There are five modes of PREMIUM payments available for LIC insurance plan like Yearly,half yearly, Quarterly, monthly and single premium. Why should we select yearly MODE of LIC insurance plan? It will give few additional benefits. One can make their payment as they want. but if we pay premium for LIC plan in yearly mode in the month of March then we will have some benefits.
Suppose we select date-backing of my LIC PLAN to April, age reduces & Prem every year reduces, in 15-20 years, this Rs _________ is the total Difference in Prem, with Yly premium MODE, there is every year discount of 2%, total discount in 15-20 years would be Rs ___.
By back-dating, I shall get you extra 6% on Maturity Value of 25-50 Lacs, how ?
By Getting Maturity 1 year earlier, that AMT can be invested in Bank FDs,
FD would earn 6% Interest,
By back-dating, OUR loan, in case of emergency, would get due early, 2 years instead of 3,
By back-dating, our loan amt increases, Because of more Premium, more bonus & more loan,
By back-dating, In case of death, more death benefit coz of more bonus,
By Back-dating, In case of Money Back plan, every SB 1 year earlier,