Archive for June 1, 2007

A plan your child can do without

Publication: DNA, Mumbai;   Date: 14 June, 2007;    Section: Personal Finance;   Page: 6

Attactive as LICs Komal Jeevan may appear, it gives you neither cover nor returns

Insurance in India is synonymous with the Life Insurance Corporation of India and vice versa. For a long time, LIC was the only life insurance institution and the only products available were investment-oriented. Till the entry of private players, it did not even have a term product – one major reason why term plans arent very popular in the country, yet.
The popular plans include endowment, money back, whole life, pension, special and childrens plans. These are available in various flavours, but most of them are a combination of endowment and money back. Komal Jeevan, a childrens plan, is one such popular scheme. The sales pitch for Komal Jeevan includes: » Read more..

Insurance isnt about fancy names

Publication: DNA, Mumbai;   Date: June 1, 20087    Section: Personal Finance;   Page: 6

Also, it should not be clubbed with investment

“How is LICs Retired Life Policy?” asked one of my acquaintances a few months back. “There is no such product by LIC,” I replied. But, he insisted that there was such a policy and that he had bought it by paying a premium of Rs.2.5 lakh. This made me curious and I asked him to show me the illustrations and policy documents.
I read the illustration and told him that the disclaimer on the last page clearly said that this was not a LIC product and that it was a combination of separate LIC plans. The plans he was buying were endowment plans with different maturity dates. A closer inspection of the policies bought by this acquaintance revealed that these different

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