A Review of Popular LIC Policies in the Market
Life Insurance Corporation (LIC) of India is synonymous with trust and reliability when it comes to life insurance. With a diverse range of policies, LIC caters to the varied needs of its customers. At LIC Future, we aim to help you understand and choose the best policy for your needs. Here’s a comprehensive review of some of the most popular LIC policies available in the market today.
1. LIC Jeevan Anand
Overview: LIC Jeevan Anand is one of the most popular policies due to its combination of endowment and whole life plans. It provides financial protection against death throughout the lifetime of the policyholder with the provision of lump-sum payment at the end of the selected policy term in case of survival.
Benefits:
- Sum Assured plus Bonuses as death benefit.
- Option to avail loan against the policy.
- Tax benefits under Section 80C and 10(10D) of the Income Tax Act.
Why Choose Jeevan Anand? This policy is ideal for those looking for a comprehensive plan that offers both protection and savings.
2. LIC New Children’s Money Back Plan
Overview: This policy is designed to meet the educational and other financial needs of growing children through survival benefits. It also provides risk cover on the life of the child during the policy term and a lump sum amount at the time of maturity.
Benefits:
- Survival benefits at different intervals.
- Risk cover even after policy maturity till the age of 25 years.
- Premium waiver benefit in case of the proposer’s death.
Why Choose New Children’s Money Back Plan? This is perfect for parents who wish to secure their child’s future financial needs while also providing life insurance cover.
3. LIC Jeevan Umang
Overview: LIC Jeevan Umang offers a combination of income and protection. This plan provides annual survival benefits from the end of the premium-paying term till maturity and a lump sum payment at the time of maturity or on the policyholder’s death.
Benefits:
- Annual survival benefits.
- Lump sum maturity benefit.
- Life cover up to 100 years of age.
Why Choose Jeevan Umang? Ideal for individuals looking for a plan that ensures regular income along with life cover.
4. LIC Tech-Term
Overview: LIC Tech-Term is a non-participating, pure protection online term policy which provides financial protection to the insured’s family in case of his/her unfortunate demise.
Benefits:
- High Sum Assured at low premium rates.
- Flexibility to choose from single, regular, or limited premium payment options.
- Option to enhance coverage with rider benefits.
Why Choose Tech-Term? This policy is best suited for those who want a simple yet effective term plan with substantial coverage at an affordable cost.
5. LIC New Endowment Plan
Overview: The New Endowment Plan by LIC is a participating non-linked plan that offers an attractive combination of protection and saving features. This plan provides financial support for the family in case of the policyholder’s demise any time before maturity and a lump sum amount at the time of maturity for the surviving policyholders.
Benefits:
- Lump sum benefit on maturity.
- Bonus facility.
- Loan facility available.
Why Choose New Endowment Plan? This plan is beneficial for individuals looking to save with the added advantage of life insurance cover.
Conclusion
Choosing the right LIC policy can be a game-changer for your financial planning. At LIC Future, we are committed to helping you make informed decisions about your insurance needs. Each of these policies offers unique benefits that cater to different life stages and requirements. Evaluate your needs, consider your financial goals, and choose the policy that best aligns with your future aspirations.
For more detailed information and personalized advice, visit our website LIC Future or contact us today.