LIC ‘Wealth Plus’ – Aapki ya Aapke Agent Ki

lic wealth plus1 LIC Wealth Plus   Aapki ya Aapke Agent Ki

LIC wealth Plus was grossly mis-sold to naive investors.  NAV of LIC wealth Plus is Rs 10.49 means just a return of 5% since launch. It was launched on 9th Feb 2010 at that time sensex was 16000 & today it closed at 19400 that means a return of 21%. Now investors are feeling cheated. We already told investor this will happen – you can read the complete article, this will tell you what went wrong with this product. Added this paragraph on 29th Nov 2010.

You can check Latest LIC Wealth Plus NAV here.

If someone were to tell you that your money will grow @ 17% p.a. and your Rs. 1 lac investment will become Rs. 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”. But everything that sounds so good, if looked deeply may reveal something else. Someone rightly said “the big print give it and the fine print take it away”. Such is the case with LIC’s new insurance plan – Wealth Plus.

Game Started in 2007

Every 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. Let us take example of year 2007 when LIC launched one of its most famous policy “Money Plus”.

During the launch, pamphlets were distributed in all the nook and corner of the country showing high returns. Eg., Invest Rs. 1 lac for next three years and get Rs.3.38 crores after 20 years at a return of 25% p.a. 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.

What LIC have to say

Later when the news of wrong selling was brought to the notice of LIC management, LIC states that such assumptions are unrealistic and false. Investors should not be misguided in the name of LIC. On a letter dated February 12, 2007 to all the Zonal Manager and Sr. Divisional Managers, Managing Director of the LIC Mr. 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.” .

mail from zonal officer at LIC LIC Wealth Plus   Aapki ya Aapke Agent Ki

Though efforts were made to stop agents to use such pamphlets but since the agent community is so big and scattered, not much could be done. It was quite amazing that all over India, similar pamphlets were distributed and hence it is clear that without the help of Development Officer of LIC, such work was not possible. D.O. of LIC also gets commission or incentive when his agent gives more business to LIC. See the pamphlets Below

Pamphlets showing returns with Term 3 yrs and investment 25,000

HIndi Template for Wealth Plus from LIC 1 LIC Wealth Plus   Aapki ya Aapke Agent Ki

Pamphlets showing returns with Term 1 yr and investment 1,00,000

HIndi Template for Wealth Plus from LIC 2 LIC Wealth Plus   Aapki ya Aapke Agent Ki

What other Govt bodies have to say

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.

D 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. If that were not true, the average sum assured of the insured Indian would be higher than the current Rs 90,000.”

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. 90,000 ? Insurance is meant to cover risk of untimely death first and investment & tax saving are secondary criteria. 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. Now again such practice of mis-selling has emerged and agents are targeting LIC’s new product Wealth Plus.

What is LIC Wealth Plus Product

This product of LIC which was launched on February 9, 2010 (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. It nowhere guarantees the return. In its official web-site, LIC states that the minimum guarantee will be of Rs. 10 NAV as Rs. 10 will be the starting point. 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. They have nowhere written that they will guarantee any amount of return to the investor. Nor they have mentioned that your money will be invested 100% into equity.

Now what Agents are telling

# LIC is giving guarantee on HIGHEST RETURN. (LIC is saying Highest NAV)

# Now what is highest return? Based on past performance of LIC’s ULIP policy (Bima Gold), you will get 17%-18% return on investment.

# Lumpsum Rs. 1 lac invested today will become Rs.3,45,693/- or give Rs 25000 for 3 years & get Rs.2,14,690/- after 8 years.

# You should switch all your earlier product (on which agents have already made huge commission) into this product as this is something which is as good as KOHINOOR DIAMOND.

To generate such high returns, the money has to remain but LIC nowhere states that. In almost all ULIPs it is clear how much money will go in equities and how much money will go in debt, but this olicy is silent on the allocation percentage and hence you may land up getting returns that of endowment or money back. (nearly 6%-7%).

Bima Gold of LIC was a ULIP where it was mandatory for the fund manager to remain invested in Equities in a pre-decided proportion. It was launched in 2001 when the markets were trading at 3000 sensex levels and later sensex touched even 21000. Is it a right approach to compare such high returns which were made during Bull Market and making investor believe that such returns will be now guaranteed by LIC. Now if you go to a small shopkeeper, a carpenter or a young executive and show them that you will get such high return, why he/she will not invest and that too if they are told that guarantee is done by the India’s biggest financial institution, LIC.

We feel sorry to say but such agents who are misleading people do not even think twice before selling such policies in a wrong approach. The fact of the matter is that the money is just not invested in policies but gets invested in someone’s kids higher education, someone’s retirement, some dreams which common man look to achieve. We believe that

Insurance agents have sold to Indian everything other than Insurance.

What is IRDA guidelines says

As per IRDA, agents and Insurance companies are mandated to show return either at 6% or 10%. But the pamphlet distributed have no regards for Regulatory guidelines. Let’s Compare return according to pamphlet & IRDA Guidelines:

Regular Premium

Single Premium

Premium

25000

100000

Paying Term

3 years

1 Year

Pamphlet

214690

345639

As per IRDA guidelines

6%

87549

118442

10%

114306

161697

# Figures are approx.

Innocent Investors ?

We believe even investor is at fault and not all the blame should be transferred to the Agents alone. It is always “Buyers Beware”. We take well thought decision before we buy even a fridge in our house. We do research which fridge is best for us and look at least 4-5 shops before we finalize. But when it comes to financial products, we don’t really do our home work and at times decision is taken not even going through the pros and cons of the policy.

Now what investors should do?

If you have already taken the policy

# Cancel the policy if bought under false promises and high projection. The policy can be returned within 15 days of the receipt of the document without any charges under ‘free-loo
k’ option.

# If 15 days are over, nothing much can be done.

If Not Taken

# Take your well thought decision before jumping on to this product.

# Tell your friends about the same.

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{ 82 comments… add one }

  • Abhijit Chandratreya June 25, 2010, 8:46 AM

    It is true that the agents are making guilible fools of uneducated persons. But I feel LIC is also knowingly supporting these adverts. You walk in at any of the LIC offices and you will find the leaflets strewn around. If LIC really wants to stop fooling clients then they should first remove these leaflets from their premises. And take some action against the erring agents (which I know is a pipe dream).

    • Hemant Beniwal June 25, 2010, 12:53 PM

      @ Ajeet

      We agree with you.

      But even investors are at mistake – they run 24*7 to earn money but not even give 24 minutes to learn how to manage it.

  • amish November 13, 2010, 1:39 PM

    hi didnt want to point out but u hv mentioned bima gold which is a money back policy instead of bima plus which is a pure ulip….no hard feelings pls..any admired article as usual…

    • Hemant Beniwal November 14, 2010, 8:51 PM

      Yup :)

      You got it man – thanks we have edited.

  • Siva Ram Kumar November 30, 2010, 11:14 AM

    Sir, After got cheated by AGENTS of Insurance/Mutural fund, I wake up and acquired some knowledge on how to invest. Am investing in some schemes which i feel fit to my requirement and my monthly budget and earning 8 to 12% per annum. I feel this much return is sufficient. If the Governemnt removes AGENTS/PARACITES Sytem I can get 4% more extra on my investment.

    Now also 4% to 5% of my earnings are being transferred to the Agents pockets as commission. We are bound to buy the products through agents only in LIC and Mutual funds. In mutual fund offices if we go directly and apply for a product they should not charge initial charges. But they are receiveing money giving the receipt, after i receive the statement Agents name is appearing. Paracites never leave any opportunity, because they are shameless.

    In post offices if we buy 6 years national savings certificate, or 5 year RD, or PPF any thing, if we buy directly the Staff of that Post office giving so many troubles, which means they are forcing us indirectly to come through agents.

    Why our hard earned money go to the pockets of Agents. If that 4% to 5% commision not given to agents then we can get more returns. Why governmet allowing/ encouraging AGENTS and commission business.

    Why Government making AGENTS as PARACITES like Cycle/Scooter/Car parking contracters. Why it is allowing them to loot our pockets??

    • Hemant Beniwal November 30, 2010, 10:35 PM

      Hi Shiva,

      It looks that you have faced some severe mis-selling by insurance agent – can you please share some instance so others can be get some benifit by reading your practical experience.

      I agree with your points that if someone don’t need an intermediary the benefit should be transferred to investor. Hopefully you may something like this in 2012 :)

      • subhankar dhar November 2, 2011, 11:16 PM

        for your kind information now lic agents are become more shameless.they collect cash from uneducated person specially from housewife those are gather money from their daily bazar and agents are investing that money at local market at high interest for 2-3months then they submit to lic.
        By this they also earned commission from lic and interest.
        IS THIS THE REAL PICTURE OF LIC?????ARE THEY TRAINED LIKE THIS TO LOOT THE INNOCENT PEOPLE????

  • varma February 8, 2011, 2:19 PM

    Hemant,

    With SBI , last september 2010 i started smart performer ulip paying 1lac ( supposed to pay 1lac for next two premiums more years) , they write similar to LIC ones mentioned by you, Highest NAV guaranteed.
    Could you pls check if this is same case

  • Amit Das March 31, 2011, 5:29 PM

    I feel the LIC agents should not be be there. If some are from ur well known circle or family its a pain in throat. I was given policies by agent only after a month and never got a chance to have free look, when I wanted to cancel Wealth Plus. We investors now know of these misguidance, should beware and be cautious ourselves and not repeat the mistake of making money from LIC. LIC should only be for “life insurance” — thats the lesson I learnt.

    • Hemant Beniwal April 2, 2011, 5:32 PM

      Hi Amit,

      You rightly said “If some are from ur well known circle or family its a pain in throat.” & this brigade is made by all insurance cos. And relative & friends of insurance are called “natural market”.

  • Brett April 13, 2011, 1:23 AM

    When buying term insurance, which is better option? Single premium or regular premium. Isn’t Single premium better as you pay only once when you have cash in hand and do not bother for the term of the policy. With regular premiums, the advantage is that you can simply stop payment and ensure the policy lapses, if you feel there’s no need for cover. The difference in single and regular premiums is almost 50%. What is your advice?

    • Hemant Beniwal April 13, 2011, 1:49 PM

      Hi Brett,

      Don’t go for single premium – if you compare premiums by time value of money you will find that single premium is damn expensive. (With inflation value of Rupee decreases.) Other reason you have stated is very valid “the advantage is that you can simply stop payment and ensure the policy lapses, if you feel there’s no need for cover. ”

      One more point if something happens to insured in initial year of term – I hope you have understood what I am hinting.

      • surendra kumar sharma December 30, 2012, 1:45 PM

        dear sir
        my self surendra sharma i have investment of (wealth plus) scheme in 40,000 single premum on 19.03.2010 but how to manage it i don,t so please call me at 09977600000 please

  • TVS raghava April 16, 2011, 9:46 PM

    please advise me whether I should continue with the policy or not. I have taken policy in three installments of 1.5 lacs each. I have only paid 1.5 lacs as first premium. My second installment of premium is due in May 2011. Please guide me if I discontinue the policy how much I would loose or is it worth it now to discontinue the policy.

    • Hemant Beniwal April 16, 2011, 10:05 PM

      Hi Raghava,

      Better don’t pay 2nd premium – your policy will be lapsed & after completion of 3 years you will get the surrender value.
      Talk to your agent – check your policy documents & share updates on ASK US. (don’t allow your agent to trick you again)

    • Hemant Beniwal April 17, 2011, 1:34 PM

      Hi Raghava,

      Read this:
      Surrender:

      The policy can be surrendered only during the policy term. The surrender value, if any, is payable only after the completion of the third policy anniversary both under Single and 3 years Premium Paying Term contract. The surrender value will be the Policyholder’s Fund Value at the date of surrender. There will be no Surrender charge. The policy can not be surrendered during the extended life cover period.

      If you apply for surrender of the policy within 3 years from the date of commencement of policy, then the Policyholder’s fund value of units shall be converted into monetary terms. No charges shall be deducted thereafter and this monetary value shall be paid on completion of 3 years from the date of commencement of policy.

      In case of death of life assured after the date of surrender but before the completion of 3 years from the date of commencement of policy the monetary value payable on the completion of 3 years shall be payable to the nominee/ legal heir immediately on death.

      Compulsory Surrender:
      The policy shall be surrendered compulsorily in following cases:
      i) where the policy is not revived during the period of revival, the policy shall be terminated after completion of 3 years from the date of commencement of the policy or on expiry of revival period, whichever is later.
      ii) where single premium has been paid or premiums have been paid for less than 3 years and the policy is in force and the balance in policyholder’s fund value is not sufficient to recover the relevant charges;
      iii) where 3 full years’ premium are paid and the balance in policyholder’s fund value falls below 50% of one annualized premium.

      The conversion in monetary value shall be as under:
      The NAV on the date of application for surrender or on the date when revival period is over (in case of compulsory surrender), as the case may be, multiplied by the number of units in the Policyholder’s Fund as on that date.

  • Dhiraj June 17, 2011, 1:24 PM

    Dear Hemant sir,
    Thanks for your valuable guidance.
    I have invested in LIC, the plan is like….i have deposited 25,000 at the begning and i have to pay 5,000 per year up to 20 years. Agent told me that after 20 years you will get minimum 15,00,000 and maximun up to 20,00,000.
    1st thing i want to ask that…is it true? whatever above sated.
    2nd thing, if its wrong than suggest what should i do?
    3rd thing..what are the options in which we invest and get good return….or i can say that, what is investment and what are the various mode in which we invest.

    Thanks

    Dhiraj

  • Sushil bharti July 11, 2011, 6:51 PM

    Hi hemant i have bought lic money plus in aug07 now i want to discontinue the policy what amount will i receive ?or should i continue

  • pravin August 13, 2011, 3:26 PM

    sir,can u suggest me the place where i should invest or wht kind of policies i should take.should i take any lic policy or nt i too had invested in money plus .if u can give any idea about lic’s any other policy or u can suggest any thing else….
    it will be great ful for me…

  • pankaj sharma September 10, 2011, 1:23 PM

    Hi Hemant,

    I have bought the wealth plus in year 2010 for Rs. 40000/- per annum for three years. I have already paid two installments and third is due on April 2012.

    Suggest, should i quit or continue with third installment.

    If i quit then what will be the surrender charges.

  • sandeep pund September 12, 2011, 8:17 PM

    sir, i have invested 40000 in LIC’s wealth plus in 2010. Is it worth continuing with the policy? Is there any way to get my money back now? If yes, is it worth doing?

  • Sachin September 13, 2011, 11:26 PM

    hi sir,
    i already bought the wealth plus policy 2 years back means when it was launched. now pls. suggest me my money safe or not? last premium is pending.

    Sachin

  • Kedar September 29, 2011, 10:45 PM

    hi,
    i have purchased wealth plus when it was launched, next premium is pending should i countinue it? how much return i will get at the maturity?

  • Deepak October 2, 2011, 12:48 AM

    HI ,
    I am also investing in wealth plus and I have already paid 19 premiums of rs. 5000 out of 36 . Wat should I do . Please guide me as I am naive to all this investing stuff..

  • rinku sharma October 8, 2011, 12:17 AM

    hii,
    I do agree with the narrataion, if it so I WILL WITHDRAW ALL THAT BEEN INVESTED.

  • rinku sharma October 8, 2011, 12:28 AM

    What to do , plzz suggest , i already paid 40000/- @ 20k/annum

  • Vijay October 29, 2011, 8:42 PM

    I have paid one time preimum of 7 lacs what I should do? is there a lock in period?

    • Hemant Beniwal December 20, 2011, 7:02 PM

      Hi Vijay,
      This is a big amount get in touch with some financial planner in your city – he will guide you on this.

  • Peeyush Bhatnagar December 20, 2011, 9:06 AM

    Hello Hemant,
    You have hit the nail on the head. I got suckered into this policy even though I am quite conservative in investing, I asked the some of the similar questions relating the facts you mentioned especially, where and how will LIC invest the money. Now that I understand markets and economy better, I realize it was such a foolish decision to entrust money to LIC. Thanks for educating us all. Keep up the good work.

    • Hemant Beniwal December 20, 2011, 7:08 PM

      Welcome Peeyush
      Must share TFL with your friends – so that they don’t do such mistakes :)

  • R.NARAYANAN January 4, 2012, 4:43 PM

    I am very sorry to say that Wealth Plus NAV is negative. When it will +

  • HEMANT RAUT March 13, 2012, 10:15 PM

    i’m planning to take a policy of jeevan ankur or jeevan saral…i’m having a kid of 1 year.i can pay a premium of 20,000/- yearly.plzz suggest which plan i should go for.

  • sanjeet March 22, 2012, 3:01 PM

    Hi
    i have purchased wealth plus when it was launched at feb 2010.Now what should i do withdraw our money of leave it for seven years.Which one is beneficial for me a investor.i have invest single paid premium policy,Please your help me.

  • siddhant jain March 26, 2012, 1:07 PM

    sir,
    i invested Rs.40000 lumsum in 12/03/2010 and i want to know that what is my nav and the face value of rupee is 10.
    so please tell me the NAV value.
    thank you.

    • poonam modanwal March 28, 2012, 2:53 PM

      i invested Rs.40000 in 23/3/2010 and i want to know at present time what is my totat amout.
      please tell me the NAV valu.
      thank you.

  • ARJUN BADOGE March 28, 2012, 2:02 PM

    LIC is very bakwas company.don’t trust it. i advice you dont invest in lic.
    it will be better to invest your money in post offiice and banks.

  • sushil bharti March 29, 2012, 7:22 PM

    good job brother keep it up . . .

  • VINOD KUMAR KHATRI May 10, 2012, 6:31 PM

    I TOOK A POLICY UNDER PLAN 180-20 IN A SINGLE PREMIUM WITH RS. 20000/- ON 30.03.2007 . WILL YOU PLEASE ADVISE ME WHETHER I SHOULD QUIT THE PLAN OR WAIT FOR SENSEX TO COME UP IN NEAR FUTURE.

  • Vijay Naithani July 4, 2012, 11:02 AM

    Hi Hemant,
    Your post are very knowledgeable & eye opener for many investors like me.
    I’m planning to take a policy of jeevan saral.I can pay a premium of 60K yearly & my horizon will be 25 Yrs pls suggest is this a right long term investment.
    Else suggest some alternative investment.

    Regards

  • VIJAY SHARMA July 20, 2012, 11:13 AM

    HI, I AM ALSO CHEATED WITH MY LIC AGENT WITH HAVING A SINGLE PREMIUM OF RS.40000.00 IN LIC WEALTH PLUS (HIGHEST NAV IN 7 YEARS) IT WAS PURCHASE ON 13/04/2010. AT PRESENT NAV IS 9.6766 & UNIT IS 3644.598 !!! MOSTLY PEOPLE BELEIVED IN THE NAME OF LIC OF INDIA.BUT AGENTS ARE MISUSING & TAKING BENIFIT OF GOODWILL OF IT. WHAT SHOULD I DO NOW.IS IT WILL BE RUN CONTINUE OR SURRENDARED.PLEASE SUGGEST.

  • mukund dandekar August 24, 2012, 12:27 PM

    I had invested Rs.1,20,000/- in the LIC wealth plus in the month of Feb.2010. what should i do now. I wait for good result of surrender the same after complition of 3 years.
    please suggest me.

  • mukund laxman dandekar August 24, 2012, 12:39 PM

    HI, I AM ALSO CHEATED WITH MY LIC AGENT WITH HAVING A SINGLE PREMIUM OF RS.1,20,000/- IN LIC WEALTH PLUS (HIGHEST NAV IN 7 YEARS) IT WAS PURCHASE ON Feb2010. AT PRESENT NAV IS 9.6766 & UNIT IS 3644.598 !!! MOSTLY PEOPLE BELEIVED IN THE NAME OF LIC OF INDIA.BUT AGENTS ARE MISUSING & TAKING BENIFIT OF GOODWILL OF IT. WHAT SHOULD I DO NOW.IS IT WILL BE RUN CONTINUE OR SURRENDARED.PLEASE SUGGEST.

  • tanvir September 9, 2012, 4:19 PM

    Hi hemant,

    i have paid 5 premium of 10000/-out of 6 & last premiun is in month of sept 2012. Pls advice me whether i should pay last one or should surrender the policy.

  • uttam kumar saha October 10, 2012, 12:12 PM

    lic samridhi plus no 496516247 dt-25/4/2011,lic wealth plus no-496015643,dt-4/5/2010,lic market plus-1,no -496008294 dt-19/3/2010.please send present value.

  • Chow Sujit Loungchat October 18, 2012, 3:02 PM

    i have paid all 3 premium of 20000/- of wealth plus policy no.444008946,dt.27/03/2010 now i want to surrender the policy so i want know that it would be possible to surrender this policy now or i have to wait for its maturity. pls reply

  • Debananda Pal November 20, 2012, 8:22 PM

    I have cheated with LIC agent & invested Rs 48000.00 now how can I econimical wayout from Wealth Plus.

  • Debananda Pal November 20, 2012, 8:31 PM

    I have invested Rs.48000.00 through LIC Wealth plus(sgl. premium) dt 07/05/2010 but now I am understanding that that I was cheated by LIC agent please suggest me economical way out.

  • Dattaprasad December 11, 2012, 5:43 PM

    I have invested in Money Plus (Growth Fund) in Aug-2007. Now i have stopped depositing premium from march-12. till date i have invested One Lac, Now Todays NAV is 12.58, Is this a right time to surrender this policy or will be better to wait for some period considering same amount to invest in Gold.
    Please suggest.

  • subhash January 2, 2013, 3:52 PM

    myself invested in lic wealth plus plan in march2010. what is futer for this plan.
    thanks.

  • Durgesh Kumar Tripathi January 5, 2013, 11:27 AM

    Sir,
    I would like to inform you that i am very much cheated by LIC agent in Wealth Plus scheme. In this regard i want to know that the how much percentage get returns in wealth plus scheme up to April-2013.
    thanking you.

  • ATUL AGARWAL February 25, 2013, 12:58 PM

    Dear sir,

    I have taken a Wealth Plus Palicy of Rs. 20000 PA in 2010 and now in march 2013 , 3 Years will be completed if i withdraw the Policy how much amonut i will get.

  • Gaurav verma February 27, 2013, 4:30 AM

    Sir
    I want to know about bharti axa aajeevan suraksha policy which promise return is 8to10% per anum …….

  • Tapas Bhowmick March 12, 2013, 3:50 AM

    Sir
    I have investment 1lack in wealth plus on
    12.03.2010 .now this policy passes three year
    from the commencement.
    Should i surrender this policy.
    Kinly clear the confusion.

  • Rajib March 14, 2013, 4:09 PM

    Hi,
    I am having a LIC ULIP policy where i invested Rs 90K for 3 years ,
    But now its value id Rs 86k.
    As per plan,this amount will be matured after 8 years.

    Can you please suggest me whether should i wait for more 5 years or i should invest that money with other plan or so.

    Awaiting for your reply.

    Thanks,
    Rajib

  • Pratap M May 5, 2013, 8:00 AM

    So, now all of us are sure that LIC (controlled by GOI) is no better than SARADHA & other Chit ( or Cheating ? ) Funds operating in West Bengal. LIC’s agents are misleading commoners the same way SARADHA’s agents have operated; the only difference being LIC’s agents get 4-5% as commission whereas SARADHA’s agents got 25-40%. Poor fellas !!!!!!!!!
    It is reliably learnt that these CHEATING MASTERS of the CHIT FUNDS took a leaf of the books of LIC; most of the guys were LIC agents before joining the bandwagon of PONZI schemes.

  • V KANNAN May 6, 2013, 11:33 AM

    Dear Investors,
    We are talking about only LIC but the same condition prevails with all insurance companies. ULIP introdued by all the Public as well as Private Insurance company is only useful for the growth of their insurane companies and not for the investors. IRDA is closing its eyes on ULIP plans of the insurance companies. I was betrayed by the agents of atlest 5 insurance companies including LIC. I have been paying continuous premium for the past 5 years and still none of Policies could fetch me even the principle amount which I have paid to the insurance companies. I am not able to surrender because I have to pay surrender charges if I surrender beore 7 years. I am actually trapped. IRDA is not bothered about common man. No common guidelines for the charges charged by the insuance companies from the common man.

  • kaajal August 26, 2013, 12:56 AM

    dear sir
    i’ve already invested in this policy and now feel cheated from the side of agent and want to complaint against him…is anything can be done regarding this matter,
    secondly i paid my last installment in 2013 and i’ve invested totally 75,000 in it…how will i come to know when is good time to take my money back…..and what will i’ll get now if i’ll submit my papers…

    please help

  • Chetan August 27, 2013, 6:04 PM

    I feel we should not invest in LIC at all. If at all we want to invest then only term plan will be better Jeevan Amulya or Jeevan Amogh. Though premium will be high you will have peace of mind because its with one and only LIC :)

  • Rohit khandelwal September 16, 2013, 9:04 PM

    Sir,

    If it is of urgency and we have to break or surrender the wealth plus policy after 3 years, is there a deduction or we atleast get back the sum we eventually invest??

  • Rohit khandelwal September 16, 2013, 9:10 PM

    Sir,

    If it is of urgency and we have to break or surrender the wealth plus policy after 3 years, is there a deduction or we atleast get back the sum we eventually invest??

    I feel like i have been cheated by my agent.

  • mukul gupta September 17, 2013, 4:25 PM

    Dear sir,
    I have purchased lic welth plus policy and Rs 50.000.00 paid as one time.
    Now three years passed Lic promised to pay hightest nav value in seven years.
    Please let me know What is the hightest NAV value go after three years passed and
    if I have surrender the policy what amount I have receive from LIC.

  • O.Bharathan October 8, 2013, 7:59 PM

    Oh! LIC’s wealth plus product is nothing but a big trap for the people who invested in it. It is more than three years since its launch,but still the nav remains at the level from where it started or less. Neither one can withdraw or surrender,lest there will be huge loss. People joined this product thinking that it is launched by LIC and at least one can get the base value. Everybody has burnt his finger by investing in such a unproductive venture. Disgraceful!!

  • santhosh gopi October 28, 2013, 2:07 PM

    hello sir
    I have a wealth plus investment policy. recently I checked the NAV ,the increasing rate is very low comparing to other policies.if the situation continues, what amount I will get last time? or is it advisable to that surrender my policy?and what amount will get if surrender

  • santosh October 31, 2013, 11:00 AM

    Hi Hemant Beniwal,

    I also invested in LIC welthplus plan in Feb2010 . i paid Full 3 instllments of 50000 for three years .can you please suggest what should i do.
    should i withdraw some amount or now to wait policy term complete.

    What is current Nav ,currntly market touch 21000

    Regards
    Santosh

  • Ajay Kumar November 8, 2013, 1:19 PM

    sir,
    i invested Rs.75000 lumsum in 2010 and i want to know that what is my nav and the face value of rupee is 10.
    so please tell me the NAV value.
    thank you.
    Reply

  • Nitin Mankar November 11, 2013, 11:11 AM

    Sir,
    I have invested Rs. 25000/- per year ( 3 Years) i.e. Rs. 75000/- in welth plus Plan (LIC), and the LIC has sent to me statment. In that statement it is found that the amount calculted by me only Rs. 69000/-.

  • santhosh November 11, 2013, 3:32 PM

    hello sir
    we ordinary peoples getting information form LIC agents and their sub agents regarding new policies and other investment schemes. when hearing their words we are interested to invest our all money and we believes their words also, and it is leading to misunderstandings. so when launching new policies or other schemes publish all policy related clause in news papers in local languages LIC directly.

  • Y Narayanan November 14, 2013, 9:07 AM

    I have received the unit/NAV statement from LIC for the current year for the wealth plus 2010.I have invested 50000 each for three years trusting the LIC and the agent aiming at fair returns.But LIC is deducting charges approximately Rs 3000 per year.The current statement says that amount available is only Rs 128000(deducting charges) which means I have lost 22000 in three years from my principle itself.Needless to say no interest on amount invested.If it continues for another 5 years imagine what will happen.I will be getting back 113000, a loss of 37000 for investing in premium institute for NAV of 10.Meaning LIC is taking Rs 37000 from me for keeping my money of 1.5 Lacs for 8 years.Even a bank interest we will fetch 1.5+1.5 lacs for this period.

  • Nitin Mankar November 14, 2013, 1:14 PM

    In view of the above commenst of the investors, what is the opinion of LIC regarding wealth plus plan as the NAV of wealth plus plan is down is compare to the sensex

  • AMIT MOITRA November 14, 2013, 1:58 PM

    Respected Sir,

    I have by chance come accross your site and believe me your explanations are wonderful as I am also one of the foolish/layman investor who wanted to become rich in a short period. Can you kindly sujjest me some place where I can invest money and get a return of 12%. My top priority is safety as I am a salaried person and if I loose money now I may not be able to earn it again. My age is 48 yrs.

    Thanks
    Best Regards

    Amit Moitra
    9818500000

  • NIKHIL T December 23, 2013, 6:28 PM

    hi sir…., can it is possible to file a case in consumer court against the LIC for this cheated policy? plz give me answer as possible…………thanks

  • Srinivasreddy Kandula January 9, 2014, 10:03 PM

    I have took wealth plus in 2010.I have invested 20000 each for three years trusting the LIC. Please suggest shall i took the money or keep it for another 3 more years ( total 7years).

    Please suggest

  • Abdul Rashid Bhat January 22, 2014, 2:26 PM

    I invested Rs. 50,000/- in LIC Wealth Plus in Feb. 2010.
    Since I’m in need of cash, what is the net amount I shall get upon surrender of the policy .

  • Ajay May 31, 2014, 9:23 PM

    PLZ HELP AND GUIDE

    i have invested Rs. 100000.00 in wealth plus 801 on 20.03.2010..
    as on date bse sensex is approx 67 percent up..
    if i keep ma money in debt/FDR in 4 full year.. i assume ma money wud have been atleast 40 percent up..
    where the fund manager have invested the money i don know.. as on date my NAV is 11.89 only .. its means only 19 percent up..

    i wanna ask fundmanger where they have invested ma hard earning.. surely not in stock market.. not in debt..
    plz help and guide me can i sue fund manager for dis.. i m feeling cheated by heart..
    plz help me

  • SRIPATHI June 11, 2014, 5:37 PM

    DEAR SIR

    I am invested 2LACK -N 2010

    PLEASE INFORM WAHT IS MARKET VALVE TODAY DATE l

  • jayashree kapadia June 16, 2014, 4:14 PM

    I have invested Rs. 1 Lac in year 2010 in Wealth plus. I would like toknow how to check NAV so that whenever there is little hight that return little more than lac I can surrender the policy. But want to know the calculation and what the no. of units.

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