life insurance plans from lic
How is the insurance plan of LIC Endowment India? (Life Insurance Company)?
hi i am single, 37 years old. What is the Endowment insurance plan of LIC India? (Life Insurance)? If premimum payment of Rs 60,000 per year for 10 years in this policy, is OK? How is the policy for retirement purposes? is only an insurance or investment as well.
Are you thinking of investing (for retirement) and goes for the insurance (endowment plan) to achieve the objective. Please note to maintain the investment and insurance separately. Charges & Agent commission and a simple rate of return (not compound) affect profitability. You will receive only 5% of the profitability of your endowment policy. If you can increase your time frame to 15 years, then SPF is best for you and return is tax free. You also can invest in mutual funds, but will have some risk. I'm not saying that to avoid the insurance. You should make yourself with the term insurance if you have dependents. Low cost insurance is pure. If you invest 60,000 per year for 15 years in the endowment insurance policy (yield of 5%) will 1,359,449.51. If you invest the same amount over 15 years in PPF (8.5% performance), will receive 1,837,920.72. choice is yours.
