Why we should not take term insurance?

Term insurance will not serve the purpose if you wish to save money for a specific need such as education of child, marriage, old age provision like retirement needs etc. It will also not help you provide for income or capital needs of your family while you are living.

Are LIC policies worth?

Is LIC Plan a good investment? Yes, LIC offers best life insurance plans. If you are looking for investment and protection option under one product, you can consider Endowment or Unit Linked Investment Plan (ULIP) as per your risk appetite and financial objectives.

How much health insurance is sufficient?

First, your health cover should be at least 50\% of your annual income. And second, the insurance cover should at least cover the cost of a coronary artery bypass graft in a hospital of your choice. Most personal finance experts recommend a minimum health cover of Rs 5 lakh.

How much should I take term insurance?

Industry experts often recommend this simple formula: A term insurance cover should be 15 to 20 times your annual income. For example, if your annual income is 10 lakhs, then you should get cover for minimum Rs. 1.5 crore.

Is LIC Jeevan Shanti a good policy?

Investment objective : If your investment objective is to get adequate life cover then LIC Jeevan Shanti is not a right choice for you. You can consider buying a pure Term Life Insurance Plan. Last but not the least, Annuity Income is taxable as per your applicable tax slab rate.

What is the average return on LIC?

The average return on investment for LIC over a period of ten years between 2005-2006 and 2014-2015 has been 6.7\%. The average return on a ten-year bond has been 7.9\%. The difference between the two returns is 120 basis points. In fact, the average rate of inflation between 2005-2006 and 2014-2015 was 8.85\%.

How is the amount of premium calculated for LIC term plan 50 lakhs?

For LIC Term Plan of 50 Lakhs, the amount of premium is calculated by the insurance company taking into consideration various factors. The premiums on the level sum assured option is lower than the premiums on the increasing sum assured option in both the Tech Term and Jeevan Amar plans of LIC.

What is the maturity amount of LIC policy?

LIC Maturity amount = Sum assured + Simple Bonus + FAB. LIC Maturity amount = sum assured + Simple Bonus + FAB – Survival Benefits. Sum assured is the amount you have been insured. Simple Bonus is the amount paid by lic to your policies based on profits.

What is the eligibility criteria for LIC Tech-term?

Eligibility Details of LIC Tech-Term Minimum Maximum Entry Age 18 years 65 years Maturity Age — 80 years Policy Term 10 years 40 years Sum Assured Rs. 50,00,000 No Limit

What are the benefits of LIC term insurance plans?

The policy enables the insured to have a good lifestyle while paying a premium. LIC online term insurance plans can be purchased in an easy and hassle free-way. LIC term plans offer a claims settlement ratio of 98\%. Types of LIC Term Insurance Plans