Quick Answer: Which Plan Is Best In LIC?

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..

Is FD in LIC Housing Finance safe?

LIC Housing Finance is backed by LIC and hence the deposits are safe. The interest rate offered on the deposits are 7.50 per cent for a period of 1 year and also 7.5 per cent on a 18-month deposit. If you are looking to a 3 and 5 year deposit, the interest rate of 7.6 per cent, which is not bad at all.

Which is better LIC or Icici?

LIC recorded a claim settlement ratio of 97.79% in terms of individual death claim ratio….Tata AIA, HDFC, Max Life and ICICI Pru ahead of LIC in settling individual death claims.Insurance CompaniesIndividual death claim settlement ratioHDFC Life99.04%Max Life98.74%ICICI Prudential98.58%LIC97.79%23 more rows•Dec 17, 2019

What is the age limit 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

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 policy a good investment?

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.

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. … Get insured with the very first and the most trusted insurer in India. Best claims settlement ratio of 98% (2015-16).

What is lic interest rate?

LIC Housing Finance FDs have tenures ranging from 36 months to 60 months with maximum rate of interest of 6.00%. Interest rates for senior citizens are higher than the normal rates and ranges upto 6.25%. Tenure. Rates. Maturity Amount for ₹ 1 Lakh.

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.

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.

Which is better LIC or post office?

Premium Rate-When compares to LIC or any private insurers, PLI offers cheap premium. So this is the most advantage of buying endowment plans with PLI than with LIC. Bonus Rate-Bonus offered by PLI is in the range of 7% or more. Whereas currently, LIC offers a bonus rate of around 4% to 5%.

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

Which LIC plan is best Quora?

New Jeevan Anand Plan is one of the best plan in LIC, which offers an attractive combination of protection and savings. This plan continues to provide coverage till the death of the insured even after the maturity of the plan.This plan is combination of both Endowment Plan and Whole Life Plan.Highlights and Benefits:

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.

Which policy 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 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.

Is LIC going private?

Finance Minister Nirmala Sitharaman on Saturday said insurance major Life Insurance Corporation (LIC) of India will be listed on the bourses as part of the government disinvestment initiative. … In April last year, LIC acquired controlling stake in state-run lender IDBI Bank, thereby making it a private sector bank.

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%.