Mutual Funds V/S Life Insurance in Hindi
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What is Life Insurance Corporation of India (LIC)?
The government-owned Life Insurance Corporation of India (LIC) is an insurance and investment company. It meets the insurance needs of individuals by providing policies that are tailored to their specific needs. LIC is one of the oldest life insurance firms in the India, as well as a market leader in the insurance sector.
Life insurance protects a family from unanticipated occurrences such as death. It contributes to a family’s financial stability. The fundamental goal of life insurance is to provide a “death benefit” to the family’s dependents in the event of the earning member’s premature death.
There are a variety of insurance plans available that meet both insurance and investing requirements. Term insurance, which is a pure insurance plan, is the most basic. Unit Linked Insurance Plans (ULIPs), endowment plans, money back plans, child insurance plans, and retirement plans are the other forms of life insurance plans. All of these programmes are designed to meet the investment requirements of insurers.
It is critical to get life insurance. It comes with a slew of advantages. The following are some of the advantages of life insurance:
Life Insurance Meaning : Life insurance provides protection to a family against unforeseen events like death.
Mutual Fund Meaning : A mutual fund is an investment option that helps in generating significant returns through investing in market-linked instruments.
Life Insurance Purpose: The main purpose of a life insurance policy is to safeguard the financial future of dependents.
Mutual Fund Purpose: The primary motive for mutual fund investments is to generate significant returns for long term financial goals.
Life Insurance Risk: Life insurance is less risky in comparison to mutual funds. However, it offers guaranteed death benefits.
Mutual Fund Risk : Mutual funds are market-linked investments, and hence are highly volatile.
Life Insurance Return : LIC schemes offer low returns.
Mutual Fund Return: Mutual funds offer significant returns in the long term. Long durations help in addressing the market volatility.
Life Insurance Tax Benefits :Premium payments up to INR 1.5 lakhs qualify for tax exemption under Section 80C of the Income Tax Act, 1961.
Mutual Fund Tax Benefits : Only investment in ELSS mutual funds qualify for tax deduction under Section 80C of the Income Tax Act, 1961.
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