Is LIC Good Investment?

What is lic interest rate?

LIC Fixed Deposit (FD) …

FD Tenure: Ranges between 18 months to 5 years.

Interest Rate Range: 5.50% p.a.

to 5.60% p.a.

Senior Citizens FD Rate: 5.75% to 5.85% p.a.

Highest Interest Rate: As per today’s rate, LIC Housing Finance’s highest interest rate on FD is 5.60% offered for a tenure of 5 years..

Which is better LIC or post office?

You have to pay the comparatively higher premium for LIC. You can purchase the policies only from the post offices. The policies can be purchased either through the agents or by visiting the LIC office. The company has recently introduced online term plans and pension plans.

Is LIC maturity tax free?

As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.

What is LIC maturity benefit?

Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, 40% of the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable.

Which LIC plan is best for child?

The premium under the LIC child plan is to be paid for a limited term only….LIC Jeevan Tarun.MinimumMaximumPolicy Term25 years – the entry age of the childSum AssuredRs.1 lakhNo limitAnnual Premium AmountRs.24, 000No limitPremium Payment Term10 years, 5 years or (term – 5) years3 more rows

How many years FD will double in LIC?

For deposits below Rs. 20 crore, LIC HFL provides 7.60% rate of interest for FD maturing in 3 and 5 years, both. As far as deposits over Rs. 20 crore are concerned, the company gives 7.65% FD interest rate for deposits maturing in 3 and 5 years.

How can I repay my LIC loan?

You can follow any of the LIC loan repayment procedures:pay the interest along with the principal.pay only the interest and principal amount can be settled with the claim amount on the maturity.pay interest for a few years and repay the principal when you have excess cash.

Is LIC better than FD?

Comparing between FD and Life Insurance Plan Thinking of short and long term investments, FDs are better. Life insurance plan are suitable only as long term investment options. The minimum period of investment in a life insurance plan is about 10 years. The minimum amount that you can deposit in a FD plan is Rs.

Is there any LIC policy for 5 years?

Jeevan Mangal Plan by LIC is a term insurance plan which can be brought for a term of 5 years only through the single premium payment option that pays returns in the form of a premium on the maturity of the plan.

Is your money safe in LIC?

Refuting claims of its weak financial position, national insurer Life Insurance Corporation (LIC) on Wednesday assured its millions of policyholders that their money is safe and secure as its “financial health is sound. ‘

Which is Best Bank FD or Post Office FD?

The post office (PO) time deposits are available for 1, 2,3 and 5 year period. The rate of interest on PO time deposits is currently higher than many bank FDs. Irrespective of the amount of deposit, the safety in PO time deposits is the highest as they are backed by a government guarantee.

How much do LIC agents earn?

Earning and other benefits: Career as a LIC agent is considered one of the highest paid profession in the country. Top performers in LIC are earning nearly 3 to 4 Crores per year. LIC agent can earn unlimited since there is no specified salary.

How is LIC maturity amount calculated?

Maturity benefit would be equal to the Sum Assured + Bonus Amounts which have been received throughout the policy term + any Final Addition Bonus if declared. Now whenever the death of the policyholder happens (even after the policy term), the nominee will additionally get the Sum Assured amount as the Death Benefit.

Which is the best LIC policy in 2020?

More videos on YouTubeLIC PlansType of PlanPolicy Term (in years)LIC New Children’s money-back PlanTraditional money-back Child Plan25 years – Age at EntryLIC New Jeevan AnandEndowment Plan15 – 35LIC Jeevan UmangWhole Life + Endowment Plan100 – Age at EntrLIC Jeevan LabhEndowment Plan16/21/252 more rows

Which is the best LIC plan for investment?

Best LIC PlansLIC PoliciesPlan TypeMaximum Maturity AgeLIC Jeevan UmangWhole Life Insurance100 yearsLIC Jeevan AmarTerm Assurance Plan80 yearsLIC Money Back 25 yearsMoney Back Policy70 yearsLIC New Jeevan AnandEndowment Plan75 years1 more row•Sep 23, 2020

How many years FD will double?

To know the time duration in which your FD amount will get doubled, you have to divide 72 with the highest rate. For example, if the highest rate on FD is 7.35%, then the number of years in which your FD will get doubled is 72/7.35= 9.80. Thus, it will take 10 years for your FD to get doubled.

What is the maximum age for LIC?

FOR BASIC PLANAge at entryAge of the Life Assured- 20 to 60 years (age nearest birthday)Minimum Sum AssuredRs. 50,000 /-Maximum Sum assuredNo limit. Sum Assured will be in multiples of Rs.5,000 /- only.ModeYearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.2 more rows