On a Recurring Deposit, you get more interest from a savings account. In many months, this interest will be so much that it can fill the insurance premium every month.
Recurring Deposit: LIC agent Debashish Dutta, who gave LIC policy to former President Pranab Mukherjee, advises his other customers to get a recurring deposit with the bank. He says that a little more than the premium of the insurance policy should be put in the bank RD. If someone makes it a habit, then it will not be difficult to arrange the amount of insurance premium every month.
Dutta says that RD account gets more interest than savings account. In many months, this interest will be so much that it can fill the insurance premium every month.
Suppose someone has to pay a premium of Rs 750 every month, then he should make a recurring deposit of Rs 1,250 per month. By doing this, you will be able to arrange a full month’s premium after accruing interest after a few months.
Recurring Deposit: Many banks have an annual interest rate of 7.5 to 7.75 per cent on a recurring deposit.
The biggest success of Dutta’s career has been to provide a pension policy to Pranab Mukherjee on 9 July 2018.
Significantly, this is the only LIC policy that Mukherjee has bought. “It was a pension policy and Pranab Mukherjee used to draw interest from it every quarter,” says Dutta. Dutta has also been awarded the Beema Ratna Award from LIC. He has also been a member of the Million Dollar Round Table.
The Million Dollar Round Table is an international organization comprising more than 62,000 veteran life insurance and financial service professionals in the world.
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