Why Buy LIC 5 Lakh Policy?

What is LIC 5 Lakh Policy?

LIC 5 Lakh policy offered by the Life Insurance Corporation of India is a plan that offers the dual benefits of life protection and investment. These plans are designed for those individuals who are willing to secure the future of their family after their demise, and at the same time cannot afford high premiums. These plans offered death benefits, maturity benefits, tax benefits, and many more. Let us explore more about LIC policies of 5 Lakhs:

What are the Benefits of the LIC 5 Lakh Policy?

Below mentioned are some of the benefits that LIC plans of 5 lakhs sum assured offer:

1. Maturity Benefits

   The plan fulfills the purpose of investment by giving maturity benefits, provided the policyholder outlives the policy term. With a 5 Lakh LIC policy, one can invest regularly to avail of the sum assured of Rs. 5 Lakhs at the time of maturity.

2. Death Benefit

   In case the policyholder dies during the policy tenure, the company will offer a death benefit to the nominee. The death benefit of Rs.5 Lakh is given to the nominee, and the family can continue to be financially independent.

3. Loan Facility

   To meet any of your financial emergency needs, a 5 Lakh LIC policy allows you to take a loan against your LIC policy. With this, you will be able to meet your financial needs with low-interest rates.

4. TAX Benefits

   The premiums paid by the policyholder are subject to tax exemptions under section 80C of the Income Tax Act.

Why Should I Buy LIC 5 Lakh Policy?

Having a LIC policy of Rs. 5 Lakhs gives the assurance that if something happens to the policyholder, his/her family will have something to survive on and not worry about the money. The LIC policy of 5 Lakhs is important because:

• It offers financial coverage with affordable premiums

  If you opt for a LIC policy of Rs. 5 Lakhs, the premiums you need to pay will be quite less as compared to the policy with high coverage. For example, if you decide to invest your money in the LIC New Jeevan Anand 5 Lakh plan for the next 30 years, the monthly premium you need to pay will be Rs. 1,500 only.

• You can get double the benefit of Life Insurance and Savings in a single plan

  The LIC policy of 5 Lakhs is a combination of life insurance and savings plans. Instead of buying two separate plans, you can avail the benefit of both purposes under a single plan.

• You can enhance your coverage through the Riders

  The 5 Lakh LIC policy allows you to enhance the coverage of your basic plan with the help of several riders. You can buy the riders by paying an additional premium. The available riders under the plan are Accidental Death Benefit, Accidental Disability Benefit, Critical Illness Rider, etc.

Summing It Up:

Securing the life of your loved ones with a 5 Lakh LIC policy is one of the best gifts you can give to your family. After your demise, your family will have Rs. 5 Lakhs to plan your ongoing and other upcoming future expenses. These plans by LIC, not only offer protection to you and your family but at the same time ensure that you can meet your financial obligations once the policy is matured.