It is no secret that life insurance policies (LIC) are one of the best ways to save for your future. In this blog post, we will have a look at the 5 best LIC Policies to invest in 2022. They offer a wide variety of investment options, tax benefits, and Death Benefit Payouts.
People who purchase LIC plans can ensure their family’s financial security, with options for long-term savings and protection. With over 3 million customers and various options for different types of plans, LIC has something to suit everyone. The most popular is the endowment policies, which offer maturity benefits after the completion of the policy duration.
Let’s Have A Look At The 5 Best LIC Policies To Invest In 2022
An insurance company and the policyholder enter into a contract known as a life insurance policy. In the terrible event that the policyholder passes away within the period of the life insurance plan.
The insurance provider offers to offer financial protection, guaranteeing to pay a lump sum of money to the specified beneficiary. In exchange, the policyholder consents to pay a specified amount in premiums, once or regularly.
1. LIC Tech Term Plan
LIC’s Tech Term Plan is an innovative insurance plan designed to meet the changing needs of modern life. Targeted at tech-savvy people, this plan provides financial security in times of unexpected emergencies.
It offers a range of flexible options for customers to choose from according to their specific requirements. As well as offering various levels of coverage and low premiums, the LIC Tech Term Plan also comes with a range of add-ons that include critical illness coverage, Hospital Cash Benefit, Accidental Death Benefit, and more.
The plan also includes a unique death benefit wherein the customer’s nominees will receive full payment in case of an unfortunate death. In addition to being personalized, simple, and cost-effective, this plan also provides customer convenience via features such as self-servicing portal access and guaranteed renewal of up to 99 years!
2. LIC New Jeevan Anand
LIC New Jeevan Anand is a popular life insurance policy from the Life Insurance Corporation of India (LIC). It provides coverage for up to 125 years of age, making it the ideal choice for those who want to provide financial security to their family in the event of death.
The policyholder can also avail loan against the plan, helping them to meet any short-term requirements. The whole life cover pays an amount equal to the sum assured, plus accrued bonuses in case of survival or death during the policy period.
Additionally, there is also an additional Accidental Death Benefit and an option to increase the premium or sum assured at regular intervals. Additionally, this plan provides tax advantages following sections 80C and 10 (10D) of the Income Tax Act of 1961.
LIC New Jeevan Anand provides a good combination of features backed by reliable services and security that ensures financial protection for one’s dependents in their time of need.
3. LIC Jeevan Umang
LIC Jeevan Umang is a comprehensive insurance plan that can provide financial protection to you and your family. Offered by The Life Insurance Corporation of India (LIC), this plan provides coverage for death, terminal illness, and permanent disability due to accident or sickness.
It also provides an option to select additional riders like Accident Benefit rider, Critical Illness Benefit Rider, and Waiver of Premium on Disability Rider for enhanced coverage. In addition, there are two tracks – Limited Payment Track and Regular Payment Track – similar to the term plan you can choose from.
Upon the policyholder’s passing away and the claim being approved during the policy tenure, a lumpsum amount equal to the Sum Assured is paid out in one go to their nominees. On maturity, new policies will also earn Loyalty Additions which can further increase your benefits when you renew into another policy from LIC Jeevan Umang.
All in all LIC Jeevan Umang offers a quick claim settlement process with exceptional benefits tailored as per individual needs coupled with tax savings through premium payments u/s 80C of Income Tax Act 1981, so you can create a secure future for your loved ones without worrying about finances.
4. LIC Jeevan Shanti
LIC Jeevan Shanti is a single premium investment plan offered by the Life Insurance Corporation of India (LIC). It is an annuity product offered with assured returns, giving investors the choice of making a lump sum or periodic payments.
The flexibility of payment options also makes it suitable for individuals looking for retirement planning and regular income post-retirement. In addition to the annuity benefit, this plan also provides financial protection against unfortunate events.
By choosing from several available payout options, investors are eligible to receive a return in the form of a death benefit, maturity benefits, or periodic payouts as per their requirements.
This plan helps individuals grow their money over time with minimum paperwork and offers tax benefits too. With LIC Jeevan Shanti, one can make sound investments for future financial stability and security in one go.
It thus brings an added benefit of convenience along with guaranteed returns making it a preferred option for retirement planning and income generation.
5. LIC Money Back 25 Years
LIC Money Back 25 Years is an excellent investment option for those looking to secure a regular income stream over the long term. This policy provides guaranteed benefits such as a reimbursement of premiums, death benefit, and maturity benefits.
It also has riders such as accidental death and disability benefit that gives extra protection against unforeseen events. This plan allows you to contribute in both lump sum payments or periodic premium contributions for up to 25 years, depending on your needs.
Once the policy term ends, your accumulated surrender value will be payable at regular intervals with up to a 10% bonus per annum. On top of that, if you are nearing retirement age you have the option of taking out a comprehensive retirement package that includes 20% of your accumulated funds on settlement together with a monthly pension payment till life expectancy (up to 65 years).
These features make LIC Money Back 25 Years a great choice for assurance and security as you approach retirement. With all these features in mind, it’s easy to see why this particular plan is gaining popularity amongst investors looking for financial security in their later years.
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Why Invest In LIC Policies?
Investing in Life Insurance Corporation (LIC) policies can be a smart decision for anyone looking to set aside money for the future. LIC offers a wide variety of insurance plans, including term insurance and endowment policies, each tailored to meet specific financial needs.
Moreover, the benefits of investing in a LIC policy go beyond mere financial security — thanks to its decades-long track record of stability and commitment to its customers, those who invest in a LIC policy know that their money is in good hands.
In addition, many LIC policies offer tax savings benefits, allowing investors to save on their overall taxable income each year. And with a range of investment options designed to suit varying incomes and risk profiles, it’s easy to find a plan that is right for your circumstances.
While there are several different LIC policies to invest in, the 5 Best LIC Policies To Invest In 2022 are likely to be those that offer the greatest stability and growth potential. By doing your homework and considering your specific needs and goals, you can choose the policy that’s right for you and watch your investment grow over time. Thanks for reading!