Advice - My LIC Plan New Jana Raksha Plan (Plan-91)

Q & A Forum › Category: Insurance › Advice – My LIC Plan New Jana Raksha Plan (Plan-91)

Senthil asked 6 years ago

Dear Sreekanth, How are you doing? Thank you for your wonderful investment suggestions. Kindly review my LIC policy, I would like to get your suggestion about my LIC policy plan advice: My LIC Plan is: New Jana Raksha Plan (Plan-91) i did almost paid last 10years now the people says bad reputation about LIC, shall i surrender and get out from this LIC plan? or shall i continue to complete the rest of the years? please expecting your advise! LIC plan started date: 2010 Ending: 2026 Thank you Senthil

6 Answers

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Sreekanth Staff answered 6 years ago

Dear Senthil, Kindly note that LIC is a big player in Indian Insurance industry. Their reputation is good as a company. But, the important thing whether intermediaries (Agents) sell right products to their clients and/or whether the prospective investor/policy buyer buys right product as per his requirements... is a big question mark!! Unfortunately, there is a lot of mis-selling that happens in India. LIC New Jana Raksha plan is a traditional endowment insurance plan. The returns from these kind of plans can be in the range of 4 to 5%. May I know your age, salaried/self-employed, do you have dependents and/or have financial obligations? Do you have adequate life insurance cover through a Term life insurance plan?? Kindly read :

Senthil replied 6 years ago

Dear Sreekanth,

Thank for your reply

Still no conclusion shall i continue the LIC plan? My age is 45, and one son is studying class 5, working in one of the UAE company salary basis, i’m planing to retire after 5years due to job unstable and company business voltality getting delay salary some time pending, so if you can assist me coming five to seven years MF plan portfolio from my wife in india to do through SIP investment.
Please advise me on below my requirement:-
1- A good return educational Mutual Fund for my son through SIP 7years investment (after 7years the fund need for higher educational)
2- I’m planing to build a house 5years duration, for that i need good return MF through SIP(i have saved some mony for build house additional i need some more)
3- After 5years i need MIP( Monthly Income Plan ) from some Lumsum amount which one is good plan for MIP, like a pension !
These are above is my financial obligations.

Please advise me according to requirement and suggest me a good MF.

Note: I dont have any other plan except this LIC New Jana Raksha plan 91 with assure some amount.
i have some emergency fund, Gold and Land for build a house after 5years.

Thank you for your consideration and advise

Best regards,
Senthil Selvam

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Sreekanth Staff answered 6 years ago

Dear Senthil, I believe that your utmost attention should now be given to your 'Insurance planning'. You are 'under-insured'. The investments can wait but you need to get adequate life insurance cover at the earliest. Do you and your family has adequate health insurance cover?? Suggest you to go through below articles which can give you some idea about the basic concepts of Financial planning;

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Senthil answered 6 years ago

Thank you Sreekanth for your prompt reply let me read all your suggestions I would desire.

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Sreekanth Staff answered 6 years ago

Sure Senthil.. Do revert with more queries and will surely provide you with suggestions to the best of knowledge!

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Senthil answered 6 years ago

Dear Sreekanth, I would like to clarify the doubt, What is the different between opening directly demat account from zerodha website portal and opening demate account from sub broker or through zerodha partner? the cost of commission will be high? if demat account opening by referral sub broker and zerodha partner? commission subsidy from customer? which one is best for opening zerodha demat and trade account by direct zerodha website portal or sub and zerodha partner through and what is the advantages? as the sub broker youtube channel people keep sending us email for opening the demat account using by their referral link from youtube Thank you for your wonderful support to people Best regards, Senthil

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Sreekanth Staff answered 6 years ago

Dear Senthil, I am not sure about Zerodha sub-broker model. If your objective is to buy investments (stocks etc) once in a while and hold for long-term, you may stick to big players like icicidirect, kotak securities, hdfc sec etc., the cost of brokerage can be high but their quality of service can be fantastic.