Quick Answer: Why Is LIC Premium So High?

Can I reduce my LIC premium amount?

There are limited ways to reduce the premium of life insurance policy but is possible.

The amount of coverage you purchase, the inclusion of riders and the length of time your coverage is in place are the factors that determine the premium..

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

Which is better LIC or Max Life Insurance?

Private life insurer Max Life Insurance has overtaken Life Insurance Corporation of India (LIC) to the best track record in terms of claims settlement for individual deaths in FY18. According to IRDAI’s Annual Report 2017-18, Max Life settled 98.26 percent of individual death claims while LIC settled 98.04 percent.

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.

How much money will I get if I surrender my LIC policy?

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Can I surrender my LIC policy after 10 years?

If the PPT is less than 10 years (even if the actual policy term is 25, 30 years), the policy will acquire a surrender value if the premium has been paid for at least two years. For single premium policies, the surrender value gets acquired after the first year itself.