Month: May 2021

10 Best LIC Plans To Invest In 2021

10 Best LIC Plans To Invest In 2021

LIC Tech-Term

The LIC Tech Term Plan, also known as Plan 854, is an online-only plan that cannot be purchased offline. The LIC Tech Term Plan is less expensive than other term plans offered by the Life Insurance Corporation because it can only be purchased online. LIC’s Tech-Term is a non-linked, profit-free “Online Term Assurance Policy” that protects the insured’s family financially in the event of his or her untimely death.

LIC SIIP

It’s a fund with a unit-linked component (ULIP). This means that no refunds are guaranteed. Premium allocation charges, Mortality charges, fund management charges, switching charges, partial withdrawal charges, and other fees were included in this plan. You can choose from four different funds (Bond Fund, Secured Fund, Balanced Fund, Growth Fund).

LIC Bima Jyoti

LIC Bima Jyoti (Plan No.860) is an Individual, Limited Premium Payment, Non-linked, Non-participating Life Insurance Savings Plan. Throughout the policy term, Guaranteed Additions will accrue at the rate of Rs.50 per thousand Basic Sum Assured at the end of each policy year. This plan is available at a discounted rate through online or agents. Accidental Death and Disability Rider Benefit, Accident Benefit Rider, New Critical Illness Benefit Rider, are some of the rider options.

LIC Cancer Cover

LIC Cancer Cover is a non-linked, non-participating health insurance plan. This is a fixed-benefit health plan that pays out for cancer treatment. In the event that a customer is diagnosed with cancer, this plan will provide benefits regardless of the treatment costs. LIC Cancer Cover protects you from cancer in its early stages and later stages. The benefits are determined by the stage of cancer that you have been diagnosed with.

LIC Jeevan Akshay VII

LIC Jeevan Akshay VII an annuity plan that pays out right away. It’s a one-time-only, non-linked, non-participating, and individual instant annuity plan. Policyholders can choose from ten different annuity options after receiving a lump sum payment. The plan stipulates that the annuitant will receive a set amount of annuity payments for the rest of his or her life. This plan is available both online and in person.

LIC New Jeevan Shanti

LIC launched its new pension plan, LIC New Jeevan Shanti. It’s a deferred pension plan with a single premium. At the time of purchase, the pension rates are guaranteed. The maximum deferment period is 12 years, and the maximum vesting period is 80 years, as you may have noticed. The second thing to keep in mind is that if you choose a half-yearly, quarterly, or monthly pension, your pension will be reduced. The policy can be surrendered as well.

Pradhan Mantri Vaya Vandana Yojana

The Life Insurance Corporation of India (LIC), India’s largest life insurance provider, operates and manages PMVVY, a retirement and pension scheme. The purchase price is the amount of money invested by the scheme’s buyers. The scheme offers a guaranteed rate of return on investment because the sovereign backs it. The scheme pays out a regular pension on a monthly, quarterly, or annual basis. Traditional bank deposits can be replaced with the PMVVY.

LIC Saral Jeevan Bima

Saral Jeevan Bima Policy, a standard term insurance plan, has been launched by LIC. These term life insurance plans are designed to provide pure risk coverage with no requirements for providing documentation when purchasing the policy. The Saral Jeevan Bima (Plan No.859) plan is ideal for those looking to purchase coverage of up to Rs.25 lakh.

LIC Bachat Plus

Bachat Plus is a Non-Linked, Participating, Individual Life Assurance Savings plan offered by LIC. The premium for this plan can be paid as a lump sum (single premium) or as a limited premium with a 5-year premium payment term. The proposer will have two options for “Sum Assured on Death” under each of these premium payment options.

LIC Nivesh Plus

A unit-linked insurance plan (ULIP) is a type of insurance that is linked to the performance of the stock market (ULIP). This means that no refunds are guaranteed. This is a combined insurance and investment strategy. The amount guaranteed to be paid when the plan matures. You will not be eligible for complete tax breaks for the premiums paid and the maturity amount if the Basic Sum Assured in the plan is less than 10 times the annual premium.

Here are 4 bank deposits that offer you higher interest rates

What about safety of deposits?

History suggests in India that a full fledged commercial bank has not collapsed till date. Cooperative banks definitely have, but, not the commercial banks. Even the small finance banks have not had problems so far.

Yes, there has been a history of banks like Yes Bank and Global trust Bank running into problems, but, eventually these banks either get bailed out or are bought over by the bigger and stronger banks.

Apart from this, deposits of upto Rs 5 lakhs at all banks put together are insured DICGC. Therefore, to that extent they are secure. However, we all know that to get the money back, while there maybe insurance is always a tough thing.

Is it a risk really?

We really do not see a problem with bigger banks like IndusInd Bank. The bank reported a good set of quarterly numbers, but, there is no saying how things pan out for the banking sector. The second wave of covid-19 infections may put some pressure on the larger retail banks, but, one has to wait and see.

What we recommend investors is to stay invested in deposits for a more shorter duration. Looking at a tenure of 5 years and so on is not advisable at all. This is because, if interest rates rise, breaking your deposits would prove a costly affair. Hence, stick to a shorter duration to get the best.

Also, one cannot predict the direction of interest rates, though we believe in the next 1-2 years, it should go higher.

Look for various other options

Don’t stick to bank deposits alone. Look for other investment options like NCDs, tax free bonds etc. These too can offer investors very good yields. However, in case of both of these, since they are listed your yields would depend on your buying price.

There are also debt mutual funds, where you good get decent returns. However, again this depends on the net asset value at which you buy them. Overall, getting returns from the debt class has become very difficult, whether you are a short term investor or long term investor.

Disclaimer

Goodreturns.in has taken utmost care in compilation of data for this article. The views and investment tips expressed by authors or employees of Greynium Information Technologies, should not be construed as investment advise to buy the bank deposits mentioned above. You should consult other sources before taking an investment decision, based on the prices provided. Greynium Information Technologies Pvt Ltd, its subsidiaries, associates and authors do not accept culpability for losses and/or damages arising based on information in GoodReturns.in

Both regular and senior citizens can take advantage of a variety of fixed deposit (FD) schemes offered by Yes Bank. The bank offers fixed deposit schemes with terms ranging from seven days to ten years. On May 10, 2021, the bank changed the interest rate on its term deposits. Yes Bank now proposes an interest rate of 3.50 per cent on deposits maturing in seven to fourteen days, 3.75 per cent on deposits maturing in 15 to 45 days, and 4.25 per cent on FDs maturing in 46 to 90 days, after the most recent adjustment. On term deposits maturing in 3 months to less than 6 months and 6 months to less than 9 months, Yes Bank offers 4.75 per cent and 5.25 per cent, respectively. The Bank offers a 5.50 per cent interest rate on FDs for a maturity period of 9 months or less than one year. Both regular and senior citizens can take advantage of a special interest rate on FDs maturing in one year to ten years offered by Yes Bank. Term deposits maturing in one year or less than two years will offer a 6.00 per cent interest rate. FDs with a maturity period of two to three years will yield 6.25 per cent, while deposits with a maturity period of three to five years will yield 6.50 per cent, and deposits with a maturity period of five to ten years will yield 6.75 per cent. Senior citizens will receive interest rates that are 50 basis points higher than regular citizens. On FDs maturing in 7 days to 10 years, the bank proposes interest rates ranging from 4% to 7.5 per cent. On FDs maturing in three to ten years, senior citizens will receive an additional rate of 75 bps.

Yes Bank FD Rates

Below are the latest interest rates on fixed deposit of Yes Bank for a deposit amount of less than Rs 2 Cr.