LIC is one of the biggest insurance groups in India and is owned by the government of India. Our lives are full of uncertainties, and to protect our family and us from the risks and unwanted events, we need a cover and insurance to provide us that cover. Insurance is an agreement between you and the insurance company under which you pay them some premium regularly. In return, they promise to compensate your nominee in case of an unwanted event. Some people have queries like do I need life insurance if I don’t have a mortgage and many more such confusions. You must contact some insurance companies and clear all your doubts before buying an insurance policy.
Some of the best LIC policies for life insurance
LIC Jeevan Akshay VI Plan
It is an immensely popular insurance plan offered by LIC, which has a single premium along with immediate annuity. You can easily purchase it by buying a lump sum amount, which makes it more affordable. It is a mind of a pension plan that offers to pay the annuity for a lifetime, but it pays a specific amount of money. The moment you buy the plan, the annuity begins from one month from that point. You need not pay a premium every month or week as it allows you a single premium, and you can enjoy its benefits for as long as you want. Still, you need to purchase a policy worth at least 100000 if you are buying it offline if you are buying it over the internet, then the minimum purchase limit gets to Rs.150000. You can purchase as much as you want as their no limit on purchasing this policy.
This policy offers benefits to people of different age groups varying from 30 years to 85 years old. There is no maturity period, so it will offer no benefit from its maturity. Unlike other insurance policies, it doesn’t provide any type of borrowing or loan.
LIC e-Term plan
It is an excellent policy to provide financial stability and support to your family in case of your sudden death or any unwanted accident or event. The policyholder needs to pay regulars premium in this policy as it is understood from the name this insurance policy can be purchased over the internet as no insurance company or agent sell these policies. You can get this policy as it is available on the official site of LIC. It has a different rate of premium varying from person to person.
For instance, if the policyholder is smoker, then he may have to pay a higher amount premium as he has greater health risks. You can only get your life insured as you cannot get a policy form someone else. The person to be insured can be of a minimum of 18 years but shouldn’t exceed 60 years of age.
LIC New children’s money back plan
It is new and effective insurance with a condition of regular premium payment. This insurance plan is tailor-made for your broods. You can ensure your children’s education, marriage, and other essential needs and requirements by buying this policy. Along with fulfilling the needs, this plan also provides risk coverage to the child throughout the policy duration.
The minimum purchase limit for this policy is Rs 100000, but you can exceed at as much as you want. Different types of premium payment options are available, like monthly, weekly, yearly, etc. and you can choose the most suitable for you.