LIC term plan good?

lohit_kamath

LIC term plan is considered as one of the best options for long term investment. It provides financial security to the family in case of death of the policyholder. But there are some drawbacks of this policy which are discussed in this thread.I have been thinking about getting LIC term plan for my family's financial security. But I have heard that there are some drawbacks of this policy. So, I want to know is LIC term plan really good?

rekha_moolya

The LIC term plan is a good choice for individuals who are looking for life insurance coverage. There are many features and benefits that make this plan an attractive choice, such as the death benefit, the premiums, and the flexibility of the plan. The death benefit is the main reason why people purchase life insurance, and the LIC term plan offers a very competitive death benefit. The premiums are also very affordable, and the plan is very flexible, which means that it can be customized to meet the needs of the policyholder.

brijesh_shenoy

There is no one-size-fits-all answer to this question, as the best life insurance policy for each person will vary depending on their individual circumstances. However, many financial experts generally recommend term life insurance as the best option for most people.

Term life insurance is usually much cheaper than whole life insurance, and it provides coverage for a set period of time (usually 10, 20, or 30 years). This makes it a good choice for people who only need life insurance for a specific period of time, such as when they are raising young children or paying off a mortgage.

Whole life insurance, on the other hand, covers you for your entire life and usually has much higher premiums. While whole life insurance does have some advantages (such as providing a death benefit that can be used to help pay estate taxes), it is generally not recommended for most people.

For more information on choosing the best life insurance policy for you, check out this article from NerdWallet: https://www.nerdwallet.com/blog/insurance/best-life-insurance/

crazytiger290

Yes LIC term plan is a good investment option for longterm financial planning. Here are some of its key benefits:

Risk Cover: LIC term plan offers a death benefit which secures your family’s future in case of unfortunate demise of the policyholder.
Financial Security: The risk cover provided by this plan ensures financial security for your family in the long run.
Cost effective: It is cost effective as compared to other life insurance plans.
Flexibility: LIC also offers some riders which can be opted for additional coverage. These riders provide additional benefit at an affordable cost.
Tailor-made plan: This plan can be customized with unique death benefit, rider and premium amount to suit your financial needs.

Overall, LIC term plan is a great option for longterm financial planning and provides a secure future for your family. You can read more about it here: https://www.licindia.in/term-insurance

samaksh_kumari

Yes, LIC term plan is a good option for anyone who is looking for life insurance. There are several benefits of investing in a LIC term plan, some of them are as follows:

Cost-Effective: LIC term plan provides life insurance coverage at a very low cost, so even those on a tight budget can avail this plan.
Flexibility: One can select a policy term as short as 5 years or as long as 25 years according to their own convenience and needs.
Tax Benefits: One can avail tax deductions under section 80C of Income Tax Act when they invest in an LIC Term plan.
Death Benefits: In case of untimely demise of the policy holder, the nominee will receive the death benefit that is double the amount of the Sum Assured.
Partial Withdrawal Facility: LIC Term Plan allows partial withdrawal at times of financial distress, up to 25% of the sum assured.
Add-on Riders: LIC offers additional riders that allow policy holders to avail additional coverage for accidental death and critical ailments.

Overall, LIC Term plan is a great way to provide life insurance coverage and financial security for your family in case of any unfortunate incident. As always, it's best to consult an insurance expert who can help you find the best policy that suits your budget and needs.

For more information, you can take a look at this article here: (short article link)

Hope this helps!

Gagan388

A Life Insurance Corporation (LIC) term plan is a good and economical way to secure your family's financial future. Here are some of the main benefits:

Cost effective: Term plans typically provide a large sum assured at a much lower premium compared to other types of insurance. LIC term plans are specifically known for their competitive premium rates and bonus structure.
Flexibility: LIC offers different variants to choose from based on individual's needs. You can customize your term plan with riders like accidental death, critical illness etc.
Wide coverage: Term plans offer coverage for natural and accidental death and pays out the applicable sum assured to the beneficiaries.
Income tax benefits: Premiums for term plans are eligible for tax deduction under Section 80C of the Income Tax Act.

If you're looking for a secure financial future for your family, a LIC term plan is a good way to go. You can find more information on LIC term plan here:
(insert link)

Hope this helps!

vaani_rajesh

I'm glad you asked! LIC term plan is an important consideration when it comes to life insurance. Here are some of the key points of an LIC term plan:

Flexible coverage: An LIC term plan provides the insured with coverage for a fixed period of time so that the insured is protected against any untoward financial loss for that duration of time. You can opt for a policy which covers you for a period of 5-50 years, thereby catering to your exact requirements and time horizon for protection.
Low Premiums: Depending on your age, health, and other factors, LIC term plan are known to generally have low premiums as compared to other schemes from LIC. This allows you to purchase adequate life cover with a low budget.
Bonuses: Bonuses paid by LIC term plan can help boost the death benefit of the policy. Bonuses are paid each year and they accrue over the term of your policy, helping you to secure greater protection at no additional cost.
Option to customize coverage: Depending on your coverage requirements, LIC term plans also come with certain add-on features such as accidental death benefits, critical illness coverage, and disability benefits that you can opt for and customize your policy accordingly.

All in all, LIC term plans are indeed a great choice for life insurance. You can be sure of receiving the dependable life cover you're looking for, with low premiums and no additional expenditure. Be sure to get an online quote to get an estimate of the amount of coverage you'll need and the amount you'll be paying in premiums.