Best LIC Policy

Deal Subedar
Suggest me the Best LIC Policy

I’m 28, my salary is 40k/Month but I’m unable to save money at all as I’m staying in a tire-1 city in India. So, one of my friend suggest me to save something via LIC policy but I have no idea about it. So, I want good suggestion from your side for Best LIC Policy. Also I have heard that LIC Policy can help get urgent loans in future if need.

So, which LIC Policy should I go for ?

1. I want to pay premium for max 10 to 15 years.

2. Maximum yearly premium I can go for is 75k.

3. Can I avail 50% off or 100% off on very 1st LIC premium amount ?

4. Should I go for agent or go for online directly?

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Deal Cadet Deal Cadet
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Better avoid LIC plans at any cast,    take Term Insurance from any company if you don’t have one already.

Order of priority things in financial planning:

1. Clear your debts

2. Take Health Insurance

3. Take Term Insurance

Generous Generous
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save something via LIC policy

That’s fundamentally wrong life insurance is not a saving tool save using ppf or index etf is way better 

Wingman Wingman
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Jarvis.-. wrote:
save something via LIC policy

That’s fundamentally wrong life insurance is not a saving tool save using ppf or index etf is way better 

Cent percent right. 

Your idea of saving right but mode is not correct. I suggest you to check any Index based funds or ETF’s for investing purpose or mutual funds too. LIC Policy’s are not correct option. 

And look at investments after taking life and health insurance. 

Deal Subedar Deal Subedar
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#1 Is your friend LIC agent?

#2 If friend is trapped by another LIC agent.

if #1 then he is not your friend, #2 ask him also to stop his policies ( if they were for investment, term insurance can continue)

As you are still starting to invest, if you are comfortable start with SIP in index funds, if you still need more time to understand equities then start with RD of 4-5k/ month for 12-18 months to start with the saving habit.

then once you are comfortable saving 5k/month then you can switch to SIP depending on your risk taking capability.

To reach your saving goal, you need to start , don’t waste time and start soon even it is a small start.

all the best.

Deal Lieutenant Deal Lieutenant
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Ye raha khusiyo se bhara jeevan umang plan …

Dusra plans bi farji h ….
Insurance aur investment miX mat karo ….
You want loan there are lots of options …
Loan against fd mf shares and lots of options are there so don’t worry that by taking lic i will get a bigger amount of loan but in that respect it will squeeze ur money ….
Go for nifty bees and etf that are straight forward god investment ….
Insurance ke liye term plan h na ….
Ok bhaiya aur garmi wagarh kaisi h

Generous Generous
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LIC’s Jeevan Labh is a limited premium paying, non-linked, with-profits endowment plan which offers a combination of protection and savings. This plan provides financial support for the family in case of unfortunate death of the policyholder any time before maturity and a lump sum amount at the time of maturity for the surviving policyholder. This plan also takes care of liquidity needs through its loan facility.
1. Benefits:
Death benefit:
In case of death during the policy term, provided all due premiums have been paid, Death benefit, defined as sum of “Sum Assured on Death”,vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as the higher of 7 times of annualised premium or Absolute amount assured to be paid on death i.e. Basic Sum Assured . This death benefit shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above shall not include any taxes, extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Maturity Benefit:

“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

2. Optional Benefit:
The policyholder has an option of availing the following Rider benefit(s):

  1. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V01)
  2. LIC’s New Term Assurance Rider (UIN: 512B210V01)

Rider sum assured cannot exceed the basic sum assured.
For more details on the above riders, refer to the rider brochure or contact LIC’snearest Branch Office.

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