Remember lic’s jeevan saral atm plan? – a plan with misleading return calculation

Remember LIC Jeevan Saral atm plan table no 165? This was one of the most surprised policy of LIC of India. This plan has discontinued last year itself, but people who already bought jeevan saral atm plan might be wondering whether to continue or surrender this policy. When I came across a policy for the first time, it completely changed my perception about LIC. One of my relative suggested me to buy this policy over other plans. After that when I have checked the lic jeevan saral atm plan premium and return chart I was completely carried away with that plan at that time. And this is the first and last LIC policy I was invested in my life. At that time I was not aware much about insurance and investment. 🙂

A simple calculation of return from lic jeevan saral atm plan

Before proceeding further with lic jeevan saral atm plan, let’s check out the return chart that was spread like anything by lic agents those days. It will not only surprise you, but also make you believe that this is the best investment plan ever launched.

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lic jeevan saral atm plan

So, as per the chart if someone invest Rs 2000 / month then the calculation will be like below

Monthly Premium      : Rs 2000/-
Tenure                         : 35 years (420 months)
Total Investment       : Rs 840000/-

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Now as per this policy after 35 years, you will get Rs 7342203/-. If you deposit the same in a monthly recurring deposit scheme with 8% interest rate you will get Rs 4558926/-. So lic jeevan saral atm plan return is beating post office recurring deposit scheme? That is really surprising.

Is lic Jeevan Saral Atm Plan return calculation was real?

After that I wrote a mail to customer care contact mail id in Hyderabad. I have attached the mail screen shot below. You can read and understand about this policy clearly.

lic saral jeevan atm plan review1

After that I have asked them with some data to provide me how much return I can expect from lic jeevan saral atm plan. And they have replied like below

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lic saral jeevan atm plan review2

So the lesson one can learn from this kind hype is, don’t believe on any agent or any investment which can give an abnormal return. Many agents are trying to take advantage of such emotions of investor and mislead them by selling a policy with wrong information just to earn more commission. This is happening in our country due to less knowledge of financial products. So research more, read couple of reviews before investing your money.

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  3. Mahabir Tiwary October 25, 2015
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