LIC promises 35% returns! No one can beat that!
Just see this letter from LIC chief manager pitching an LIC policy. And they say there's no mis-selling!
"Jeevan Saathi Plus of LIC was launched on 29/06/2009. The units became NAV based (initial NAV of Rs 10)
on 29/06/2009. Current NAV of Growth fund as on 13-Jan-2010. is Rs. 11.5500 Average annual growth is :
If we hypothetically assume similar performance of LIC in managing the fund of Market Plus-I, then the
benefits can be projected as under....."
I am stunned at this. IRDA has clearly instructed Insurance companies to project returns based on 10% and 6% nominal returns.