Question: Which LIC Plan Is Best?

How can I double my money in 5 years?

Rule of 72: Divide 72 by the Expected Annual Returns Since you want to double your money in 5 years, your investments will need to grow at around 14.4% per year (72/5).

Or if your goal is to double in 10 years, you should invest in a manner to earn around 7.2% every year..

Which is the best LIC Policy 2020?

Top 6 LIC Plans In India 2020LIC PlansType of PlanPolicy Term (in years)LIC New Children’s money-back PlanTraditional money-back Child Plan25 years – Age at EntryLIC New Jeevan AnandEndowment Plan15 – 35LIC Jeevan UmangWhole Life + Endowment Plan100 – Age at EntrLIC Jeevan LabhEndowment Plan16/21/252 more rows

How much money do I need to invest to make $3000 a month?

In order to get $3,000 a month, you would potentially need to invest around $108,000 in a revenue-generating online business. A growing online business is likely to give you more than $3,000 a month. Furthermore, you can sell the online business at any time, possibly make extra money and reinvest it.

What is guaranteed income plan?

Max Life Guaranteed Income Plan is a savings plan which provides you a life cover with guaranteed payouts in the form of monthly income for a ‘Payout Period’ of 10 years. … In case of any immediate need, you can choose to get a lumpsum in place of monthly income.

Is LIC policy a good investment?

Insurance policies are best investment option for protection and 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.

Is LIC safe today?

Refuting claims of its weak financial position, national insurer Life Insurance Corporation (LIC) on Wednesday assured its millions of policyholders that their money is safe and secure as its “financial health is sound. ‘

Is LIC in loss?

Life Insurance Corporation of India (LIC) has suffered a notional loss of around Rs 1.9 lakh crore in the past two-and-a half months, according to a report in Business Standard. As at the end of December 2019, LIC’s holdings in listed companies was Rs 6.02 lakh crore, the report said.

Is there any LIC policy for 5 years?

LIC’s Jeevan Aastha is a single premium assurance plan which offers guaranteed benefits on death and maturity. The Plan is close ended and would be available for a maximum period of 45 days from the date of its launch i.e. 08.12….2.Premium rates.Age at entryPolicy Term 5 yearsPolicy Term 10 years50180.85175.903 more rows

Which is better LIC or sip?

LIC, SIP and mutual funds – the bottom line Advise them to, first, aim for financial security by investing in a life insurance plan and then they can plan their investments. … If, however, they want to invest in mutual funds, SIPs are the best way to go about it.

Why is LIC premium so high?

Claim settlement ratio is definitely helping LIC price its premiums much higher than private sector insurers. However the difference in premium is too large to be ignored and its not as if private insurers do not settle claims at all.

How can I double my money fast?

4 Simple Ways to Double Your MoneyInvesting. Investing is one of the best ways to grow your wealth because there’s a good chance your annual rate of return will outpace inflation, gradually increasing your net worth. … Use a high-yield savings account. … Start a side hustle. … Spend less to double your savings.

What is guaranteed return plan?

Varieties in guarantees The structure of the guaranteed plans is not the same across insurers. Some may offer a guaranteed return based on the premium while others may offer returns on the sum assured. The guarantee may also differ based on the term of the policy or even the premium-paying term.

Which LIC plan gives maximum returns?

LIC Plans with Highest Return. LIC offers a wide range of life insurance policies designed to provide higher returns. The following plans by LIC provide you with the maximum benefits – Jeevan Amar, New Children’s Money Back Plan, New Endowment Plan, New Money Back Plan- 20 years, and New Jeevan Anand Plan.

Is LIC better than FD?

Fixed deposits are best for both short and medium term investments whereas life insurance plans are designed for long term investments. You can invest for a period of as low as 7 days in fixed deposits unlike a life insurance plan wherein you need to invest for at least 10 years. You can invest a minimum amount of Rs.

Which is the best traditional insurance plan?

Best Traditional Plans in IndiaPlan NamePlan TypeAgeHDFC Life Sampoorn Samriddhi Plus PlanEndowment Plan18 – 75 yearsHDFC Life Sanchay PlanEndowment Plan18 – 70 yearsICICI Prudential Cash AdvantageMoney Back Plan18 – 80 yearsIDBI Federal Incomesurance Guraanteed Money Back InsuranceMoney Back Plan65 years25 more rows•Nov 23, 2020

What is lic interest rate?

Current LIC Housing Finance Home loan interest rates for Dec 2020 starts at 6.90% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is NIL.

How many years FD will double in LIC?

14 yearsLet’s say the interest offered on FD is 6.95%. Now applying the rule, just divide the number 72 by the rate of interest. So 72/6.95 = 10.36. So it will take a little more than 14 years for one’s investment to get doubled in LIC Housing Finance.

Is LIC safe after Budget 2020?

The government plans to sell part of its holding in Life Insurance Corporation of India through an initial public offering as it set a record disinvestment target for 2020-21. More so, after it estimates to miss its FY20 disinvestment target by more than a third. …

Is LIC Jeevan Anand a good policy?

LIC Jeevan Anand is a traditional participating whole life endowment plan. The plan provides an option of regular premium payment to the insured. On survival till the end of the plan term, the benefit on maturity is paid to the insurance holder and the plan continues to be in force.

How can I invest 50k wisely?

How to Invest 50k?Get an Emergency Fund.Pay Off Debt.Determine Your Goals and Risk Tolerance.Understand Which Kind of Investor You Are.Understand the Difference Between Passive and Active Investing.Invest in Individual Stocks.Invest in Real Estate.Invest in Individual Bonds.More items…

Which insurance is best for investment?

Some of the best investment optionsthat provide almost-zero risk include:1) Sukanya Samriddhi Yojana. … 2) Public Provident Fund (PPF) … 3) Post Office Monthly Income Schemes. … 4) Senior Citizen Savings Scheme (SCSS) … 5) Tax Saving FDs. … 6) Sovereign Gold Bonds. … 7) Life Insurance. … 8) Bonds.More items…