) Guaranteed Maturity Value (after full 15yrs completion)- Rs 20,13,466
4) Jeevan Arogya Health Insurance Plan free- Sum Insured Rs 4,00,000
5) Jeevan Arogya's premium will be paid on my behalf annually for the whole 15 years or till the policy is alive.

It turns out that LIC is giving me a whopping 12.054% of assured returns. Plus a health insurance plan free whose annual premium is appox Rs 4000 for my age (I am 24 years old). This sounds too good to be true. Although I have enrolled for the plan, but I have given a PDC to the guy. I have recorded all the tele conversations we had so that I can use it as proof later on if need arises.

Should I proceed to buy this plan?? Please let me know any catches that I am missing here.
Is it really assured returns? The LIC guy says that the this value will be written in the bond papers.

Could you please share the 12.054% return document submitted to you by the LIC agent?
09-04-2013
suresh9859

LIC Jeevan Saral ATM Plan review - frauds

"Please do not go for this plan. Its a complete fraud by LIC and lot of false commitments are given by LIC agents on this plan because they get the highest commission for this. I was completely blinded by the false commitments and the policy turned out to be completely different. You will not get any health cover with this plan which is falsely told by agents.

LIC itself is a bad concern to invest for general insurance and other investment plans because they wont respond to your calls neither do they tell you your fund value nor will they provide your any assistance. This is all from my personal experience. Go for LIC only if you want a death cover and please be aware that the agents don't cheat you.

Not even a single agent can tell you clearly what is the return on this policy after 15 years. Even private insurance agencies don't suggest this policy due to hidden terms and conditions. In fact I have not received my policy documents even after 60 days and I had taken my policy is Mumbai but they are registered in Delhi office which means I have go to Delhi office for any communication as LIC does not have Online transaction support.

This is not just one experience, two of my other friends who had taken this policy is also facing the same issues. I took 2 policies by mistake and still repenting for it. Even ombudsman officer told me whey did I invest in this Policy without knowing the inbuilt fraudulent conditions. LIC will respond only to IRDA complaint that they reply very diplomatically"