MAx life Guranteed income plan

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dv arun asked 8 years ago

Hello sir, I am Arun 37, i had taken max life guranteed in come plan 3 yrs back, i was under the impression that i had taken for 6 pay but it was 12 pay instead ,some misinformation from axis bank. Should i make it paid up or should i continue with it as 9 installments are still left,plz guide.

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dv arun answered 8 years ago

Thnx for replying. As of now no term plan but in talks to take a cover of 1 cr. I have ULIPS namely,

SBI smart privilege
MAX Fast track super. both for a premium term of 5 yrs. Policy term 10 yrs cover . cover is 75lacs taking both in consideration.
Besides I have LIC JEEVAN ANAND and JEEVAN TARANG taken 9yrs back for a term of 20 yrs cover they proide is 5lacs and 8 lacs respectively.
SIP around 30k per month going in for the LAST 7 YRS.
HAD the policy Guaranteed income plan 6 pay i would hv continued but since its 12 pay i hv doubts to continue or not.

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Sreekanth Staff answered 8 years ago

Hi, It is a traditional, participating and money back life insurance plan that provides monthly income for 10 years and lump sum benefit on maturity. It is generally advisable to avoid investing in these kind of plans. Do you have adequate life cover through a term insurance plan?

dv arun replied 8 years ago

thnx for replying, As of now i dont hv term plan, im in talks to take cover for 1 cr. Besides that i hv ULIPS
1. SBI smart privilege
2. MAX life fast track super
5 years payment term each, and the cover they provide me is 75 lacs
3. MF SIPs around 30k per month going on since last 7 yrs.
4.LIC jeevan anand and jeevan tarang plan taken almost 9 yrs back for a cover of 5 and 8 lacs respectively for 20 yrs.

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Sreekanth Staff answered 8 years ago

Hi, Are you sure that your ULIPs have policy term as 5 years? Kindly check the policy maturity date in the policy bond certificates.. Consider buying a Term insurance plan at the earliest. Once you buy a term plan, suggest you to consider surrendering Max policy and making LIC policies as PAID-UP ones. Related articles : https://www.relakhs.com/traditional-life-insurance-plan/ https://www.relakhs.com/term-insurance-plan-a-waste-of-money/ https://www.relakhs.com/insurance-importance-life-health-accident-covers/ https://www.relakhs.com/best-online-term-insurance-plans-india/

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dv arun answered 8 years ago

Thnx sir, Are you sure that your ULIPs have policy term as 5 years? Kindly check the policy maturity date in the policy bond certificates.. Premium payment term is 5 yrs, policy term is 10 yrs. After 5 yrs if i withdraw completely policy cease to exist. Thnx v much for ur guidance. regarding term plan, Iam a marine engineer ( merchant navy), any specific insurer who caters to sailors?

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Sreekanth Staff answered 8 years ago

Hi, Kindly note that the lockin-period for all the lastest ULIP plans is 5 year period and it is not the Premium payment term. A Term insurance plan from any Insurer should be fine. Kindly disclose all the required info in the proposal form honestly.