LIC of India

Life Insurance


LIC of India


LIC v/s Post Office Recurring Scheme

by  in October 21st, 2009   
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Benefits of LIC Scheme:

  1. You can deposit Yearly, Quarterly, or Monthly(ECS) in LIC Scheme.
  2. Maturity received in LIC scheme is TAX FREE under section 10-10d of Income tax act.
  3. The amount deposited in LIC is exempted under section 80c of Income tax act.
  4. You ca continue LIC scheme after 10 years. You cannot continue post office scheme after 1 years.
  5. If you forgot to take maturity at the end of the 10 years. You can get return beyond 10 years in LIC scheme. This is not available in post office scheme.
  6. Get free insurance with LIC scheme.
  7. LIC is awarded by trust brand No.1
  8. 1000′s of Insurance agents to help you and collect your premiums from your office/Home. In Post office scheme home service is not available.

Maturity at the end of the 10 years in Monthly Scheme

Premium

LIC Return

Post Office Return

LIC Gain

Rs.500Rs.106452 + Free InsuranceRs.89010 -Income TaxRs.17442
Rs.1000Rs.212904 + Free InsuranceRs.178021-Income TaxRs.34883
Rs.1500Rs.319356 + Free InsuranceRs.267031-Income TaxRs.52325
Rs.2000Rs.425808 + Free InsuranceRs.356042-Income TaxRs.69766
Rs.2500Rs.532260 + Free InsuranceRs.445052-Income TaxRs.87208
Rs.3000Rs.638712 + Free InsuranceRs.534063-Income TaxRs.104649
Rs.3500Rs.745164 + Free InsuranceRs.623073-Income TaxRs.122091
Rs.4000Rs.851616 + Free InsuranceRs.712084-Income TaxRs.139532
Rs.5000Rs.1064520 + Free InsuranceRs.890105-Income TaxRs.174415

LIC Maturity Calculated @10% I.R.R

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Life Insurance Corporation of India (LIC of India) is the largest insurance company in India. LIC of India was founded in 1956 with the merger of 200 insurance companies. Currently, LIC has Rs.9.31 trillion worth of assets. Its fully owned by Govt. of India and LIC funds about 1/4th of government expenses.

LIC of India is no doubt the most trusted insurance company in India. LIC India has various insurance plans to suit your needs from child insurance to pension plan.

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