Don’t trap in any LIC policy which will give you assured return of money after maturity. Don’t take LIC policy as an investment option.
If you want large amount of money as return by regular investment, invest in Mutual Fund or equity (stock). It will give you much more higher return in comparison to LIC. Even fixed deposit will give you much higher return in comparison to LIC.
Take only “Term Policy” of LIC or other. The premium amount is very less for term policy. The premium amount is negligible. Life coverage amount is very high for low premium amount.
Here is the example,
If you take Anmol Jeevan life insurance term policy of Rs 20 Lakh coverage for 20 year, and your age is 27 year, you need to pay premium of around yearly Rs 5500 only.
But if you take Jeevan Anand plan of Rs 20 Lakh coverage for 20 year, and your age is 27 year, your yearly premium will be around Rs 1 lakh. After 20 year you will receive Rs 20 lakh on total investment of around Rs 20 Lakh. So there is almost no gain.
Suppose you have Rs 30,000 per year amount to invest, if you take Anmol Jeevan life insurance plan (term policy), you have to pay Rs 5500 per year for Rs 20 Lakh coverage. If you invest rest of money i.e Rs 24500 in equity per year, and if you assume minimum 15% return from equity market, you final return after 20 year will be Rs 28 lakh.
So using 2nd method, by Rs 30,000 per year you can get 20 lakh life insurance coverage and return of Rs 28 lakh after 20 year, The best thing is, you can use your invested money in equity at any time in emergency.
For LIC Premium calculator of different plan visit http://www.licindia.in/premium_calculator.htm