Which money back policy is best in India?

Money-Back Plans Plan Type
Aviva DhanSamruddhi Traditional money back plan
Aegon Life Regular Money Back Insurance Plan Money-back plan with life coverage
Bajaj Allianz cash Assure Traditional money back plan
Bharti AXA Life Child Advantage Traditional participating savings plan

Which policy is best for money back?

Best Money Back Policies in India 2020

Money-Back Plans Plan Type Minimum Sum Assured
Sahara Dhan Vriddhi Jeevan Bima Traditional money back plan Rs. 50,000
SBI Life- Smart Money Back Gold Savings plan with life coverage Rs. 75,000
Shriram Life New Akshay Nidhi Plan Traditional money-back insurance plan Rs. 1,50,000

Is LIC money back policy good?

According to tax and investment experts, the LIC Money Back Policy falls under the EEE (exempt-exempt-exempt) category, which means an investor has the luxury of getting income tax benefits on his or her LIC Policy premium payments, interest earned on it and the maturity amount – provided the net premium paid under the …

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Which policy is best for future in India?

Top 10 Life Insurance Policies in 2021

Plan Name Plan Type Policy Term (Min/Max)
Future Generali Care Plus Rural 5 Years to 30 Years
Birla Sun Life BSLI Protect@Ease Plan Term 5 Years to 40 Years
LIC’s Jeevan Pragati Plan Endowment 12 Years to 20 Years
Max Life Online Term Plan Plus Basic Life Cover Term 10 Years to 40 Years

Which policy is best in India?

Best LIC Plans for 2021

LIC Policies Plan Type Entry Age
LIC Tech Term Plan Term Assurance Plan 18 years-65 years
LIC Jeevan Umang Whole Life Insurance 90days(completed)-55 years
LIC Jeevan Amar Term Assurance Plan 18 years- 65 years
LIC Money Back 25 years Money Back Policy 13 years-45 years

Is money back policy taxable?

Money Back Policy FAQ’s

The amount received through money back plan is tax free under section 10(10D) of the Income Tax Act, 1961.

How is LIC maturity amount calculated?

The basic format is Sum Assured + Bonuses + Final Additional Bonus (if declared). An example for calculation demonstration: Mr Z buys a policy of Sum Assured 15 Lakh with a term of 20 years. The insurance company includes Bonuses and Final Additional Bonus in the maturity value as per their company policy.

What is maturity amount in LIC?

Maturity Amount of LIC Plans

Maturity amount is the final amount received on the maturity of the plan by the life insured or his nominee/dependent in case of the policyholder’s demise in the form of the death benefit.

What is LIC maturity benefit?

Maturity benefit signifies the claim of the policyholder once the policy matures. Insurance companies settle a definite sum to the clients when the maturity tenure is complete. The perquisite of getting the claimed amounts is a thorough continuation of the policy and the completion of the term under the contract.

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How does money back policy work?

A money back policy is a type of life insurance plan that helps the insured person to get a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term. It is an endowment plan with the benefit of liquidity. … There is a fixed interval when the benefits would be paid.

Why LIC term plan is so costly?

It is possible that LIC’s administration costs are high because its sales channel is dominated by agents, and the commissions paid to them is charged on the policyholder as higher premium. But even in its online term policy where the cost is low, LIC’s plan is pricier to those of peers.

Which is best investment for future?

Top Investment Options in India

Investment Options Period of Investment (Minimum) Risks
National Pension Scheme 60 years Low-High
Public Provident Fund (PPF) 15 years Nil
Bank Fixed Deposits 7 days Nil
Senior Citizen Savings Scheme (SCSS) 5 years Nil

Which LIC plan is best for child?

The premium under the LIC child plan is to be paid for a limited term only.

LIC Jeevan Tarun.

Minimum Maximum
Policy Term 25 years – the entry age of the child
Sum Assured Rs.1 lakh No limit
Annual Premium Amount Rs.24, 000 No limit
Premium Payment Term 10 years, 5 years or (term – 5) years

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.

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Who is the No 1 state in India?

Uttar Pradesh has the 240,928 km2 of land.

Uttar Pradesh is the largest state in India in terms of population.

S. No. State Name Population (As per Census 2011)
1 Uttar Pradesh 199,812,341

Is LIC better than PPF?

While LIC policies serve the purpose of insurance, a PPF serves the purpose of savings. PPF is a Public Provident Fund meant for long-term savings and retirement.

PPF VS LIC.

Points LIC PPF
Risk Safe Safest
Target audience Caters to those who have dependents Caters to everyone
Tenure Flexible 15 years