Benefits of LIC 25 Lakh Policy

What is the LIC 25 Lakh Policy?

LIC Policy of 25 Lakhs is a plan that offers combined benefits of savings and life coverage. These plans offer both death and maturity benefits to the beneficiary and help them to secure their future financially. Along with this, the 25 Lakhs plan by LIC also offers other benefits such as Tax benefits, loan facilities, a free-look period, and many more. In this article, let us explore the benefits of LIC 25 Lakh plans and other policy details:

Best 5 LIC 25 Lakh Insurance Plans

Below mentioned are the 5 LIC Plans that offer coverage of Rs.25 Lakhs. Have a look:

What are the Benefits of LIC 25 Lakh Policy?

1. Death Benefits

   The policy offers death benefits to the nominee if the policyholder dies during the policy tenure. The amount received can be used by the family to overcome the financial struggles that may arise after the death of the policyholder.

2. Maturity Benefits

   Another benefit that one can enjoy is the Maturity benefit which is given if the policyholder survives till the end of the policy term. The plan gives the maturity benefit of Rs. 25 Lakhs and more to the policyholder and helps them to achieve their future goals.

3. Tax Benefits

   The premiums paid against the LIC plans are eligible for tax deductions. One can claim tax benefits up to Rs 1.5 lakh on the premium paid for self, spouse, and children. 

4. Loan facility

   Emergencies come unannounced. To meet any such financial emergency, LIC offers a loan against your 25 Lakh policy, provided, you have paid the due premiums for at least 2 years.

5. Free-look period

   In case you are not satisfied with your policy’s terms and conditions, you can cancel your policy within 15 days of its inception. These 15 days are known as the free-look period.

Why Do You Need LIC 25 Lakhs Policy?

Having Life Insurance coverage is a must nowadays, especially if you are the sole earning member of the family. This 25 Lakh Policy by LIC is a must-have if:

• You have outstanding loans

  After your death, your family will not only struggle emotionally but also financially. And if you have any outstanding loans, the burden of EMI will take a toll on your family’s happiness. Thus, it is very important to have a policy with a Sum Assured of Rs. 25 Lakhs to ensure that your family will be able to pay the loans, and can be financially free.

• You have several responsibilities

  Responsibilities like your children’s education, their marriage, or settling them in the future is a huge responsibility. With the LIC 25 Lakh Policy, you can ensure to fulfill all your children’s dreams.

• You have no source of income after retirement

  After your retirement, surviving can be very difficult if you do not have a perfect retirement plan. , with the help of the LIC 25 Lakh policy, you can ensure that you and your spouse can live peacefully after your retirement.

How To Buy LIC 25 Lakhs Plan from PolicyBazaar?

Step 1: Visit LIC of India

Step 2: Fill in the form with your name and contact number

Step 3: Next, fill in your age and current city

Step 4: Once done, on the next page you can check the plans available and customize the amount and time period for your investments

Step 5: Choose the plan, and pay your premiums online.

Summing It Up

Securing your family’s future needs with the LIC 25 Lakh policy is the best gift you can give to your loved ones. With the joint benefit of life insurance and investment, LIC policy of 25 Lakh is an ideal plan to invest your money in. Not only do these plans offer coverage to your family after your death, but also offer several other benefits.