All that You Should Know- LIC Plans for 10 Years

What is LIC 10-year Policy?

The LIC offers several plans that allow the policyholder to invest their money in a 10-year policy. These policies provide life insurance coverage for a specific duration while allowing policyholders to pay premiums for a period of 10 years. There are also LIC plans for 10 years and above. This article discusses certain aspects of LIC policy for 10 years.

What are the Features of LIC 10-year LIC Policy?

Some common features of LIC 10-year plans may include:

Premium Payment Term: The policyholder is required to pay premiums for a period of 10 years.

Policy Term: The policy provides coverage for a duration of 10 years.

Life Insurance Coverage: The policy offers life insurance coverage, providing a death benefit to the nominee in the event of the policyholder's demise during the policy term.

Maturity Benefit: At the end of the 10-year policy term, the policyholder may receive a maturity benefit, which can be a lump sum payment, regular income, or a combination of both, depending on the plan.

Bonus Additions: LIC may declare bonuses periodically based on the performance of the participating policies. These bonuses can enhance the overall maturity benefit.

Savings or Investment Component: Some LIC 10-year plans may have a savings or investment component, allowing the policyholder to accumulate funds over the policy term. The funds may grow through guaranteed returns or market-linked returns, depending on the type of plan.

Why LIC Plan for 10 years?

When it comes to life insurance, it is surely something that every individual in their investment portfolio must add. No matter what, it is important to lead a happy and safe life. Nobody can overstate the importance of life insurance in India. It provides financial protection to the family in case the breadwinner of a family passes away.

Undoubtedly, in the times of COVID-19 people have somewhat understood the importance of insurance planning in place. However, insurance was earlier simply considered another expense. Anyone who is wondering whether to buy the LIC plan for 10 years or not should ideally ask themselves two questions: what will the family do in case the earning member passes away? Another question should be how is the family going to manage the expenses if the demised individual was the only earning member in the family?

Well, the answer is buying a LIC policy for 10 years or even more. There are a plethora of insurance policies in place so make the choice that suffices all the needs.

How to Buy LIC Plans for 10 years?

Anyone who wishes to buy the LIC policy for 10 years can buy it both online as well as offline. All you need to do is fill the application and provide all the details correctly.

While submitting the form, attach all the relevant KYC documents such as the address proof, identity proof, passport-sized photograph, and so forth. Once the application form is completed, make the LIC premium payment. Once the premium payment is made, the LIC will then verify and assess the proposal form. Buy the LIC plans for 10 years online as you can compare the benefits and buy the plan as per the coverage needs.

Wrapping it Up

Life Insurance Corporation of India provides different insurance products and each of their product is unique with the features and advantages it offers. The LIC plans for 10 years are designed to suit the interest of every individual. Buy the LIC scheme for 10 years that fits the requirements and necessities. Therefore, buy the insurance plan and consider every aspect before making the buying decision.

FAQ's

Q: What is the minimum and maximum entry age for LIC 10-year policies?

Ans: The minimum and maximum entry ages may vary depending on the specific 10-year policy LIC offers. It's best to check with LIC or refer to the policy documents for the age eligibility criteria.
Q: Can I surrender the LIC 10-year policy before the completion of the policy term?

Ans: Yes, most LIC policies allow for surrender before the completion of the policy term. However, surrendering a policy before the maturity date may reduce surrender value. The specific surrender value and conditions can be found in the policy documents.
Q: Can I avail of a loan against my LIC 10-year policy?

Ans: Depending on the type of LIC 10-year policy, you may be eligible for a loan against the policy's cash value. The loan amount and terms would be subject to LIC's policies and regulations.
Q: Can I add riders to my LIC 10-year policy?

Ans: Yes, LIC offers additional riders that can be added to enhance the coverage of your 10-year policy. Riders such as accidental death benefits, disability benefits, or critical illness riders can provide additional protection. The availability of specific riders may depend on the policy type.
Q: What happens if I miss premium payments for my LIC 10-year policy?

Ans: LIC typically provides a grace period for premium payments, usually 30 days from the premium due date. If the premium is not paid within this grace period, the policy may lapse, and the coverage may cease. However, it may still be possible to reinstate the policy within a certain period by paying the outstanding premiums and any applicable penalties or interest.