1/12/2024 0 Comments Dang ki sms plus![]() # LIC is giving guarantee on HIGHEST RETURN. Nor they have mentioned that your money will be invested 100% into equity. They have nowhere written that they will guarantee any amount of return to the investor. Actually that means that they are not even guaranteeing that you will get your entire money back as there will be certain charges in the policy itself. In its official web-site, LIC states that the minimum guarantee will be of Rs. This product of LIC which was launched on Febru(Table 801) states that LIC will guarantee the highest NAV to the investor in the first 7 years and product will mature after 8 years. LIC Wealth Plus - Aapki ya Aapke Agent Ki Click to Tweet What is LIC Wealth Plus Product Now again such practice of mis-selling has emerged and agents are targeting LIC’s new product Wealth Plus. But we the Indians, have been taught Insurance as an investment first, tax savings second and then somewhere in the last we talk of insurance as well. 90,000 ? Insurance is meant to cover risk of untimely death first and investment & tax saving are secondary criteria. ![]() Now when a bread earner of an average Indian family dies untimely, do you think his family will survive for the rest of their life with less than Rs. If that were not true, the average sum assured of the insured Indian would be higher than the current Rs 90,000.” Ministry of Consumer Affairs, Food and Public Distribution through “Jago Grahak Jago” also acknowledged that such misleading things are taking place and hence warned investors to refrain themselves from such high return promises.ĭ Swaroop(PFRDA Chairman) committee on investor awareness & protection states that “The chief cause of mis-selling is the incentive structure that induces agents to look after their own interest rather than that of the customer. Mathur, himself writes that “The unethical practice of circulating such pamphlets to misguide the public and get business is betraying the trust we built-in the last 50 years.”. Divisional Managers, Managing Director of the LIC Mr. On a letter dated Februto all the Zonal Manager and Sr. Investors should not be misguided in the name of LIC. Later when the news of wrong selling was brought to the notice of LIC management, LIC states that such assumptions are unrealistic and false. Read – LIC Jeevan Akshay VI – Pension Plan What LIC have to say Based on such exuberant returns shown on a pamphlet and false promises made by agents, thousands and lakhs of investors all across India invested their money.Not only people invested their savings but there were many instances where smaller households sold their jeweleries and other personal belongings as they were told that LIC is guaranteeing such high returns. 1 lac for next three years and get Rs.3.38 crores after 20 years at a return of 25% p.a. Let us take example of year 2007 when LIC launched one of its most famous policy “Money Plus”.ĭuring the launch, pamphlets were distributed in all the nook and corner of the country showing high returns. Game Started in 2007Įvery year during the last quarter of Financial Year, insurance agent finds new ways to misguide people and make them invest in policies based on false assumptions and promises. Such is the case with LIC’s new insurance plan – Wealth Plus. Someone rightly said “the big print give it and the fine print take it away”. But everything that sounds so good, if looked deeply may reveal something else. 3.5 lacs in next 8 years, would not you get greedy? And what if it is told to you that such returns are guaranteed by one of the biggest financial institution LIC of India, it would be Icing on the Cake and a “Never Miss Opportunity”. If someone were to tell you that your money will grow 17% p.a. LIC wealth Plus NAV update in March 2017 You can check Latest LIC Wealth Plus NAV here. We already told investor this will happen – you can read the complete article, this will tell you what went wrong with this product. It was launched on 9th Feb 2010 at that time sensex was 16000 & today it is approx 30000 that means a return of 11%. LIC wealth Plus NAV is Rs 14.44 means just a return of 6.27% since launch. LIC wealth Plus was grossly mis-sold to naive investors.
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