LIC 2 Lakh Plan: Features and Policy Details

LIC 2 Lakh Policy- An Overview

2 Lakh LIC Policies offer coverage of up to Rs. 2 Lakh in case the policyholder dies during the policy term. In addition to this, these plans offer maturity benefits to the policyholder once the policy term is over.

Along with the death benefit and maturity benefits, LIC 2 Lakh policies offer several other benefits to the policyholder. Let’s explore more details about the LIC 2 Lakh several plans:

LIC 2 Lakh Policy Details

1. Grace Period

   A grace period is a period of 30 days offered by LIC to policyholders who have failed to pay their premium amount on their due date. The time is provided so that a person can pay their premiums and avoid policy lapsation.

2. Free-look Period

   LIC offers a period of 15 days to the policyholder during which the policyholder can cancel the policy if he/she is dissatisfied with its terms and conditions.

3. Loan Facility

   To meet emergency financial needs, one can take a loan against their LIC policy provided the life assured has paid premiums for 2 years.

4. Policy Surrender

   As long as the policyholder pays timely premiums for two years in a row, the policyholder may surrender their policy. The company will pay a surrender value equal to the special surrender value or the guaranteed surrender value upon surrender of the policy (whichever is higher).

Who Should Buy LIC 2 Lakh Policy?

• Individuals who wish to avail of double benefits with a single plan

  The LIC Policy of 2 Lakh is a combination of a life protection plan and a savings plan designed to meet your financial needs and those of your family after your passing and to help you better plan for your future goals.

• Individuals looking out for a plan with a Loan facility

  These plans enable you to get a loan against your LIC insurance provided you have paid premiums for at least two complete years. These loan facilities helps meet your financial requirements.

• Individuals looking for high coverage with low premiums

  As compared to a policy with high coverage, the premiums required for an Rs. 2 lakhs LIC insurance are considerably lower.

How to Buy LIC Plans from Policybazaar?

Follow the below steps to buy LIC Plans from Policybazaar:

Step 1: Visit LIC of India.

Step 2: Fill in the form with your name and contact number. Click on “view plans”.

Step 3: On the next page, enter your age and the city you live in.

Step 4: Once done, you can customize the amount and tenure of your investment.

Step 5: Check the details, and the premium you need to pay and proceed to make an online payment.

Wrapping it up:

With LIC 2 Lakh plans, you can offer financial stability to your family. With these plans, not only will you get coverage of Rs. 2 Lakhs, but also can ensure that your family will be able to meet their basic necessities following your demise. Additionally, you can use the maturity benefit to reach future financial objectives with the maturity benefit you will receive after the tenure of your policy ends.