What is the best way to pay LIC Insurance Premium? any discounts you're aware of?
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So even if theres 1 % discount it's good
Thanks guys in advance!
Become prime for one month. Pay in Amazon app using Amazon icici card for more points
Sirji LIC me invest karke he aap kafi amount ka notional loss kar rahe ho. That too 1.5 lac per year is too huge.
Check how much return will u get in % terms (those charts shown by agent always looks upbeat) & how much insurance u get.
Lic sabse safe hai, halanki return private players se kam h.
Jeevan Labh me 7% interest mil raha hain Sir
Ek saal ka premium already de chuke hain. Aaj doosre saal ka payment karna hain
PPF me bhi utna hi milega check kiya maine
LIC highest bonus 4% p a on survival. Not more than that. 7% is unbelievable. I have glimpse at policy document could not fiend such commitment. Yearly bonus is 43 to 50 after calculation max it is around 4.5%. After tax. How 7%? Please clarify to help others.
Soon I will be posting 1 thread, how to calculate return of such products (money back plans).
Many people will get shock after doing actual return calculation.
U have already paid 1st installment, so no point of discussion abt it. Hope u get good deal for premium payment…
Financial Literacy is shit. People want safety over return. They don’t give a F about inflation or return. 
Best is Axis Flipkart card (Flat 1.5% unlimited) otherwise you may save a few bucks using some credit card on registering for standing instruction but only close to 100-200 Rs max.
Yes
i got paytm 5% cashback using paytm debit card on payment for indane gas boocking. If We pay in paytm with paytm debit card, LIC premium will 5% cashback will get or it is only for rupay gas offer?
@sj260498685 bro,if you find any way to get some discount.do,post here please.even i need to pay some premium.
Best is term+ppf…. term will provide you cover for 1 cr @ 16-20k depends upon ur age(28-34).. and ppf may give you 7% interest if all good….
In such plans where high premium but sum assured only 30 lakhs , the meaning of life insurance is not fulfilled. If you opted it for investment then it wasn’t a good idea.
Correct 👍👍👍
It should be like that for everybody:
First Health Insurance then Term Plan then PPF then small portion in SIP.
This is the safest preposition…
Pay using paytm first citi credit card for 1% cashback
As it has agents whom they need to make payments, they don’t offer discounts or commissions to card companies…so benefits will not be offered by wallets or cards…with recent drive to digital payments, lic has removed the pg charges. So using cards or wallets is now free of charge…they may bring back pg charges….at this point use credit card which gives more points or cashback
I also invested in the Jeevan Labh plan(16/25). Sum Assured: 6 lakhs… First-year Premium: Rs 20,481(Actually Rs 27,481 but got Rs 7000 back from the agent)… Remaining years premium: Rs 26,890(No riders). Will pay the premium for 16 years and will get Rs 16,20,000 after 25 years.
The return rate is indeed 7.2-7.5% calculated using Excel IRR. I also tried estimating stuff by calculating how much I would have got if I invested that premium amount in PPF for 15 years, then added in the premium for another year and then kept the entire amount in fixed deposit for the remaining 10 years and compared both amounts. The policy still seemed profitable. Remember the 15/21 or 10/16 policy tenures have less return percentage.
However, I calculated on the basis of the previous 3 years bonus rate (Rs 50 per 1000 on sum assured) declared by LIC. I don’t have any idea what effects the “privatization of LIC” and “Corona-Virus” will have on the bonus rate as I had no idea about them when I took the policy in December 2019. Also, ideally, you should never invest more than 20% of your salary amount on LIC.
Also, Jeevan Labh is kinda unique in the sense that very few plans have a return percentage of 7 or above in LIC. For example, another popular policy called Jeevan Anand’s return rate is much lower. They may have other benefits like life-long insurance, etc though. So research properly if you want to invest. Don’t go by the words of the LIC agent alone… otherwise, you may lose a lot of money if you want to come out of it in between.
Exactly what I am talking about
Apply for paytm first credit card and payment via paytm u will get 1000 rs and extra 1%
You can pay from Paytm without any credit card charges
Pay using SimplyClick and enjoy 1.25% as rewards value for amazon GV.
Please check your facts
Amazon doesn’t have LIC option
pay from credit card and get points – best way for LIC payments
Also pay credit card bill from cred to enjoy additional benefits
Guys, If any one need help on any LIC plan detail, Let me know I will assit in you details
What I don’t like about LIC is it’s bonus. You never know what is going to be there after 15-20 years!!!
Ok, tell me how LIC earns? I mean where they invest ur money to return u back? Majority in fixed income & rest in stock market? But bcoz of huge huge ticket size of LIC that few also turns to be huge investment in market.
Now fixed income rate are falling like anything so that will affect the return.
No doubt lic is earning huge in stock market, the way government mis- using it’s fund to bail out IDBI bank, some disinvestment etc. I don’t have faith in LIC.
I hope they cont. To give same bonus else people will cry heavily…
Lic is having a strong balance sheet. I agree govt. using its balance to get free from psus that are on the verge of collapse.
After reading comments I am in delima, I have a Lic Bima Diamond plan for 15 years, this is the 3 rd year running, every 4 year there is a money back… Could someone suggest me about this plan and if I should continue, my premium due this year is around 30000…thanks in advance
Bro go to insurance21 and check if your policy IRR is greater than 6.5%
If yes continue or else pay till third year and convert that policy into paid up to receive proportional benefits (based on how much you paid) at the time of maturity
5x Reward points if you pay through HSBC credit card .you need to register first via sms send HSBCINS to 575750
How much is 1 reward point in ₹₹₹?
I have few questions who are investing in insurance policy…
1. Are your basic investment principle already covered like adequate term plan, health plan & sufficient liquid emergency fund?
2. Did you consider the liquidity crunch in LIC , suppose if you need huge money , can lic be monitized promptly?
3. Are the bonus that you are assuming are guaranteed? Note LIC invest most of its earnings in govt bonds whose interest is falling.
4. Do you think LIC is doing charity? If not, how on earth after paying huge commission (30-40%) , you expect such kind of return.
You’re right.
To begin with, this was not meant to be a post where we discuss if LIC is a good investment or not. It was just to know cheapest way to pay premium if we can get discounts / cashbacks
1. Yes
2. Yes
3. No, but that’s the last 3 year historical data that you can use for reference. Even in the 2008 financial crisis period, LIC didnt reduce the bonus
4. Some / most people can get commission back from agent upto 40-45% of 1st year premium
@marwari_investor @kir199123 @rahulkothu
As per Section 41 of the Insurance Act, “A licensed agent, whether individual or corporate, can’t appoint a sub-agent and pass on a commission to another person or entity. Any passing of commission by an agent is construed as rebating and is prohibited under the Act.
SEBI & IRDA can take action against that agent so be carefull because i personally file complain against this type of commission giving agent & LIC Closed this type of policy
and people like you @marwari_investor who ask for commission in return of policy are the worst who are polluting the name of LIC
I hope you know the term difference between a customer and a sub agent.
A sub agent is when I appoint someone to liaise for me , get me clients so that I achieve my targets and in turn I would give him a percentage of commission on the same.
A customer here is just bargaining for a better return. No where it is barred in the Act.
Regarding compliant , this is a standard industry practice , you file a complaint, try to justify the quid pro quo and then get the agent debarred.
All the best bro. And there is nothing unethical in asking for a share in commission.
As you can see in other discussion there are multiple other avenues where people get higher return. People want to maximize their benefits and agents want to sell the policies to get comission income.
I see this as a point where both of them benefit.
I Guess…………..
Person who has asked the question is fully confused
Discount to mila nahi aur duniya bhar ki kahani alag se 
T- He asked for discount on premium payment not this story
Use credit cards + Cred for amount that big. Check with your agent and ask him/her to apply for LIC credit card(powered by Axis Bank), you’ll get 2% reward points for LIC premium payments provided you get the limit you wanted. Apart from that there’s zero issuing and renewal fees, Opt for Signature card for 1 point = 1 rupees, other card variants have lesser conversation rate.
LIC Credit Card Website – http://www.liccards....n/
Also LIC endowment(Life cover + Investment) plans are a total waste of money. For example LIC Jeevan Anand plan provides 4-5% returns if calculated(IRR). FDs are better in my opinion when compared to any endowment plan. Use these two tools to know your LIC plan’s IRR
To calculate total maturity amount including bonuses
http://www.liccalculatorpremium.com/lic-premium...
To calculate IRR
https://play.google.com/store/apps/details?id=c...
And rest assured , LIC will be the single biggest scapegoat for govt to bail out sick psu as well as pvt entity….lol
@sabkamaalikek you could use amazon pay icici card for 1% I think it was eligible on insurance spends also, need to confirm before using though.
Hdfc diners club black or hdfc infinia gives 3.33 % but a limit on points for insurance spends
Flipkart axis card gives 1.5% , should confirm before using though
Scb Ultmt 3.33% points
@garg Actually yes… by mistake I quoted you 
Axis Bank credit card.. you will get double rewards points.. 1 point is equal Rs 1
Where 2x offer on axisbank cards?
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Nope