Which is best LIC or post office?
Asked by: Andres Fahey | Last update: February 11, 2022Score: 4.9/5 (14 votes)
In terms of premiums, LIC has a higher rate of a premium compared to PLI. Many PLI plans offer a bonus which is quite high. Many LIC plans also offer bonus. However, the bonus rate is low compared to PLI plans.
Is PLI is better than LIC?
The question of which option is better entirely rests on your requirements. If you are looking to invest in a traditional endowment plan, PLI is a better alternative as it offers the plan at a very low premium rate. Moreover, endowment plans offered by PLI earn higher bonus rates compared to the plans offered by LIC.
Is LIC worth buying?
Is LIC a Good Investment? Insurance is best taken care of by buying a term insurance which is a pure risk cover. Thumb rules suggest that you require an insurance cover which is at least 10 times your annual income and term insurance is the only way to get such a cover. ... Hence LIC policies are a bad investment.
Which is best PLI or LIC Quora?
Postal life insurance is the best. Earlier PLI was available only for a very limited number of professional like Employee of Central government, State Government,PSU,Nationalized Banks etc. As insurance sector has become very competitive over the years, PLI has redefined itself by expanding its clientele.
Which PLI plan is best?
- Whole Life Assurance (Suraksha)
- Endowment Assurance (Santosh)
- Convertible Whole Life Assurance (Suvidha)
- Anticipated Endowment Assurance (Sumangal)
- Joint-Life Insurance (Yugal Suraksha)
- Children Policy (Bal Jeevan Bima)
Comparsion Between Post Office and LIC Saving Deposit | Which one is better for Saving? | Soundhar
Is LIC government or private?
LIC is government or private
The Life Insurance Corporation (LIC) is a government organization.
Is LIC safe?
LIC is one of the most trusted and leading insurance provider companies in India. The company has a strong customer base of more than 250 million and enjoys the largest market share in the life insurance business. LIC policies offer a one-stop solution for all the insurance needs of the buyers.
Do LIC agents get pension?
Group pension
Group pension is also available under Lic Agent Benefits.
How do I get a 30000 pension per month?
The target to generate Rs 30,000 a month is achievable by investing in a mix of financial instruments. He should invest up to Rs 15 lakh in the Senior Citizens Saving Scheme (SCSS). It is the safest investment option for retirees and offers 8.6% per annum, payable quarterly.
Is PLI a good option?
PLI is a good option for people, who are 'eligible' for it, as it charges lower premiums and offers higher returns than comparable policies of life insurers. ... Started in 1884, PLI is managed by the Department of Posts under the Government of India.
Can I open PLI Online?
You can start the procedure of buying the policy online even if you are not a customer of India Post. You will be able to navigate to Purchase a Policy. Quote to select the suitable product and coverage for you. After this, you will have to fill personal, employment, medical and other information.
Is FD in post office safe?
Guaranteed Returns: As a government backed savings scheme, the post office fixed deposit is one of the safest option of investment and offers guaranteed return. Considerable Interest Rate: The post office fixed deposit offers an interest rate of 6.7%.
How can I get job in LIC?
The recruitment process of different exams in Life insurance corporation is mainly done through written exam and interview. LIC Exam Posts are as under: LIC AAO (Assistant Administrative Officer) LIC ADO (Apprentice Development Officer)
Which is the best saving scheme?
- National Savings Certificate.
- Senior Citizen Savings Scheme.
- Recurring Deposits.
- Post Office Monthly Income Scheme (MIS)
- Public Provident Fund (PPF)
- KVP (Kisan Vikas Patra)
- Sukanya Samriddhi Yojana (SSY)
- Atal Pension Yojana.
What is better than PPF?
ELSS is the only kind of mutual funds covered under Section 80C of the Income Tax Act, 1961. ELSS funds have the shortest lock-in period among all Section 80C options. Nevertheless, it offers better scope for long-term wealth creation, people with more risk tolerance favour it.
What is Post Office PLI scheme?
It is a Joint Life Endowment Assurance in which one of the spouses should be eligible for PLI policies. Life cover to both spouses to the extent of sum assured with accrued bonus with a single premium. Minimum sum assured ₹ 20,000; Maximum ₹ 50 lac. Minimum age & Maximum age at entry of spouses: 21-45 years.
Is PLI maturity tax free?
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).
Is PLI only for government employees?
It now covers employees of Central and State Governments, Central and State Public Sector Undertakings, Universities, Government aided Educational institutions, Nationalized Banks, Local bodies, autonomous bodies, joint ventures having a minimum of 10% Govt./PSU stake, credit co-operative societies etc.