Life Insurance Corporation (LIC) is one of the most trusted and reliable insurance companies in India. Not only does it provide financial security to the policyholder and their family, but it also offers various tax-saving benefits. LIC policies are a great way to save taxes and secure your financial future. In this article, we will discuss the best LIC policy for tax-saving and provide links for forms and format samples.
When it comes to saving taxes and securing your financial future, investing in a Life Insurance Corporation (LIC) policy can be a wise decision. LIC offers a range of policies that provide both insurance coverage and investment opportunities. In this article, we will discuss some of the best LIC policies for tax-saving and their features.
- LIC Jeevan Labh Plan:
The LIC Jeevan Labh Plan is a non-linked, with-profit endowment plan that offers a limited premium payment policy. The policy term ranges from 16 to 25 years, with the premium payment term being 10 years less than the policy term. The minimum sum assured is Rs.2 lakhs. The plan also offers accidental death and disability benefit riders.
Here is a table detailing the terms, premium, and bonus for the LIC Jeevan Labh Plan:
Terms | Premium | Bonus |
---|---|---|
16-25 years | 10 years less | Simple Reversionary Bonus, Final Additional Bonus |
- LIC New Jeevan Anand Plan:
The LIC New Jeevan Anand Plan is a participating, non-linked endowment plan that offers a policy term ranging from 15 to 35 years. The premium payment term is equal to the policy term, with the minimum sum assured being Rs.1 lakh. The plan also offers accidental death and disability benefit riders.
Here is a table detailing the terms, premium, and bonus for the LIC New Jeevan Anand Plan:
Terms | Premium | Bonus |
---|---|---|
15-35 years | Equal to policy term | Simple Reversionary Bonus, Final Additional Bonus |
- LIC Single Premium Endowment Plan:
The LIC Single Premium Endowment Plan is a non-linked, with-profit endowment plan that offers a single premium payment policy. The policy term ranges from 10 to 25 years, with the minimum sum assured being Rs.50,000. The plan also offers accidental death and disability benefit riders.
Here is a table detailing the terms, premium, and bonus for the LIC Single Premium Endowment Plan:
Terms | Premium | Bonus |
---|---|---|
10-25 years | Single premium | Simple Reversionary Bonus, Final Additional Bonus |
- LIC Pension Plans:
LIC offers a range of pension plans for retirement planning. Premiums paid towards these plans are tax-deductible under Section 80CCC of the Income Tax Act, while the maturity amount received is tax-free up to a certain limit under Section 10(10A) of the Income Tax Act. Popular LIC pension plans include Jeevan Akshay VI, Pradhan Mantri Vaya Vandana Yojana, and New Jeevan Nidhi.
Main features of the plans
Sure, here are some main features of the LIC policies mentioned in the article:
- LIC Jeevan Labh Plan:
- Non-linked, with-profit endowment plan
- Limited premium payment policy
- Policy term ranges from 16 to 25 years
- Premium payment term is 10 years less than the policy term
- Minimum sum assured is Rs.2 lakhs
- Accidental death and disability benefit riders available
- LIC New Jeevan Anand Plan:
- Participating, non-linked endowment plan
- Policy term ranges from 15 to 35 years
- Premium payment term is equal to the policy term
- Minimum sum assured is Rs.1 lakh
- Accidental death and disability benefit riders available
- LIC Single Premium Endowment Plan:
- Non-linked, with-profit endowment plan
- Single premium payment policy
- Policy term ranges from 10 to 25 years
- Minimum sum assured is Rs.50,000
- Accidental death and disability benefit riders available
- LIC Pension Plans:
- Range of options available for retirement planning
- Premium paid towards pension plans is tax-deductible under Section 80CCC of the Income Tax Act
- Maturity amount received from pension plans is tax-free up to a certain limit under Section 10(10A) of the Income Tax Act
- Popular LIC Pension Plans include Jeevan Akshay VI, Pradhan Mantri Vaya Vandana Yojana, and New Jeevan Nidhi.
Please note that the above features are not exhaustive and you should carefully read the policy document before making a decision.
Buy
If you are interested in buying any of the LIC policies mentioned above or have any queries related to LIC policies, you can contact Neetu Jain, an LIC agent based in Gurgaon. With years of experience in the insurance industry, Neetu Jain can guide you through the process of choosing the best LIC policy for tax-saving and financial security. She can help you understand the policy features, benefits, and assist you in the application process.
To get in touch with Neetu Jain, you can visit her website or call her at +91-9891420503. By investing in the right LIC policy, you can not only save taxes but also secure your financial future. Don’t hesitate to reach out to Neetu Jain and make an informed decision about your insurance needs.