What is the best way to pay LIC Insurance Premium? any discounts you're aware of?

There is no “guaranteed return”. Those who are offering guaranteed returns are keeping a good chunk of the return with themselves and giving you a meagre share of the returns they have made using your investment.

But when you look at past trends, returns are always above 11% (except a few occurrences like subprime crisis and all).

• You can invest in Debt Funds where risk is low and annual returns are above 10% : eg. Government Securities Fund

• If you are a risk taker, invest in equity. Starting up, invest in NIFTY companies.

• And the evergreen investment is always Gold

What i personally think no safe SCHEME can match the return of PPF SCHEMES and these LIC schemes definitely not because they give good amount as commission to agents. In my experience LIC schemes gave only 4-5.5 percent returns. The return agents shows are always approximate . Moreover you can make partial withdrawl from PPF after 5 years and the interest received is not taxable at all but interest received from lic schemes may be taxable in the year you receive interest.

Buy amazon pay gift card via hdfc smartbuy and get 5% cash back in ur hdfc credit card or PayZapp account after that pay ur lic prim

I have mentioned Govt Securities Fund (read Gilt) and not core G.Sec.

Do your homework else keep your mouth shut.

Yes friend most of the Lic have tax free maturity but 5 percent return is also not guaranteed they give bonuses which are not fixed. Moreover interest rate on PPF was around 11 percent in 2000 and in 2019 it was 7.9 which is far more better than 5 percent. Simple logic is that when they are giving commission how can they provide good investment opportunities. I may be wrong but they give atleast 15 percent of your first year premium as commission and later on 7.5 percent upto some more year. That means your investment reduces by that amount as soon as you PURCHASE POLICY. The policy illustrations which agents generally show are based on assumption of 8 percent interest rate which they will never able to give.

It is bad bro.

5% annual returns means you are losing money.
Inflation stands at 6.08% as on date.

So your 100/- becomes 105/- next year but the price of a commodity worth 100/- this year will cost 106/- next year. So you lost a rupee

Talking about interest rates, it will not fall below 4% since RBI has targeted inflation rate between 4-6%.
During the times of 9% FD interest, inflation was over 10%.

I think you can pay using amazon pay icici credit card. This will entitle you for 2% amazon pay cashback.

This discussion seems to be eye opener. and now i think LIC is waste of money. I am already doing Mutual funds in equity.
please see below details and advice me on these LIC whether i can stop and get my money back?
I have below policies – Payment Half yearly
1. The Money Back Policy – 20 Years (Plan-75)
Sum Assured : ₹ 2,00,000
Commencement Date : 07/08/2012
Date of Maturity :07/08/2032
Instalment Premium : ₹ 6,386.00

2. Jeevan Anand (Plan-149), – Payment Half yearly
Sum Assured : ₹ 2,00,000
Premium Paying Term : 21 Yrs
Policy Term : 74 Yrs
Commencement Date :07/08/2012
Date of Maturity : 07/08/2086
Instalment Premium: ₹ 5,294.00

3. The Endowment Assurance Policy (Plan-14), – Payment Half yearly
Sum Assured: ₹ 1,00,000
premium Paying Term: 25 Yrs
Policy Term : 25 Yrs
Commencement Date: 06/08/2004
Date of Maturity: 06/08/2029
Instalment Premium: ₹ 1,948.00

I am confused whether i should continue or stop these policies and withdraw money and invest in stock market.
I am 33 years old and don;t have any term plan.. only have health insurance provided by employer covering family with 5Lacs..
Please advice about these policies

Pure Term plan + MF gives the best return & safety for ordinary investors…. Every sane financial advisor would tell you this….

Bharat pe 12% de rha he..isse jyada duniya me koi nhi dega..or compound intere to 13% ho jayega

Continue all your policies, it may be good decision to close your policies now but it is not wise decision . Continue them as you have given lot of time, although return will not be that good but you are getting life cover and also you can use them to complete your limit of 150000 for 80C.

And since all your policies are above 5 years old you are also not paying larger percentage as commission on your future premiums

Even if you consult your agent regarding your closure of LIC plan they will definitely show you some new plan and tell you that your older policies are not good and urge you to buy new one.
Since your policies are old enough that they are not receiving good amount of commission. They will try to sell you new one so that they will receive higher rate of commission.

If you want to invest in stock market directly invest only if you have good knowledge how to see stock charts etc or else go through mutual fund route and try not to invest more than 10 percent of your income or 25 percent of your saving on market instrument.

If you come under any of income tax slab definitely invest yearly 50000rs in NPS as you will get rebate in income tax upto 50000 over and above 150000 limit. That means if you invest in NPS you are getting return of 10 percent as soon as you invest as a return from income tax if you come under 10 percent bracket.

I am not any advisor or connected to this field, i am just sharing what i do and what i know from my experience. So do your own research .

Pay with Amazon prime UPI flat 50 Amazon cash back

purchase amazon gift card trugh mobikwik with 4% supercash & pay lic with amazon

Pay with Amazon icic card at Amazon get 0.5 % cashbck cash rewards in your card

I pay LIC using Amazon pay balance and use HDFC Diners Club Black Amazon GV. Effectively I get 33% discount. (Limit being 5000 per month)

Only advice
never mix investment and insurance
Insurance should be clearly insurance
take term plan

Pay using amazon.in then payment through amazon pay icici bank credit card. I have done same and got 3%

Use amazon with blue card Personally tried it for more details check this out
Mobikwik introduces amex blue card now use mobikwik wallet cash via this card.

Please Visit
https://ddime.i...NE

If any one needs Lic premium I will pay @ 3% discount

Guys i need to pay lic premium now what is the best method now tl;dr of this discussion?

Lic payment available @ 2% discount

if you have mobikwik with supercash , generate blue card and you will get 3% discount value . If you load from credit card to mobikwik you will get additional 1% for ICICI Amazon Card or 1.5% rewards with Axis Bank cards. Total 4-5% discounts based on your cards rewards value

Some of my friends card apay card blocked due to some excessive use of card for payments so be aware.

Buddy please don’t put your money in LIC , it only benefit agents, they get huge comission, for you return might be less the 6% yearly, take cheap term insurance instead from them, you will not be able to forfeit your investment before 3 years, and after that you will only get 30 % of it in case you pull back after 3 years

Sbi simply click card se karo 2.5% milega

Use gyftr app for purchasing amazon gv for 1%

PPF + pure term insurance is much much better than any traditional LIC policy.

If u have amzn balance even gf balance, u can pay with it. Among others credit or debit card this is best…….

here is my suggestion, I haven’t tried this yet
1. buy Amazon GC using HDFC smartbuy – 5% cashback using HDFC CC (max GC limit per month is 5000)
2. load the GC to amazon pay
3. pay LIC premium using amazon pay

let me know your views