Is LIC Money Back Plan Good?

Which is best LIC or PPF?

The Public Provident Fund tends to provide a far superior rate of returns compared to an LIC policy like Jeevan Anand.

What you should do is invest in the PPF and take a term policy online, which is cheaper and faster.

In the term policy you do not get your money back, but, you are provided with solid insurance..

How LIC money back policy maturity amount is calculated?

Sum Assured: = Rs. 5,00,000.Survival Benefit (B): = Rs. 5,00,000.Maturity Benefit (C): = Rs. 5,00,000.Amount on Maturity: * = Rs. 1000.Total Benefit Amount: = Rs. 35,000.Period of Maturity = Dec, 2021.

Is LIC better than FD?

Comparing between FD and Life Insurance Plan Thinking of short and long term investments, FDs are better. Life insurance plan are suitable only as long term investment options. The minimum period of investment in a life insurance plan is about 10 years. The minimum amount that you can deposit in a FD plan is Rs.

What is LIC maturity benefit?

Benefits: a) Maturity Benefit: Provided the policy is inforce, on surviving to the date of maturity, “Sum Assured on Maturity” shall be payable which is equal to the total amount of premiums paid during the term of the contract (excluding the taxes and extra premium, if any)

Is LIC maturity amount taxable?

As per Section 10(10D) of the Income Tax Act, 1961 the amount of sum assured plus any bonus (i.e. the policy proceeds) paid on maturity or surrender of policy or on death of the insured are completely tax free for the receiver subject to certain conditions.

Is LIC Jeevan Anand a good policy?

Maturity amount is exempt from tax if the annual premium is less than 10% of basic Sum Assured. With LIC New Jeevan Anand, this won’t be a problem. There is a rider for Accidental Death and Permanent Disability that you can purchase for payment of additional premium.

Which LIC plan is best for pension?

This LIC pension plan is a single premium pension plan under which the insured has the option to choose an Immediate or Deferred annuity….Eligibility of LIC Jeevan Shanti.Minimum Entry Age30 yearsDeferred Period1 – 20 yearsVesting Age31 – 80 years1 more row

Is LIC money back policy good?

According to them, the LIC Money Back Policy is not an exception to it. … In this LIC policy, one has the luxury of income tax benefit on the LIC policy premium payments, interest earned on it and the net maturity amount.

Which is the best LIC policy for money back?

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

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%.

Which is LIC best policy?

Best LIC PlansLIC PoliciesPlan TypePolicy TermLIC Jeevan UmangWhole Life Insurance100 years minus(-) the age at entryLIC Jeevan AmarTerm Assurance Plan10 years-40 yearsLIC Money Back 25 yearsMoney Back Policy25 yearsLIC New Jeevan AnandEndowment Plan15 years-35 years1 more row•Nov 12, 2020

How is LIC maturity amount calculated?

Documents Required for Maturity Claim DischargeOriginal LIC Policy Document.Identity Proof.Age Proof (if not submitted previously)Cancelled Cheque leaf or a copy of the Policy holder’s Bank Passbook.NEFT Mandate Form (to transfer the maturity proceeds directly to the policyholder’s account)More items…•