Question: Which Is The Best LIC Policy In 2019?

What is a 5 year term life insurance policy?

A 5 year term life insurance policy is a plan that covers the insured for 5 years.

It is one of the shortest term policies out there, after annual renewable term policies.

While shorter life insurance terms typically have cheaper rates, this is not the case for a 5 year term..

What is LIC maturity benefit?

20% Maturity Benefit : The policy matures on your survival to the end of the policy term. All bonuses declared up to maturity date will be paid in a lump sum. Supplementary/Extra Benefits : These are the optional benefits that can be added to your basic plan for extra protection/option.

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 LIC better than FD?

Fixed deposit is always a better option to invest as it is purely designed for your investment and savings related needs. … Fixed deposits offer fixed returns on investments and it is mentioned in the beginning when you open your deposit. But, investment in Unit Linked Life Insurance Plans is subject to market risk.

Why is LIC bad?

The problems with LIC is that it provides sub-optimal returns to the government, its shareholders, and to policyholders. To be sure, LIC will remain India’s largest life insurance company for at least this decade. It has a market share 66.24 per cent in total first-year premiums and 74.71 per cent in new policies.

Is LIC a good investment option?

Insurance policies are best investment option for protection and investment. … Yes, LIC offers best life insurance plans. If you are looking for investment and protection option under one product, you can consider Endowment or Unit Linked Investment Plan (ULIP) as per your risk appetite and financial objectives.

Which is the best single premium LIC policy?

List of Top 5 Single-Premium Insurance PoliciesCompanyInsurance PlanPolicy Term (Years)LICLIC Single Premium Insurance Plan10 and 20ICICI PruICICI Pru Easy Retirement SP10, 15, 20, 25, and 30Kotak LifeSingle Invest Advantage10 and 15HDFC LifeHDFC Life Click to Invest ULIP5 – 201 more row•Jun 5, 2020

Is Jeevan Umang a good policy?

Conclusion. The new Jeevan Umang plan of LIC is a mix of whole life endowment and money back plan with poor returns as bonus shall also be marginal as its not a pure whole life plan. We have always maintained that a term policy is better than an endowment policy.

Which LIC plan is best?

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

Is LIC Jeevan Anand a good policy?

This makes Jeevan Anand a perfect blend of an endowment plan and a whole life plan. If you are searching for an endowment plan that provides the advantages of an entire life policy then LIC Jeevan Anand is one of the best choices to go for. The Jeevan Anand policy offers bonus facility.

What is the maximum age for LIC?

FOR BASIC PLAN:Minimum age at entry:14 years (completed)Maximum age at entry:57 years (nearest birthday) for Term 12 years:51 years (nearest birthday) for Term 16 years45 years (nearest birthday) for Term 20 yearsAge at expiry of extended term:Maximum 75 years (nearest birthday)3 more rows

What is LIC single premium policy?

LIC’s Single Premium Endowment Plan is a participating non-linked savings cum protection plan, where premium is paid in lump sum at the outset of the policy.

Which is the best LIC Policy 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 LIC plan gives maximum returns?

LIC Plans with Highest Return. LIC offers a wide range of life insurance policies designed to provide higher returns. The following plans by LIC provide you with the maximum benefits – Jeevan Akshay VI, New Children’s Money Back Plan, New Endowment Plan, New Money Back Plan- 20 years.

What is the average return on LIC?

The average return on investment for LIC over a period of ten years between 2005-2006 and 2014-2015 has been 6.7%. The average return on a ten-year bond has been 7.9%. The difference between the two returns is 120 basis points. In fact, the average rate of inflation between 2005-2006 and 2014-2015 was 8.85%.