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Why buy LIC New plans - call to know 9886568000

Why buy LIC New plans

Life is unpredictable, but financial security for yourself and your loved ones doesn't have to be. Life insurance acts as a safety net, offering a financial cushion in case of unforeseen circumstances. In India, Life Insurance Corporation of India (LIC) stands tall as a trusted name, synonymous with stability and security. This article explores the compelling reasons why choosing an LIC policy might be the right decision for your financial well-being.

The Strength of a Sovereign Guarantee

One of the most significant advantages of LIC policies is the backing of the Indian government. Unlike private insurance companies, LIC enjoys a sovereign guarantee. This means the Government of India guarantees the sum assured (death benefit) and declared bonuses on LIC policies. In simpler terms, if for any reason LIC faces financial difficulty, the government steps in to ensure policyholders receive their rightful benefits. This sovereign guarantee adds an unmatched layer of security to your investment, a feature absent in most private insurance companies.

Peace of Mind with Guaranteed Returns (with Caution)

While the concept of guaranteed returns might sound appealing, it's important to understand it with nuance. Unlike traditional term insurance plans offered by private companies, some LIC policies participate in profit-sharing. This means a portion of LIC's profits are distributed as bonuses to policyholders. These bonuses are declared year after year, and while not guaranteed, they historically have provided a steady return on your investment. However, it's crucial to remember that these bonuses are not fixed and can fluctuate based on LIC's performance.

NRIs, OCI and POIs can also come forward and invest in government guaranteed plans.

Focus on Long-Term Wealth Creation

LIC policies are best viewed from a long-term perspective. Many LIC products combine insurance coverage with a savings component. This allows your money to grow over time, potentially accumulating a significant corpus at policy maturity. This can be a valuable tool for wealth creation, especially for long-term goals like retirement planning or funding your child's education.

Diverse Product Portfolio to Match Your Needs

LIC offers a wide range of insurance plans catering to various life stages and fi Here's a glimpse into some popular categories:

• Term Insurance: These plans provide pure life cover for a specific period. In case of the policyholder's unfortunate demise during the policy term, the sum assured is paid to the nominee
  
• Endowment Plans: These plans combine life cover with a savings element. On policy maturity, the policyholder receives the sum assured along with accumulated bonuses.
• Money Back Plans: These plans offer periodic payouts throughout the policy term along with the maturity benefit. This can be helpful for meeting short-term financial goals.
• Unit Linked Insurance Plans (ULIPs): These market-linked plans invest a portion of your premium in the stock market, offering the potential for higher returns but also carrying some investment risk.

Finding the Right Policy with LIC Agents

Beyond Financial Security: Benefits for Your Nominee

An LIC policy goes beyond just financial security for yourself. It ensures your loved ones are taken care of in your absence. By nominating a beneficiary (nominee), you designate who receives the death benefit in case of your unfortunate demise. This can be instrumental in easing the financial burden on your family during a difficult time. LIC agents can also guide you through the nomination process, ensuring a smooth claim settlement for your nominee.

Tax Advantages of LIC Policies

LIC policies offer attractive tax benefits in India. Premiums paid towards most LIC policies qualify for a deduction under Section 80C of the Income Tax Act 1961. This can significantly reduce your taxable income and offer tax savings. Additionally, the maturity benefit from certain LIC policies is exempt from income tax under specific conditions.

Conclusion: A Well-Rounded Choice for Financial Security

While private insurance companies offer a wider variety of investment options, LIC stands out for its unparalleled security and government backing. The combination of guaranteed death benefit, potential bonus payouts, and tax benefits makes LIC policies a compelling choice for those seeking a safe and secure way to plan for their future and protect their loved ones. Remember, carefully assess your financial needs and risk tolerance before choosing a specific LIC policy. Consulting a financial advisor can also be beneficial to ensure the chosen plan aligns with your overall financial goals. By taking the time to understand the benefits of LIC policies, you can make an informed decision that safeguards your financial future and brings peace of mind.

RPS SCHOOL, Kachahari Road, BIHARSHARIF

RPS SCHOOL, Kachahari Road, BIHARSHARIF

Address: Kachahri Rd, 

Durgasthan, Bihar Sharif, 

Bihar 803101

Phone: 06112 233 707

Website: https://rpsbiharsharif.com/