Why do I need to buy LIC Policy?
Life Coverage: The main and top reason to buy a LIC policy is the life cover. Life insurance policies provide coverage for the policyholder’s life. In the event of an unfortunate event like the policyholder’s demise, the family receives the sum assured as a lump sum amount. This sum can be used to pay off debts, provide financial stability, and cover expenses.
Tax Benefits when you buy a LIC policy: Salaried people also get benefit for tax saving equal to the amount of premium paid for any LIC policy they buy. Life insurance policies come with tax benefits. The premiums paid towards the policy are deductible from the total income under Section 80C of the Income Tax Act. The sum received on maturity or in case of the policyholder’s demise is also tax-free under Section 10(10D).
Buy LIC policy for Long-term savings: Third benefit of buying a LIC policy is long term savings. LIC policies are designed to provide long-term savings. The policyholder can invest a small amount of money regularly over an extended period, which can help them achieve their financial goals, such as buying a house, funding their children’s education, or saving for retirement.
Loan on Policy you buy: If you buy a LIC policy, you can also get a loan against it. LIC policies can be used as collateral for loans. If the policyholder needs urgent funds, they can take a loan against the policy’s surrender value.
Multiple policies to buy: LIC offers a range of policies to choose from, including term insurance, endowment policy, money-back policy, and unit-linked insurance plans (ULIPs). These policies can be customized according to the policyholder’s needs and requirements. A quick guide on how to buy LIC policy
How to buy LIC Policy
There are ONLY two ways to buy LIC policy
Option 1: Buy LIC Policy online
Step 1: Visit the LIC website https://licindia.in/
Step 2: Click on Buy Online. Select a plan
Step 3: Fill in your personal details and make payment
Option 2: Buy LIC policy through a LIC agent
Step 1: Visit https://insuringgurgaon.com
Step 2: Fill out the form for “Buy LIC Policy”
Step 3: Our agents will call you to get your details. Complete online process and online payment.
Identify your needs: Before you buy a policy, it is essential to identify your needs and requirements. This will help you choose the right policy that suits your needs and offers maximum benefits. Only a experienced and seasoned LIC agent can help you understand the policy benefits and see if the benefits offered are in sync with your requirements.
Research about policies available: Research the various LIC policies and compare their features, benefits, and premium rates before you decide to buy. This will help you select the policy that offers the best value for your money.
Contact LIC Agent to buy LIC Policy: Contact Neetu Jain, Gurgaon based LIC agent to help you with the policy selection and purchase process. They will provide you with all the necessary information about the policy and help you with the documentation.
Fill Application Form: To buy a LIC policy you need to fill out a LIC proposal form. Fill out the application form with accurate information and submit the necessary documents, such as identity proof, address proof, and age proof. Mention all health related information to avoid any issues in future.
Pay Premium: Pay the premium amount either online or offline, as per your convenience. That’s the last step to buy LIC policy. Once you have paid the premium you will be provided with a FPR first premium receipt and your life cover sarts immidiately.
In Conclusion, purchasing an LIC policy is an excellent way to secure your future and provide financial stability to your loved ones. With a range of policies to choose from and tax benefits, LIC policies are an excellent investment option. Therefore, if you are looking for a reliable and trustworthy life insurance provider, consider purchasing an LIC policy.
Top / Best LIC policies to buy – their terms, and purpose
| LIC Policy Name | LIC Policy Table Number | Policy Term | Reason Why this policy should be bought |
| LIC Jeevan Anand | 149 | 15-35 years | Endowment plan with life coverage and maturity benefit. Buy LIC Jeevan Anand policy if you need life long life covreage and a lump sum amount at the end of the policy term. |
| LIC Jeevan Labh | 836 | 16-25 years | Endowment plan with life coverage and guaranteed addition. Buy LIC Jeevan Labh if you are looking for a policy with limited premium (less than the policy term). |
| LIC New Money Back Plan 820 | 820 | 20 years | Money-back plan with life coverage and periodic payouts. Buy LIC Money back policy if you need money after every 5 years. |
| LIC e-Term | 854 | 10-35 years | Term insurance plan with high sum assured at a low premium. Buy LIC e-term policy if you are looking for pure term insurance only. |
| LIC Jeevan Amar | 855 | 10-40 years | Term insurance plan with flexibility to choose the policy term and premium. Buy LIC Jeevan Amar policy is you need only life cover and no maturity payout/benefit. |
| LIC Jeevan Umang | 945 | Whole life | Whole Life Whole life insurance plan with life coverage and guaranteed returns. Buy LIC Jeevan Umang to get a life cover till 100 years and yearly payouts life long. |
| LIC Single Premium Endowment Plan | 817 | 10-25 years | Single premium endowment plan with life coverage and maturity benefit. Buy LIC single premium endowment plan if you plan to invest in one installmet and no further premiums. |
Why People Buy LIC Policy
Beyond Mere Investment
Understanding the Comprehensive Nature of Life Insurance
In India, the purchase of life insurance goes beyond seeking mere investment avenues. While there is a plethora of investment options available, life insurance stands out due to its multifaceted benefits. Firstly, life insurance provides financial security to the policyholder’s family in the unfortunate event of the policyholder’s demise. This aspect resonates deeply with Indian families, where ensuring the financial stability of loved ones is a top priority. Additionally, life insurance offers peace of mind, knowing that dependents will be taken care of financially, even in the absence of the primary breadwinner.
Protection Beyond Investment Returns
Contrary to popular belief, the appeal of life insurance extends far beyond the investment returns it offers. While it’s true that life insurance policies can yield returns comparable to fixed deposit rates, it’s important to recognize that the primary purpose of life insurance is not investment, but protection. Life insurance policies provide a safety net against unforeseen circumstances such as critical illnesses, disabilities, or accidents, offering policyholders and their families financial support during challenging times. This aspect of risk mitigation sets life insurance apart from conventional investment options, making it a preferred choice for many Indians who prioritize financial security above mere returns. Additionally, life insurance policies often come with tax benefits, further enhancing their appeal as a holistic financial tool.
5 reasons to buy LIC Policy
Financial Protection: Life insurance provides financial security to your loved ones in the event of your untimely demise, ensuring that they can maintain their standard of living and meet financial obligations such as mortgage payments, education expenses, and daily expenses.
Income Replacement: Life insurance serves as a source of income replacement for your family members, replacing your lost income and helping them maintain their financial stability even after you’re no longer there to provide for them.
Debt Coverage: Life insurance can be used to cover outstanding debts such as loans, mortgages, or credit card debts, relieving your family from the burden of repayment in case of your death.
Legacy Planning: Life insurance allows you to leave a financial legacy for your loved ones, ensuring that you can pass on assets or provide for specific financial goals such as funding your children’s education or supporting charitable causes.
Peace of Mind: Knowing that you have a life insurance policy in place can provide peace of mind, allowing you to focus on other aspects of life without worrying about the financial well-being of your family in case of unforeseen circumstances.
Who Should Buy Lic Policy
In India, life insurance is essential for anyone who has dependents relying on their income, such as spouses, children, or aging parents. Additionally, individuals with outstanding debts like mortgages or loans should consider purchasing life insurance to ensure that their liabilities are covered in the event of their demise.
Moreover, individuals in high-risk professions or with health conditions may find it particularly crucial to secure life insurance coverage to protect their families from financial hardship. Essentially, anyone who seeks to provide financial security and peace of mind to their loved ones should consider buying life insurance in India.
Furthermore, life insurance can be beneficial for individuals who wish to plan for their future financial goals, such as funding their children’s education, building a retirement corpus, or leaving a legacy for their heirs. Additionally, young adults who start early can benefit from lower premiums and potentially higher coverage amounts, making life insurance a prudent financial decision even at a relatively young age.
Ultimately, anyone who wants to safeguard their family’s financial future and ensure that their loved ones are protected against unforeseen circumstances should seriously consider purchasing life insurance in India.
जीवन बीमा उन लोगों के लिए महत्वपूर्ण है जो चाहते हैं कि उनके प्यारे लोग उनके मौत के मामले में आर्थिक रूप से सुरक्षित रहें। यह विशेष रूप से उन व्यक्तियों के लिए महत्वपूर्ण है जिनके परिजन उनकी आय पर निर्भर करते हैं, साथ ही जो ऋणों जैसे होम लोन या ऋण के साथ होते हैं। इसके अतिरिक्त, जो व्यक्तियों को उच्च जोखिम या स्वास्थ्य समस्याओं से गुजरना पड़ता है, उन्हें अपने परिवार को आर्थिक कठिनाइयों से बचाने के लिए जीवन बीमा की विचार करना चाहिए। मुख्य रूप से, जो भी अपने प्रियजनों को आर्थिक स्थिरता और चिंता मुक्ति देना चाहते हैं, उन्हें जीवन बीमा का विचार करना चाहिए।
How many LIC Policies should I buy?
The thumb rule to buy LIC policy is to calculate what your income replacement cost is? You basically need 3 to buy LIC policies.
- Term plan
- Endowment plan
- Pension / life long plan
People Also Ask Questions:
What is LIC Policy?
LIC policy is a life insurance policy offered by Life Insurance Corporation of India. The policy provides life coverage to the policyholder and their family members in the event of an unfortunate event like the policyholder’s demise. The policy comes with tax benefits and helps the policyholder save money for their future financial goals.
How to choose the right LIC Policy to buy?
To choose the right LIC policy, one needs to identify their needs and requirements. Factors like age, income, financial goals, and family size need to be considered before selecting the policy. Researching the various policies and comparing their features and benefits can help in making an informed decision.
What are the types of LIC Policies? WHich is the best policy to buy?
LIC offers various types of policies, including term insurance, endowment policy, money-back policy, and unit-linked insurance plans (ULIPs). Each policy has its features, benefits, and premium rates, and can be customized according to the policyholder’s needs.
Once I buy the LIC policy, how to pay LIC Policy Premium?
LIC policy premium can be paid online or offline. For online payments, one can use the LIC website, mobile app, or net banking. For offline payments, one can visit the LIC office and pay in cash or cheque.
What are the benefits of LIC Policy?
LIC policy provides life coverage, tax benefits, long-term savings, loan against policy, and multiple options to choose from. The policy can be customized according to the policyholder’s needs and provides financial stability to the policyholder and their family.
What is the minimum age to purchase an LIC Policy?
The minimum age to purchase an LIC policy varies according to the policy type. For most policies, the minimum age to purchase is 18 years, while for child plans, the minimum age can be as low as 0 years.
What is the maximum age to buy an LIC Policy?
The maximum age to purchase an LIC policy also varies according to the policy type. For most policies, the maximum age to purchase is 65 years, while for child plans, the maximum age can be up to 17 years.
How much premium should one pay to buy LIC policy?
The premium amount for an LIC policy depends on various factors like the policy type, the policyholder’s age, the sum assured, and the policy term. It is advisable to calculate the premium amount and choose a policy that fits within the budget.
How to check the LIC Policy status once bought?
The LIC policy status can be checked online or offline. For online status checking, one can use the LIC website or mobile app. For offline status checking, one can visit the LIC office or contact the LIC agent.
What happens if the policyholder misses the premium payment?
If the policyholder misses the premium payment, they can still pay the premium within the grace period provided by LIC. If the policyholder fails to pay the premium within the grace period, the policy will lapse, and the life coverage will cease. However, the policy can be revived by paying the due premiums with interest within a specified time period.
In conclusion, buying an LIC policy can provide life coverage, tax benefits, and long-term savings. To select the right policy, one needs to identify their needs and requirements, research the policies, and choose the policy that offers the maximum benefits. By paying the premiums regularly, the policyholder can secure their financial goals and provide financial stability to their loved ones.
These policies offer different features and benefits, and their selection depends on the policyholder’s needs and requirements. While some policies offer life coverage and maturity benefits, others provide periodic payouts or high sum assured at a low premium. It is advisable to compare the policies and choose the one that fits within the budget and offers the maximum benefits.
How much time does it take to buy a LIC policy
The time it takes to buy an LIC policy depends on various factors like the policy type, the mode of payment, and the verification process. Here’s a breakdown of the estimated time it takes to get an LIC policy:
Online Policy: If you apply for an LIC policy online, the process is usually faster. After submitting the application form and required documents, the verification process takes approximately 1-2 days. Once the policy is approved, you can make the payment online, and the policy documents are usually emailed to you within a few hours.
Offline Policy: If you apply for an LIC policy offline, the process can take longer. You need to visit the nearest LIC branch office and submit the application form and required documents. The verification process can take approximately 7-10 days, after which you can make the payment and receive the policy documents.
Medical Test: If the policy requires a medical test, it can add additional time to the policy issuance. The medical test usually takes a day or two, and the results can take up to a week to come in.
Overall, the time it takes to get an LIC policy can range from a few hours to a few weeks, depending on the policy type and the verification process. It is advisable to plan in advance and apply for the policy at least a few weeks before you need the coverage to start.
Call Neetu Jain to buy LIC policy in Gurgaon
Neetu Jain is a trusted and reliable LIC agent with 15 years of experience and a commerce degree. She has in-depth knowledge of LIC policies and can explain their features, benefits, and exclusions in simple and clear language. Neetu is known for her honesty, promptness of service, and personalized service. She offers competitive premiums, comprehensive service, and is always accessible to her clients. With Neetu as your LIC agent, you can have peace of mind knowing that your insurance needs are in good hands. Click to call.
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