10000 x 3 years = 30000
Just relax at home doing nothing for just 20 years.
Rs. 16 lakhs after 20 years (1.6 Million)
Assumes an annual return of 25% in the above. Thank god, they didnot take an assumption of 50%.
How is this plan? If any agent come with a plan like this, politely KICK him out of your house.
IRDA says ‘Misleading Sales Literature on Unit Linked Product’, issued on 2 March 2007, Irda says development officers and agents of the country’s largest life insurer are promoting Money Plus, the company’s fast selling unit-linked plan (Ulip), “claiming to offer astronomical returns and guaranteed benefits at the end of specific periods”. Irda has trashed these claims. The regulator has also said: “Returns under unit-linked products are dependent on the performance of the chosen fund, which is in turn affected by the performance of the stockmarkets.”
If it is a reality, no body need to go for any work, just invest and relax at home. Cool Deal!!!
Bottom Line: This kind of bad reputation is presenting to LIC by some off their odd agents
Look at LIC site and they are showing 6% and 10% returns only