9 Replies to “Which LIC product is best for Software Professionals?”

  1. Why is ur preferance only towards LIC ??? i think you are not aware of the other products available in the market,request you to do some research work and you will be surprise to know the options available in financial markets. ( i am a financial advisor by profession )

  2. It depends on what is the software professionals objective of going for LIC plans, like Insurance, investment and tax Saving.
    Most of young software professionals want short term premium paying plans to save tax. After going throgh this answer you may really think and invest in right plan which suits you..
    LIC is having all the options depending on your requirements.You can go through below suitable options . All premiums paid are considred as proof of tax saving for that financial year.

    Long term Investments with safe returns-
    *Endowment plans- Insurance cover throughout the policy period and return on investment at maturity of Policy. best plans in this category are Jeevan Anand – Paln # 149 or endowment plan ( plan E 14)
    *Money back Plans- % of sum assured is returned in the form of Money back at frequent intervals ( every 4/5 years once ).I suggest New Bima Gold which is excellent plan with moderate returns and extended risk cover.
    * High risk coverage plans- Term insurance plans -high risk coverage for less premium. You can go for Amulya jeevan, if you are having high commitments or planning like home loan, car loans and risky investments. it is advisable to take these plans when you are young because premium depends on the age at entry.

    Short term premium paying options with LIC.
    in this category LIC is having ULIPS where flexibility of paying premium for short term and getting tax saving benefit as well. Minimum Lokin period is 3 years.
    Profit plus – Min premium paying term 3 years and policy period you can decide. Insurance coverage is 10 times the yearly premium.
    Market Plus- This plan can be taken as SIP ( systematic investment plan ) if you want to invest monthly regularly over a period of time. This plan can be taken without risk coverage as pure investment plan.

    You are thinking why LIC ? LIC is only Govt Guaranteed life insurance company in India. and having record in highest death claim settlement. LIC is peace of mind..

    For calculations and proposal in pdf for free, reach – [email protected]

    You can review http://in.answers.yahoo.com/question/index?qid=20091123221037AAIQBKm to know about retire and enjoy option.

    Hope this answers your question..

  3. You have not said anything about your age, dependents or financial goals.

    If you have any dependents better take a Term Insurance whic is cheaper. The better investment option would be to invest in good equity mutual funds through SIPs.

    If you must take a with profit policy go for LICs Jeevan Saral, which is a very flexible one.

    Have a nice day !

  4. Don’t invest in LIC if you are looking for good returns. It is always advisable to keep insurance and investment separate. Invest in Insurance companies only for insurance and not for returns. You should take Term insurance which is pure insurance first. You will not get any thing back from Term plans. For returns invest in Mutual fund ELSS schemes which offer tax benefits and good return also.

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