LIC Insurance + Amazon Pay

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Last Comment 2023-03-17

2023-03-16

Hello All,

I found in the comments that some people found a way to save a little by creating a LIC policy and paying the policy amount via Amazon Pay bill payments. I'm not aware of any other things and have a few doubts regarding this.

I think the saving in a way that we can pay the LIC policy via Amazon CC or pay balance (gift cards) and through which we can save 2 or more percentage amount while paying the bills additionally LIC will be giving us interest on the amount, so the amount we save while we pay the bill to be an additional benefit.

I'm adding my doubts below, someone having knowledge on this please help.

Regarding the LIC policy

Which policy should I choose, I'm looking for a monthly recurring payment policy for a maximum of 5 years.
Like 1000 every month for 5 years or anything similar. Can you suggest me one? I need to tell you that I don't know anything about LIC, I don't know whether LIC has any similar plans. Please give suggestions for me.

Also, it will be perfect if there is something with a TAX saving policy.

Regarding payment

Is it possible to pay with the Gift card balance?
Does amazon CC give cashback on this transaction?
Any other suggestion to pay other than the amazon method?

Also, I heard that we need to pay the amount online a week or something before the payment date otherwise there will be some issues or conflicts.

Thanks

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https://www.desidime.com/discussions/lic-insurabce-amazon-pay?page=1#post_9155162

arundass007378

2023-03-16

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please note that this is not a reply for your queries 😀 but based on my personal experience, investing in LIC some 25-30yrs ago made sense as that was the main tax saving option under 80C people had but now if you look at all their policies they give maximum 5-6% returns only which is real waste of investment in terms of earning profit and lock in period for your money.... again all depends on how you want your money to grow or how long to leave it to grow.. for me especially after Covid.. long time investment is max 4-5yrs and not 15/20+ yrs as we never know whether we or LIC will be there seeing the current state of events going around the world and if I have money for investing then I would simply put FDs in these small finance banks for 8-9% interest for 2-3yrs where i would ensure the max is 5L per bank..and if you want risky investments then you have mutual funds/direct investing in stocks for higher yields..

https://www.desidime.com/discussions/lic-insurabce-amazon-pay?page=1#post_9155180

jonsnow18

2023-03-16

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Amazon can stop supporting lic payments through apay balance or giving cashback on using Amazon cc for lic payments in near future, think about that too.

https://www.desidime.com/discussions/lic-insurabce-amazon-pay?page=1#post_9155311

itsmejerry

2023-03-16

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jonsnow18 wrote:
Amazon can stop supporting lic payments through apay balance or giving cashback on using Amazon cc for lic payments in near future, think about that too.

Yes, there are chances for that

But,still I think many are doing the same from a long time

https://www.desidime.com/discussions/lic-insurabce-amazon-pay?page=1#post_9155332

panchabhut

2023-03-16

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Insurance is not an investment product. There are other products that give better returns. However, if you do not have any insurance policy, you should definitely take a pure term insurance policy as a means of risk cover.

Presently it is possible to pay insurance premium using Amz GV bal. How long it will remain possible, no one can say.