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!
Payzapp doesnt have LIC 😒
Investing in LIC as good as suicide buy only term plan
Pay via Google Pay…(Get scratch card Upto 1000 when you send 150 or more offer)..Try your Luck
I have 2 installments to pay. RS. 27000. Help me with the best option to pay…
Not to Pay 
Hii Guys,
I have LIC Jeevan Saral Policy from last 6 years.
Premium Amount ₹6005/- yearly.
Should I continue with this policy or should I surrender it ?
Need some expert guidance.
I am also having same plan
Get minimum 5% cashback on paying your utility bills using Citibank Online or the Citi Mobile app from the safety of your home. Offer ends: 30th June 2020. Know more: https://citi.asia/INBillPa...er
As per offer condition..only who’s received offer invitation get 5% cashback maximum 250 rs.
Doing @ 1%off
Don’t be so greedy about insurance premium payment discount. Otherwise one day, insurance company will apply discount voucher at the time of claim payment.
It’s good we are discussing pros and cons of having an LIC
But op just wanted to know if there is some discount he can get whole paying the premium
You can pay using Sbi simply click card through Paytm. 1.5 lacs would earn 7500 reward points. Earn 500 points more and it would be equal to 2000 amazon balance
Or use Amazon ICICI card through Paytm or any other merchant and get 1% back as amazon pay balance.
Pay from Amazon app by using icici Amazon pay.. hoPe it will give 2%.. haven’t tried.. will pay my premium this month .. and I will check it..
OP to suspended ho gaya hai
Sorry then, pay using paytm .Depends on account they gave offer.
Any Investment advisor will tell you Insurance is only for coverage, so if you want Insurance, a Pure Term Plan + Health Cover is the way to go.
Don’t treat Insurance as an Investment, better to go for FDs, MFs, Stocks, PPF, Sukanya Samriddhi, Government Bonds NSC Kissan Vikas Patra etc..
LIC as an Insurance Provider itself, ranks mediocre among other providers, higher premiums and a lot of “projections” which you never know if it will materialize. They have a huge customer base with huge volume of policies so they can settle 1L and 2 L claims and have a better Claim ratio but the Amount they settled will be lesser than the top 5 providers.. So Financial investment, returns, education is extremely important so you don’t end up losing your hard earned money.
Is my money safe in LIC, Yes, to some extent, since the Govt might bail them if need be.
Is my income from it Tax Free (Yes, as on date it will be Tax free, unless that changes in the future)
My opinion, the Investments in Insurance will start declining from this years budget with the government planning to do away with the Exemptions in the long run (few years..)
There have been a lot of controversies with LIC Agents misrepresenting the returns and the information, so 7%… I highly doubt you will be getting that kind of return from your investment. You’ll probably get a 4-5% at the max, read the fine print very very carefully.
There’s a flipside to it too, if you choose some of the long term plans, chances are you will lose a part of what you paid if don’t carry the policy to term, if you exit before some time (eg: 10 years, if you exit before that you’ll get about 85% of what you paid) There will be a similar calculation for your policy.
So if you’re willing to lose money at this stage, get out of it, you might lose most of it in fact, invest the same amount every year in PPF or Kisan Vikas Patra or Mutual Funds/Stocks if you fancy some risk
If Not, carry the policy to full term, or at least beyond the point where you get more than your principal (probably 10-15 years check the policy) So you will get (Premiums paid until that time + some Bonus) or if you carry till term, you will get about 4-5% return. Just before someone jumps at me, I have a few people who have carried policies to full term, such as Jeevan Saral and seen the actual returns.
Jeevan Saral was one of the worst and most misinterpreted plans in the history of LIC… My mother took it trusting the words of the LIC agent without doing proper research and suffered a big loss 
I have to pay hdfc life term insurance next month. Amazon has insurance pay option. SBI Simply Click gives 10x reward points on purchase on Amazon. Does this 10x offer applicable to insurance pay from Amazon? Please clarify if anyone has an idea.
yes
amazon
I too have taken this. And you have done a good decision. Don’t worry about what others say against LIC traditional policies. After 30-40 years, we don’t know if the private “term insurance” offering companies will survive. Also, “claim acceptance” rate of LIC is near 100% while private companies are doing insurance for making profits. So, stick to your LIC policy. Bonuses will make it around 7% return which will be better than FD etc in the long term.
For the debit card option, there won’t be a new debit card perfect for LIC. Whichever DC gives you the best in terms of rewards points, you can pay premium with that.
Ok @tbeliever … 3 points:
- After 30-40 years we don’t know anything, let alone saying LIC would still survive and others would not be there.. LIC had the biggest investment disaster bailing out IDBI by shelling out 21,000+ Crores… While other private lenders have a strong Asset ration
- Claim Acceptance is 100% ??? Do you have a report either from IRDA or any other regulatory body saying this ? or is this your assumption
- 7% Bonus, again, what is the basis for this ?
Go for both LIC and term insurance plans… Diversification of risk is the key. LIC will give u assured return and sure shot insurance claim. Other term insurance policies may reject or settle less amount as there are so many terms and conditions. Claim ratio is not the correct parameter, they may be settling 99 small value claims and rejecting a big value claim.
Plus people paying higher slab of taxes should not forget that maturity returns earned on LIC are 100% tax free under section 10A. Which means people paying 30% tax will end up saving lot of tax outgo on profits earned from maturity payout.
Last month One of my friend paid the premium on amazon using amazon icici card he is a prime customer….and he is paid 5% cashback in Amazon account…may be they did it by mistake because what customer care told him was 2%….but he is paid
Experienced people know what I said is true. Try to talk to your father, uncles or seniors who took LIC policies and got money after maturity to confirm what I said. And yes, there is a guarantee that LIC would survive. You won’t want to bet against it. But there is no guarantee that most of private insurance companies will survive and there is no guarantee that they would accept insurance claim after we die. Pvt companies are in this business for “profits”.
You don’t seem to understand how insurance business is run on profit & you certainly don’t understand what IRDA do. See this thread for clarifications:
https://www.desidime.com/discussions/all-you-sh...
Paid using amazon icici card and got 5% cashback that i used to buy something else on amazon.Didint find any other offers.
off topic…did u got any offer @ OP
Off topic? This is what the topic was about 
Guys… Lic is going to be public limited in few years….govt can’t bail such huge company who is sitting on 20+ lakh crores of money..
I am also paying LIC premium of 10000 every 3 months.. earlier I used to pay it by using Jio money wallet because on lic payment portal they were charging fee on credit card except axis Bank. Now I just come to know that Amazon also started payment of lic premium.. I am holding Amazon Pay Icici card so planned to pay next premium from it..I hope that they will give 2% as amazon pay cash back.
Tell how much cashback u received using ICICI apay card on Amazon for LIC premium payment
Even ppf was waste year by year govt reducing ppf interest lic best in terms of future long run
Pay with Amazon pay icici with amazon prime uget unlimited 5% cb
LIC IPO is also in the pipeline
The best discount in LIC Premium is to stop the plan itself.
I have calculated and found on an average of 3.2% ~ 4.7% returns among their Jeevan-Blah-Blah plans.
Best advice is invest in Gold, Gold ETF if you are so skeptical about Mutual Funds.
Financial literacy is worse in India.
If you really want an INSURANCE plan, then get a term insurance and NOT any endowment or savings-cum-insurance policies.
The premium you are paying for a 5 lakh policy can get you a 20 lakh insurance cover + >9% annualised interest if invested separately. (approximation)
please elaborate how to get 9% guranteed return plan..
Best way to do it,
1.Pay using Payzapp billpay – 200 cashback.
2.Use Paytm Citibank card – 1 % cash back -1650.
3.Pay the credit card bill using cred app , you will get 165000 points which can be used to buy various discount coupons or cashback too.
200+1650+500~ = 2350