LIC 10 Lakh Policy

About LIC 10 Lakh Policy

LIC 10 Lakh Policy offers the benefits of Rs. 10 Lakhs to the policyholder and his family. These plans are designed to cater to your investment as well as your life insurance needs. These plans offered by the LIC of India offer the sum assured of Rs. 10 Lakhs in case the policyholder dies during the policy term. Also, in case the policyholder outlives the policy tenure, he/she is eligible to receive the maturity benefits of Rs. 10 Lakhs.

Benefits of LIC 10 Lakh Policy

Take a look at the below-mentioned benefits of the LIC 10 Lakh policy: 

1. Combined Benefit of Life Protection and Savings

   LIC 10 Lakh insurance policy offers the double benefits of savings and life protection under a single plan, which means that the policyholder is eligible for the death benefit if he/she dies during the policy term, and if he/she lives till the policy tenure, he/she will get the maturity benefits.

2. Tax Benefits

   One can avail tax benefits for the premiums paid for LIC policy of 10 Lakhs under Section 80C of Income Tax Act,1961

3. Enhanced Protection with Riders

   LIC of India offers 4 additional riders in their 10 Lakh Insurance policy. The available riders are:

   • New Term Assurance Rider,

   • Accidental Death & Disability Benefit Rider,

   • Accident Benefit Rider, and 

   • New Critical Illness Benefit Rider

    By paying extra premiums at the time of buying or renewing, one can avail the rider benefits.

4. Loan Facility

   In order to meet emergency financial needs, LIC policies allow you to avail loan against your policy, provided you have paid premiums for at least 2 years.

Who Should Buy LIC 10 Lakh Policy?

LIC 10 Lakh policy is an ideal plan for you if you are:

• Sole Earning Member of the Family

  As a sole earning member of your family, your family will get financially handicapped after your demise. Thus it is your responsibility to ensure that your family has enough funds to plan their future finances. With a 10 Lakh LIC policy, you may assure the financial stability of your family.

• Financial Security for Future Expenses

  To secure your future financial goals without burdening your pockets with high premiums, you can opt for LIC 10 Lakh plans. These long-term insurance plans provide financial security and enable you to reach your financial goals.

• Post-retirement Security

  Investing in a LIC policy of 10 Lakhs can become a financial support in your post-retirement days. The amount you will receive at the maturity of the policy can be used to fulfill your day-to-day needs.

How to Buy LIC Plans 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.

Wrapping it up:

With the LIC Policy of 10 Lakh Sum assured, you can effectively safeguard the future of your loved ones from life's uncertainties. Not only this, but with these plans, one can also plan for their future finances by investing in a regular period. These plans offer a combination of life protection and savings, which makes them one of the ideal ways to invest your money.