Life Insurance Corporation of India (LIC) is an Indian investment company and an insurance group which is owned by the government. It is grossed as the largest insurance company in India with an approximate asset worth more than 1.5 crores. Financial Services in India are mostly linked with this corporation.
The various products of LIC include life Insurance plan, health insurance, investment management, mutual funds etc. Apart from this, the company also considers housing finance, pension funds, card services. The corporation also claims to provide plans which give protection to the insured at affordable costs as well.
Why Life Insurance Corporation of India?
A Life insurance is the most essential thing any person can choose to invest on. For a safe and secure life, it is necessary to invest in one or the other policy related to healthcare, pension, education, marriage, and many more. When it comes to life insurance, LIC of India is the most reliable brand. LIC or Life Insurance Corporation offers a huge variety of products to choose from. Every person will surely find their perfect fit.
Which Plans To Choose?
There are various LIC’s schemes and policies available in the market out of which the below mentioned are the best investment:
- LIC e-Term Plan:
This plan of the Life Insurance Corporation of India is a pure life cover which provides financial protection to the policy holder’s family in case of any mishappening. In other terms, it is a non-participating regular premium which offers no bonuses.
This term insurance is available only in the online format, and the form needs to be filled online. Under this policy, LIC of India offers the coverage of a wide range of age groups, from 18 to 60 years. The insurer agrees to pay an agreed sum assured in the event of a premature death of the policyholder during the policy term. If the policyholder survives the policy term, no amount is payable.
The application form of this insurance policy is available on the official website of the LIC of India. The minimum basic sum ensured is INR 25,00,000 for a collective category and for the non-smoker category is INR 50,00,000. There is no upper limit for the maximum basic sum ensured. The maximum policy term for this plan is of 10 years, and the maximum policy term is 35 years.
The policy also provides death and maturity benefits. If, during the policy term, there is an unfortunate death of the life assured, the sum assured is payable. And if the individual survives the term of the policy, nothing is due at all.
- LIC New Children’s Money Back Plan:
Life Insurance Corporation of India launched this plan on 4th of March, 2015. The novel children’s money back scheme is a non-linked, with-profit premium regular payment policy which is particularly proposed for educational, marriage related and other needs of growing children. As an added benefit, this plan also provides risk cover to the insured child during the policy term.
Hence, it can also be considered as a saving cum protection plan.
The basic minimum sum assured should be of INR 100,000 and the basic maximum sum guaranteed has no limit. The premiums can be paid on a regular basis, monthly, quarterly, half-yearly or even yearly. The age limit at the entry for life assured is 0 to 12 years, and the maturity age of the life assured is of 25 years. There is an availability of a loan facility after three years of paying premiums. If the premium has been paid religiously for at least three years, the policy can be surrendered at any time during the policy term.
There is also an availability of death and survival benefits within this policy offered by the LIC of India. If there is an occurrence of death of the insured before the commencement of the risk, an amount which is equivalent to the premium payments will be paid. And, if there is an occurrence of the demise of the insured subsequent to the beginning of risk, benefit for death amount including the assured sum on death along with an additional final bonus, accrued bonuses will be paid.
- LIC Jeevan Akshay VI:
Life Insurance Corporation’s Jeevan Akshay VI is a single immediate premium annuity plan which needs to be purchased by paying a lump sum amount. It is a non unit-linked plan and provides for annuity payment of a fixed amount for a lifetime. LIC of India’s Jeevan Akshay VI goes by the motto, pay once and enjoy forever. The minimum price for offline purchases is INR 1,00,000, and that for online payments is INR 1,58,000. No medical examination is required for this plan, and as a bonus, no surrender value needs to be paid under this policy. Although, there is no availability of loans under this incentive.
Hence, from the variety of policies issued by the Life Insurance Corporation of India, all the individuals are advised to choose their perfect fit according to their necessities.