Why Purchase LIC Policy?
Life Coverage: Life insurance policies provide coverage for the policyholder’s life. In the event of an unfortunate event like the policyholder’s demise, the family receives the sum assured as a lump sum amount. This sum can be used to pay off debts, provide financial stability, and cover expenses.
Tax Benefits: Life insurance policies come with tax benefits. The premiums paid towards the policy are deductible from the total income under Section 80C of the Income Tax Act. The sum received on maturity or in case of the policyholder’s demise is also tax-free under Section 10(10D).
Long-term savings: LIC policies are designed to provide long-term savings. The policyholder can invest a small amount of money regularly over an extended period, which can help them achieve their financial goals, such as buying a house, funding their children’s education, or saving for retirement.
Loan Against Policy: LIC policies can be used as collateral for loans. If the policyholder needs urgent funds, they can take a loan against the policy’s surrender value.
Multiple options: LIC offers a range of policies to choose from, including term insurance, endowment policy, money-back policy, and unit-linked insurance plans (ULIPs). These policies can be customized according to the policyholder’s needs and requirements.
How to Purchase LIC Policy?
Identify your needs: Before purchasing a policy, it is essential to identify your needs and requirements. This will help you choose the right policy that suits your needs and offers maximum benefits.
Research: Research the various LIC policies and compare their features, benefits, and premium rates. This will help you select the policy that offers the best value for your money.
Contact LIC Agent: Contact an LIC agent to help you with the policy selection and purchase process. They will provide you with all the necessary information about the policy and help you with the documentation.
Fill Application Form: Fill out the application form with accurate information and submit the necessary documents, such as identity proof, address proof, and age proof.
Pay Premium: Pay the premium amount either online or offline, as per your convenience.
In Conclusion, purchasing an LIC policy is an excellent way to secure your future and provide financial stability to your loved ones. With a range of policies to choose from and tax benefits, LIC policies are an excellent investment option. Therefore, if you are looking for a reliable and trustworthy life insurance provider, consider purchasing an LIC policy.
People Also Ask Questions:
What is LIC Policy?
LIC policy is a life insurance policy offered by Life Insurance Corporation of India. The policy provides life coverage to the policyholder and their family members in the event of an unfortunate event like the policyholder’s demise. The policy comes with tax benefits and helps the policyholder save money for their future financial goals.
How to choose the right LIC Policy?
To choose the right LIC policy, one needs to identify their needs and requirements. Factors like age, income, financial goals, and family size need to be considered before selecting the policy. Researching the various policies and comparing their features and benefits can help in making an informed decision.
What are the types of LIC Policies?
LIC offers various types of policies, including term insurance, endowment policy, money-back policy, and unit-linked insurance plans (ULIPs). Each policy has its features, benefits, and premium rates, and can be customized according to the policyholder’s needs.
How to pay LIC Policy Premium?
LIC policy premium can be paid online or offline. For online payments, one can use the LIC website, mobile app, or net banking. For offline payments, one can visit the LIC office and pay in cash or cheque.
What are the benefits of LIC Policy?
LIC policy provides life coverage, tax benefits, long-term savings, loan against policy, and multiple options to choose from. The policy can be customized according to the policyholder’s needs and provides financial stability to the policyholder and their family.
What is the minimum age to purchase an LIC Policy?
The minimum age to purchase an LIC policy varies according to the policy type. For most policies, the minimum age to purchase is 18 years, while for child plans, the minimum age can be as low as 0 years.
What is the maximum age to purchase an LIC Policy?
The maximum age to purchase an LIC policy also varies according to the policy type. For most policies, the maximum age to purchase is 65 years, while for child plans, the maximum age can be up to 17 years.
How much premium should one pay for an LIC policy?
The premium amount for an LIC policy depends on various factors like the policy type, the policyholder’s age, the sum assured, and the policy term. It is advisable to calculate the premium amount and choose a policy that fits within the budget.
How to check the LIC Policy status?
The LIC policy status can be checked online or offline. For online status checking, one can use the LIC website or mobile app. For offline status checking, one can visit the LIC office or contact the LIC agent.
What happens if the policyholder misses the premium payment?
If the policyholder misses the premium payment, they can still pay the premium within the grace period provided by LIC. If the policyholder fails to pay the premium within the grace period, the policy will lapse, and the life coverage will cease. However, the policy can be revived by paying the due premiums with interest within a specified time period.
In conclusion, purchasing an LIC policy can provide life coverage, tax benefits, and long-term savings. To select the right policy, one needs to identify their needs and requirements, research the policies, and choose the policy that offers the maximum benefits. By paying the premiums regularly, the policyholder can secure their financial goals and provide financial stability to their loved ones.
Here’s a table of LIC policies, policy numbers, policy terms, and their purpose:
| LIC Jeevan Anand | 149 | 15-35 years | Endowment plan with life coverage and maturity benefit |
| LIC Jeevan Labh | 836 | 16-25 years | Endowment plan with life coverage and guaranteed addition |
| LIC New Money Back Plan 820 | 820 | 20 years | Money-back plan with life coverage and periodic payouts |
| LIC e-Term | 854 | 10-35 years | Term insurance plan with high sum assured at a low premium |
| LIC Jeevan Amar | 855 | 10-40 years | Term insurance plan with flexibility to choose the policy term and premium |
| LIC Jeevan Umang | 945 | Whole life | Whole Life Whole life insurance plan with life coverage and guaranteed returns |
| LIC Single Premium Endowment Plan | 817 | 10-25 years | Single premium endowment plan with life coverage and maturity benefit |
These policies offer different features and benefits, and their selection depends on the policyholder’s needs and requirements. While some policies offer life coverage and maturity benefits, others provide periodic payouts or high sum assured at a low premium. It is advisable to compare the policies and choose the one that fits within the budget and offers the maximum benefits.
How much time does it take to get a policy
The time it takes to get an LIC policy depends on various factors like the policy type, the mode of payment, and the verification process. Here’s a breakdown of the estimated time it takes to get an LIC policy:
Online Policy: If you apply for an LIC policy online, the process is usually faster. After submitting the application form and required documents, the verification process takes approximately 1-2 days. Once the policy is approved, you can make the payment online, and the policy documents are usually emailed to you within a few hours.
Offline Policy: If you apply for an LIC policy offline, the process can take longer. You need to visit the nearest LIC branch office and submit the application form and required documents. The verification process can take approximately 7-10 days, after which you can make the payment and receive the policy documents.
Medical Test: If the policy requires a medical test, it can add additional time to the policy issuance. The medical test usually takes a day or two, and the results can take up to a week to come in.
Overall, the time it takes to get an LIC policy can range from a few hours to a few weeks, depending on the policy type and the verification process. It is advisable to plan in advance and apply for the policy at least a few weeks before you need the coverage to start.
Neetu Jain
Neetu Jain is a trusted and reliable LIC agent with 15 years of experience and a commerce degree. She has in-depth knowledge of LIC policies and can explain their features, benefits, and exclusions in simple and clear language. Neetu is known for her honesty, promptness of service, and personalized service. She offers competitive premiums, comprehensive service, and is always accessible to her clients. With Neetu as your LIC agent, you can have peace of mind knowing that your insurance needs are in good hands.
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