How is LIC different from bank?

How is LIC different from bank?

RD is a Recurring Deposit which can be opened with any bank provided you hold a savings or current account with the bank. This is purely a savings scheme where you can earn interest. It does not provide any other benefits….Recurring Deposit.

Points LIC RD
Loan Loan facility available Loan facility available

Why is LIC not named a bank?

Money And Banking. Why are financial institutions like UTI, LIC are not considered banks? Because such financial institutions do not accept chequable deposits.

What is the interest rate of LIC?

LIC Home Loan Details

Loan Amount Rs.1 lakh – Rs.15 crore
Interest rate 6.90% p.a. onwards
Current LHPLR 14.70%
Processing Fees 0% – 0.50%
Max Repayment Tenure 30 Years

Which is better LIC or post office?

Premium Rate-When compares to LIC or any private insurers, PLI offers cheap premium. So this is the most advantage of buying endowment plans with PLI than with LIC. Bonus Rate-Bonus offered by PLI is in the range of 7% or more. Therefore, in case of buying LIC offers more flexibility than PLI.

Which plan is best in LIC?

Best LIC Plans for 2021

LIC Policies Plan Type Policy Term
LIC Jeevan Umang Whole Life Insurance 100 years minus(-) the age at entry
LIC Jeevan Amar Term Assurance Plan 10 years-40 years
LIC Money Back 25 years Money Back Policy 25 years
LIC New Jeevan Anand Endowment Plan 15 years-35 years

Is LIC making loss?

“The insurance industry had lost about Rs 45,000 crore in new and renewable premiums in the last fortnight of FY20 due to the COVID-19 pandemic. LIC has booked a profit of Rs 13,000 crore from equity operation and is still a net investor of Rs 28,000 crore in the market.”

Is LIC a govt job?

No. LIC is a public sector institution and its Development Officer is a public sector employee. LI C dev officer job is not a govt job because lic is a public sector in which govt has some share but it is a semi govt job .