LIC Policy Benefits

Understand the LIC Policy Benefits 

The company offers a diverse range of insurance products, including life insurance, term insurance, pension plans, money-back plans, health plans, child plans, endowment plans, and whole life plans. This article discusses the LIC benefits in detail to help you make an informed decision.

Benefits of LIC Insurance Policies

Every type of life insurance policy offered by LIC of India comes with certain benefits that help individuals and their families attain financial security against any uncertainties of life. Before buying a LIC life plan, everyone should check the LIC policy details and plan their finances accordingly. Below are the key points on how LIC policies can be beneficial to an individual:

Secure Your Loved Ones: The key purpose of a life insurance policy is to beat the uncertainties of life and secure the family from any financial outburst in case the sole breadwinner is no more. The customers can choose from LIC term insurance plan, LIC endowment plan, LIC whole life plan, etc. The death benefit received can be used in multiple ways to cover immediate financial expenses or outstanding debts.

Saving Corpus: The investment plans, ULIP, and savings plans offered by LIC help policyholders save a good corpus over time. They can grow their wealth by investing in a diversified portfolio and gain a hefty life cover. 

Tax Benefits: Investing in LIC insurance policies can provide tax benefits to reduce the financial burden. The LIC policyholders can primarily file for tax deductions on the premium paid towards the LIC policy under Section 80C of the Income Tax Act, 1961. The maturity or death benefits received are eligible for tax exemption under Section 10 (10D). Hence, people prefer buying life insurance plans to avail of LIC tax benefits. 

Online Services: With the digital expansion, LIC of India provides online services to its customers and agents, making the processes efficient and handy. By logging in to the LIC customer portal, the customers can manage their policy online, like checking LIC policy status, LIC premium payment, etc., with a few clicks. 

Enhance Coverage with Suitable Riders: The riders can save a policyholder from significant life risks at a minimal cost. LIC of India offers the option to add riders and enhance the base coverage at the time of LIC policy purchase or anytime during the policy term. The customers can select from LIC Accidental Death Benefit Rider, LIC Accidental Benefit and Disability Rider, LIC Critical Illness Rider, and more. 

Life Stage Planning: Every individual has unique life needs and financial requirements. LIC of India offers life insurance plans that customers can customize to fit their financial needs and ensure a life without financial contingencies. Based on your needs, compare and choose a life plan from LIC child plan, LIC retirement plan, LIC savings, or other to plan the major life milestones. 

Availability of Loans: In times of urgent need, the LIC policy can help you avail of loans and back up your finances. The major advantage is that you do not need to follow the traditional loan process and can avail of the loan against the issued LIC policy.

Assured Benefits: When it comes to insurance, Indians have trusted the LIC of India in the very first place. People have a sense of security while purchasing any LIC policy. The company has maintained the trust by fulfilling its promises defined under the LIC policy. 

Flexibility: LIC of India offers extended flexibility to its customers and allows them to pay the premium that suits their cash flow. Depending upon their financial suitability, the customers can choose from annual, half-yearly, monthly, and quarterly premium payment modes. This way, you remain stress-free about any financial strain.  

LIC Benefits for Specific Criteria

An adult man or woman can buy an LIC life insurance policy for self or their child, depending upon the plan terms and conditions. The elemental benefits of LIC policies are the same for all, but LIC of India offers certain benefits under specific criteria. Let’s have a look at them in detail.

LIC Benefits for Women: Some LIC life policies offer additional benefits like a relaxation in premium cost, etc., especially for women policyholders. 

Smoker & Non-Smoker Benefits: If an individual maintains a good lifestyle and doesn’t smoke, the life insurer gets an LIC term insurance plan at the standard non-smoker rate. 

Medical or Non-Medical Plan: Depending upon the policy terms and conditions, the policyholder can get a life cover without any prior medical check-up. 

Profitable or Non-Profitable Plan: In case you buy a profit-based plan, some bonuses are declared after a specified period. The policyholder receives the bonus with the amount as defined in the LIC policy. 

Keyman Insurance: LIC of India also offers keyman insurance to a corporation to protect against the financial loss caused by the uncertain demise of an important company member.

How to Check LIC Policy Benefits?

You can only invest in an LIC policy once you check and compare LIC benefits in different circumstances. To get detailed information on LIC terms and conditions, you can directly visit the official website of LIC of India or reach out to the nearest LIC branch to get LIC benefits details. Let’s understand how to check LIC benefits to make an informed decision. 

Online Method to Check LIC Benefits

• Visit the official website of LIC of India. 
• Go to the products option on the top menu bar and select the suitable LIC plan type from endowment, pension, whole life, term assurance, micro insurance, health plan, or others. 
• Click on the required plan you want to check.
• Select ‘Sales Brochure’; a PDF will display all the details with LIC benefits. Read all the information carefully.

Offline Method to Check LIC Benefits

To check LIC policy benefits in person, visit the nearest LIC customer zone and get expert assistance. Or else, you can find an LIC agent or life insurance agent nearby to discuss 

LIC policy benefits and compare plans as per your needs and requirements. You can also connect with LIC customer support and get instant support. 

Bottom Line

LIC of India is one of the most trusted life insurance companies in India offering various types of life insurance policies that perfectly complement the financial goals of individuals. From safeguarding your family to helping you create good wealth, LIC policies are crucial in planning an individual’s life stages. Moreover, with LIC e-services, the LIC policyholders can compare and buy a plan and track the policy status online. 

Looking for expert assistance to buy an LIC policy? RenewBuy Advisor Connect can help you find an LIC agent or life insurance agent near your location.