Which LIC Policy Is Best For 25 Year Old Person?

What is the cheapest life insurance for seniors?

Guaranteed universal life insuranceGuaranteed universal life insurance is the cheapest way for seniors to get permanent life insurance coverage, as policies typically have little to no cash value component..

What is the maximum age for LIC?

FOR BASIC PLANAge at entryAge of the Life Assured- 20 to 60 years (age nearest birthday)Minimum Sum AssuredRs. 50,000 /-Maximum Sum assuredNo limit. Sum Assured will be in multiples of Rs.5,000 /- only.ModeYearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.2 more rows

Which plan is best in LIC?

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

Is Jeevan Labh good policy?

LIC Jeevan Labh is a non-linked, limited premium paying, with-profits endowment life insurance plan. … This plan has been rated high as one of the best-selling endowment plans offered by LIC. Being available to a group age of 8-59 years, this plan offers a host of benefits to the policyholder.

How can I save my lic money?

LIC Traditional / Investment PlansLIC’s Jeevan Pragati Plan – A non-linked LIC Endowment Plan with the profits option, the plan offers a two-way benefit of savings and protection. … LIC’s Jeevan Labh – A non-linked LIC endowment plan with limited premium payment option.More items…

What is LIC maturity benefit?

Maturity benefits refers to the amount received by a policyholder or nominee when a policy matures. … Term life insurance policies may include the followings as maturity benefits: The basic sum assured. Accrued guaranteed additions and vested simple reversionary bonuses (if any).

Which LIC policy is best for senior citizen?

The Life Insurance Corporation of India (LIC) has modified the Pradhan Mantri Vaya Vandana Yojana (PMVVY) Scheme for senior citizens. After this modification, according to the LIC website, the scheme will earn an assured return of 7.4 per cent per annum which will be payable monthly for the entire duration of 10 years.

What is paid up in LIC?

Paid-up policy The life cover will be equal to the paid-up sum assured. Let’s say, one has paid for 5 years, while the original term of a Rs 3-lakh policy is 20 years. Paid-up Sum Assured = Sum Assured X (Total number of premiums paid/Total number of premiums payable).

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.

Which is the best LIC policy for 10 years?

Best LIC PlansLIC PoliciesPlan TypePolicy TermLIC Tech Term PlanTerm Assurance Plan10-40 yearsLIC Jeevan UmangWhole Life Insurance100 years minus(-) the age at entryLIC Jeevan AmarTerm Assurance Plan10 years-40 yearsLIC Money Back 25 yearsMoney Back Policy25 years1 more row•6 days ago

Is LIC policy worth taking?

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 maturity amount of LIC 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 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.

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.

How is LIC maturity amount calculated?

Loan Availability – Acts as an LIC loan calculator; you can then decide how much loan on LIC policy you can avail. Paid-up Value- This is calculated by multiplying the sum assured with the ratio of the number of premiums paid to the number of premiums payable.