Can i trust retire and enjoy policy since its not an official policy announced by LIC.?



My agent suggested me to go for 28 years term and the premium to be paid is 60 K.I would like to decrease the term to 20 yrs.My question is,if I take 20yrs term,do i have to pay more than 60 K.I am 22 years old.Please suggest some advise.

4 Replies to “Can i trust retire and enjoy policy since its not an official policy announced by LIC.?”

  1. INSURANCE is not INVESTMENT.

    It is only a LOSS REDUCING AVENUE especially for your dependents.

    For INVESTMENT there are better avenues.

    Go for a combination of PPF / SIP IN MUTUAL FUNDS / DIRECT EQUITY.

    For INSURANCE , stick to PURE TERM PLAN with no maturity value.

    No insurance policy will make you RICH.


  2. It entirely depends on the policy that you have taken. Just because you wish to reduce the tenure, may not mean you would have to increase the premium.

    Also, just because you have an insurance policy does not justify that you can retire in peace. If this was so, everyone would have done and slept off. But inflation, market risks and other associated risks are involved such that we do not even consider at the time of taking the plan. So you must adequately plan for your retirement with a mixed portfolio or insurance, mutual fund, PPF, fixed deposits, real estate, gold, etc and not bank upon only 1 product.

    Hope this clarifies


  3. Don`t worry its a combo plan of endowment policy. If you like to decrease the term then your premium will be increased but if you like to decrease your term by unaffected your premium then it can be possible but on the other side your maturity value will be decrease. For more details about that plan you may discuss with your trusted advisor.






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