Quick Answer: Which Is Better LIC Or Max Life Insurance?

Why LIC is the best in life insurance?

LIC Jeevan Umang comes with the dual benefit of earnings as well as savings for the secure future of your family.

It is one of the best LIC plans with-profit & non-linked whole life insurance plans….5.

LIC Jeevan Umang.LIC Jeevan Umang PlanEndowment and Whole Life Insurance PlanLoanFacility Available4 more rows.

Is LIC better than private insurance?

LIC is seen as a Government of India risk and hence even if it prices itself higher, the difference should definitely not be more than 10 percent. … Claim settlement ratio is definitely helping LIC price its premiums much higher than private sector insurers.

Which LIC term plan is better?

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

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.

Is HDFC life better than LIC?

Higher the maturity age the better for you as higher the age more the chances of death and better the utilization of a term plan. LIC and SBI Life, which are public sector insurance companies, offer a 70 year maturity age, while HDFC Life offers a 65 year maturity age.

Why is LIC premium so high?

Hence credit risk to a private sector insurance company policyholder should ideally be low. On a pure credit risk aspect on insurers, LIC does not have a big advantage over private sector insurers. … Claim settlement ratio is definitely helping LIC price its premiums much higher than private sector insurers.