Benefits of LIC Scheme
1. This is like a P.O. 's R.D. Scheme. You can deposit yearly, half yearly quarterly or monthly af(ECS) in LIC scheme.
2. Maturity received in LIC scheme is tax free under section 10-10D of income tax act.
3. You can withdraw partial or full amount if necessary after 10 years.
4. The amount deposited in LIC is exempted under section 80C of income tax act.
5. You can continue LIC scheme after 10 years. You cannot continue Post office scheme after 10 years.
6. In case of death of the policy holder 250 times monthly premium + total premium paid -(1st year premium and extra premium paid) + Loyalty addition if any payable.
In the following example we can see the returns from LIC compared to post office
1. This is like a P.O. 's R.D. Scheme. You can deposit yearly, half yearly quarterly or monthly af(ECS) in LIC scheme.
2. Maturity received in LIC scheme is tax free under section 10-10D of income tax act.
3. You can withdraw partial or full amount if necessary after 10 years.
4. The amount deposited in LIC is exempted under section 80C of income tax act.
5. You can continue LIC scheme after 10 years. You cannot continue Post office scheme after 10 years.
6. In case of death of the policy holder 250 times monthly premium + total premium paid -(1st year premium and extra premium paid) + Loyalty addition if any payable.
In the following example we can see the returns from LIC compared to post office
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