The best type of insurance depends on your individual needs and preferences. As such, selecting the best life insurance policy for you will depend on your personal circumstances.
Life Insurance Corporation (LIC) of India is one of the most popular insurers in the country, providing a variety of life insurance policies with a range of benefits. Some of the most common LIC insurance policies are:
Term Plans – These are suitable for people looking for a cost effective way to cover the risk of not surviving the policy term. The death benefit is the sum assured receiving by the nominee or policy beneficiaries upon the policyholder’s death.
Traditional Plans – These are ideal for long-term savings and protection. They come with a variety of riders such as critical illness and accidental death benefit. The policy also provides a lump sum maturity amount upon completion of the policy term.
Unit Linked Insurance Plans (ULIPs) – These are attractive investment options providing a long-term savings option with equity and debt fund investment options. It also provides an additional death benefit and tax benefits.
Retirement Plans – These are intended to provide coverage for unforeseen medical expenses and provide a steady stream of income for retirement. They involve lump-sum payouts and annuity options.
Child Plans – These are suitable for parents who want to safeguard their child’s future. It provides a lump-sum amount on the maturity of the policy along with other benefits.
It is important to research and compare the various LIC insurance policies available before selecting one that fits your specific needs. You should always consider your financial goals, the amount of coverage that you need and the premiums that you can afford before making your final decision.
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