Difference between LIC Insurance and Bank Deposit
Difference between LIC Insurance and Bank Deposit
Sl No. | Bank Deposits | LIC |
---|---|---|
1. | You have to pay tax on your investment and the return. | You get tax exemption both on the investment and the return. |
2. | No Insurance Cover. | Insurance Cover starts just after the first installment paid. |
3. | Investment is Not Guaranteed by Government of India. | Investment is Guaranteed by Government of India. |
4. | Variable Interest rate. Interest rates are falling. | The fixed interest rate for the Lifetime. |
5. | All the age group has to pay same for some specific maturity | Youth pay less compared to old. |
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