Difference between LIC Insurance and Bank Deposit
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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