Quick Answer: Which Is Best Policy In India?

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..

Why LIC term plan is so costly?

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.

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 money back policy good?

Money Back Policies, the highly popular insurance cum investment plans, are certainly worthwhile as ‘insurance’ policies. … Money back policies are one of the most traditional insurance cum investment policies and have been widely promoted and distributed by the insurance companies.

What is the benefit of money back policy in LIC?

Benefits of LIC Money Back Policy- 20 years 125% of the Basic Sum Assured as chosen at the policy inception or. 10 times of annualized premium as being paid. Subject to a minimum of 105% of the total premiums paid as on date of death. Additional Rider available: LIC’s Accidental Death and Disability Benefit Rider.

Which is the best money back policy in India?

Best Money Back Policies in India 2020Money-Back PlansPlan TypeMaturity AgeStar Union Da-ichis’s Guaranteed Money Back PlanTraditional money-back insurance plan10-year term: 60 years 15-year term: 65 years 20-year term: 70 yearsTATA AIA Life Insurance Money Back PlusMoney-back plan participating in bonuses18-75 years22 more rows•Sep 22, 2020

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.

Which policy is best in SBI Life?

SBI Life Insurance Plans in IndiaSBI Insurance PlansPlan TypePolicy TermSBI Life – Smart HumsafarTraditional Joint Life Insurance Plan10 – 30 yearsSBI Life – CSC Saral SanchayTraditional Non-Participating Endowment Plan10 / 15 yearsSBI Life – Smart PowerNon-Participating Unit Linked Insurance Plan10/ 15 – 30 years2 more rows

Is SBI money back policy good?

SBI Life offers good customer experience and the money back plan on offer gives comprehensive life insurance coverage along with guaranteed sum assured to reach key milestones at regular intervals and on the maturity of the policy.

Which policy is the best?

Best LIC PlansLIC PoliciesPlan TypeMaximum Maturity AgeLIC Jeevan UmangWhole Life Insurance100 yearsLIC Jeevan AmarTerm Assurance Plan80 yearsLIC Money Back 25 yearsMoney Back Policy70 yearsLIC New Jeevan AnandEndowment Plan75 years1 more row•6 days ago

Is LIC good or bad?

Being the oldest insurance player and having a legacy of 50 plus years, LIC has a vast network of advisers. … The time has long gone when the rate of return of 4%-5% was considered good, now with the inflation rate running around 7%, investing in LIC policy is a big wealth destroyer.

What is lic interest rate?

LIC Fixed Deposit Features. … FD Tenure: Ranges between 18 months to 5 years. Interest Rate Range: 5.50% p.a. to 5.60% p.a. Senior Citizens FD Rate: 5.75% to 5.85% p.a. Highest Interest Rate: As per today’s rate, LIC Housing Finance’s highest interest rate on FD is 5.60% offered for a tenure of 5 years.