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Benefits of LIC Policy
Life Insurance Corporation of India offers financial security and stability to millions of people in India. Established in 1956, LIC has been serving the nation for decades, offering a wide range of insurance and investment products tailored to meet the diverse needs of its customers. Let us discuss the various benefits of LIC, highlighting why it remains the preferred choice for life insurance for so many.
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
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- Benefits of LIC Policy
Financial Security for Loved Ones
The primary and most important benefit of LIC is the financial security it provides to your loved ones in the event of your untimely demise. Life insurance policies from LIC ensure that your family is not burdened with financial hardships when you are no longer there to provide for them. The death benefit paid out by LIC can help your family in covering immediate expenses and outstanding debts and help them maintain their standard of living.
Wealth Creation and Savings
LIC offers a variety of insurance-cum-investment products that help policyholders accumulate wealth over time while providing life coverage. These policies, such as endowment plans and unit-linked insurance plans (ULIPs), combine insurance protection with an opportunity to grow your savings through investments in a diversified portfolio. This dual benefit makes LIC policies an attractive option for those looking to secure their future while building wealth simultaneously.
Tax Benefits
Investing in LIC policies can also be a tax-efficient way to manage your finances. Under various sections of the Income Tax Act, policyholders can claim tax deductions on premiums paid and the maturity proceeds received. Section 80C allows deductions on premium payments, and Section 10(10D) exempts the maturity or death benefit from tax, subject to certain conditions. The tax-saving LIC Plans are a preferred choice for planning and reducing your overall tax liability.
Assured Returns
One of the distinctive features of LIC policies, particularly traditional endowment plans, is the assurance of returns. These endowment plans offer guaranteed returns. Policyholders know what to expect at the end of the policy term, providing a sense of security and help in financial planning.
Wide Range of Products
LIC caters to a broad range of financial needs with its extensive product portfolio. Whether you are looking for pure life insurance, savings and investment plans, child education plans, or retirement solutions, LIC has a product that can fit your requirements. This diversity allows customers to choose policies that align with their financial goals and stage of life.
Flexible Premium Payment Options
LIC policies offer flexible premium payment options, allowing policyholders to select the payment frequency that suits their cash flow. You can choose from annual, semi-annual, quarterly, or monthly premium payment modes. This flexibility ensures that your insurance commitments do not strain your finances and can be aligned with your income streams.
Loan Facility
LIC policies offer a loan facility to policyholders. In times of urgent financial need, you can avail of a loan against your policy without the hassle of going through traditional loan application processes.
Retirement Planning
LIC's pension plans are designed to help you secure your financial future after you retire. These annuity plans provide a steady stream of income during your retirement years, ensuring that you continue to enjoy a comfortable lifestyle even after your regular income ceases.
Riders for Enhanced Coverage
LIC offers various riders that can be added to your base policy for enhanced coverage. These riders can include critical illness riders, accidental death and disability riders, and more. Adding riders can provide additional financial protection for specific risks and contingencies.
Online Services
In keeping with the digital age, LIC has expanded its online presence, making it easier for customers to access services, pay online premiums, and manage their policies online. The convenience of online transactions and information access has further enhanced the customer experience.
Wrapping It Up:
Life Insurance Corporation of India is not just an insurance provider but also a reliable source of financial security. From safeguarding your loved ones' future to helping you create wealth and save on taxes, LIC offers a wide array of benefits that cater to the diverse financial needs of every individual and ensure that you and your family are always covered under LIC’s financial net.
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Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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