Which Is The Best LIC Policy In 2020?

Is maturity amount of LIC taxable?

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D)..

Which LIC plan is best for child?

LIC Jeevan Traun plan provides the benefit of tax exemption to the policyholder….LIC Jeevan Tarun.MinimumMaximumPolicy Term25 years – the entry age of the childSum AssuredRs.1 lakhNo limitAnnual Premium AmountRs.24, 000No limitPremium Payment Term10 years, 5 years or (term – 5) years3 more rows•Nov 27, 2020

What is LIC Child career plan?

LIC Child Career Plan is a Money Back Endowment Plan for the benefit of a child such that Sum Assured plus Bonus is paid immediately to the nominee on death of the Life Insured after commencement of risk. However, if the child outlives the entire tenure, then he actually received 105% of the Sum Assured.

Why LIC term plan is so costly?

Claim settlement ratio is definitely helping LIC price its premiums much higher than private sector insurers. However the difference in premium is too large to be ignored and its not as if private insurers do not settle claims at all.

What is lic interest rate?

Time period: 5 years to 30 years. LIC Housing Finance Home Loan Interest Rate: 6.90% to 8.20% Processing Fee payable to LIC Housing Finance: Upto ₹ 10,000. Current offer for processing fee is Upto 0.25% Fee payable to MyLoanCare: NIL.

Is LIC policy worth buying?

Yes, investing in LIC policies helps people save on tax, but there are better ways of saving tax like the Public Provident Fund (PPF). Between 2009 and now the returns on PPF have never gone below 8%. In fact, currently the rate of interest on PPF is at 8.1%.

Is LIC safe now?

Refuting claims of its weak financial position, national insurer Life Insurance Corporation (LIC) on Wednesday assured its millions of policyholders that their money is safe and secure as its “financial health is sound. ‘

Who is the owner of LIC?

Government of India100%Life Insurance Corporation/Owners

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 Amar, New Children’s Money Back Plan, New Endowment Plan, New Money Back Plan- 20 years, and New Jeevan Anand Plan.

Is LIC better than FD?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. You can invest a minimum amount of Rs.

What is LIC new children’s Money Back Plan?

LIC’s New Children’s Money Back Plan is a insurance cum investment plan which can be used for securing the financial needs of a child as they turn 25 years old. It is a participating plan and hence is eligible for bonus depending on the performance of LIC.

How is LIC maturity amount calculated?

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

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.

How can I double my money in 5 years?

Rule of 72: Divide 72 by the Expected Annual Returns Since you want to double your money in 5 years, your investments will need to grow at around 14.4% per year (72/5). Or if your goal is to double in 10 years, you should invest in a manner to earn around 7.2% every year.

Is LIC in loss?

Life Insurance Corporation of India (LIC) has suffered a notional loss of around Rs 1.9 lakh crore in the past two-and-a half months, according to a report in Business Standard. As at the end of December 2019, LIC’s holdings in listed companies was Rs 6.02 lakh crore, the report said.

What is the minimum age for LIC policy?

FOR BASIC PLANAge at entryAge of the Life Assured- 20 to 60 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 /-Maximum Sum assuredNo limit. Sum Assured will be in multiples of Rs.5,000 /- only.2 more rows

Is LIC safe after Budget 2020?

The government plans to sell part of its holding in Life Insurance Corporation of India through an initial public offering as it set a record disinvestment target for 2020-21. More so, after it estimates to miss its FY20 disinvestment target by more than a third. …

Is LIC in profit or loss?

LIC has booked a profit of Rs 13,000 crore from equity operation and is still a net investor of Rs 28,000 crore in the market.”