Quick Answer: Which LIC Term Plan Is Better?

How is LIC term plan premium calculated?

One can calculate the life insurance premium with the help of LIC premium calculator.

By entering the sum assured amount, age and income in the life insurance calculator an individual can determine the premium amount of the policy..

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.

Why LIC term plan is so costly?

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.

What is the minimum age for LIC policy?

FOR BASIC PLANAge at entryAge of the Life Assured- 20 to 60 years (age nearest birthday)Age of the Life Assured at maturityMaximum 70 years (age nearest birthday)TermAll terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.Minimum Sum AssuredRs. 50,000 /-2 more rows

What are the disadvantages of term life insurance?

Disadvantages of Term Life InsuranceIncreasing Prices. Premium payments for term life insurance increase after the initial guarantee period. … Cost Prohibitive Over Time. Term insurance is designed to be temporary and therefore will become cost prohibitive at some point. … Not Designed to Last a Lifetime. … No Cash Value.

Is there any term plan in LIC?

The LIC term insurance policy caters the requirement of the insurance buyers ranging from 18 -75 years of age. The LIC term insurance premium rates are flexible in terms of payment. Offers additional rider benefits to enhance the coverage of the policy. Provides variable options of sum assured.

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.

What is the premium for 1 crore term insurance?

Comparison Of Plans Offering 1 Crore Term InsuranceCompanyPlan InfoPremiumICICI PrudentialIprotect Smart Lump Sum PlanRs.9238/yearEdelweiss Life TokioTotal Secure+Rs.6822/yearFuture Generali Life InsuranceFlexi Online Term PlanRs.6835/yearMax Life InsuranceOnline Term Plan Plus Life Cover – Monthly IncomeRs.9440/Year2 more rows•May 21, 2020

How can I double my money in 5 years?

To use the Rule of 72, divide the number 72 by an investment’s expected annual return. The result is the number of years it will take, roughly, to double your money.

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.

Is HDFC life better than LIC?

LIC has seen growth of 4.49 per cent in shareholders’ fund whereas HDFC Life has 45.36 per cent and ICICI Prudential Life is at 10.08 per cent. … HDFC and ICICI Prudential Life do slightly better than LIC with yield on advances at 8.72 per cent and 8.5 per cent, respectively.

Is LIC term plan best?

Benefits of Buying LIC Term Insurance Plan Higher coverage at cheaper rates and lower premiums. Pay even lower premiums if you are a non-smoker. You have the flexibility to choose your Sum Assured amount and it caters to people from 18 years to as high as 75 years.

Is LIC or term insurance better?

Death Benefit- The most common difference between a term insurance and traditional life insurance plan is that a term insurance plan only provides death benefit in case of demise of the insured within the term period, whereas a life insurance policy offers both death and maturity benefit to the insured.

Is Icici term plan good?

Review of ICICI Pru iProtect Smart It gives death cover till the age of 75 years which is extensive coverage for Indian nationals. With a healthy claim settlement ratio of 96.2% in FY 2016, it is a very good competitive term insurance plan available in the market today under a strong ICICI brand name.

Is LIC Jeevan Anand a good policy?

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.

Is HDFC term plan good?

This is a pure risk protection plan and is available for online purchase without any agent intervention. Like all other Pure Term Plans, HDFC Life Click 2 Protect pays benefit amount on the death of the policyholder. If the life insured dies within the policy term, then his/her nominee gets the agreed sum assured.

Which LIC plan is best for child?

Best LIC Policy for ChildLIC Children Money Back Plan. LIC Child Money Back Plan is a traditional, participating money-back insurance policy which pays the benefit in important times/ages of the child to ensure the child receives the required finance for higher education and marriage. … LIC Jeevan Tarun.

What is LIC Child career plan?

Specially designed to meet the burgeoning needs of children, the Life Insurance Corporation of India has introduced Child Career Insurance Policy. This is a money back endowment plan that has been launched for the benefits child and provide risk coverage during the policy term and during the extended term.