Why Choose LIC?

The Life Insurance Corporation of India (LIC) is a government-owned insurance and investment company. It has become synonymous with life insurance in India, offering comprehensive financial protection and long-term savings plans. LIC has gained trust due to its legacy, market reach, and robust financial backing from the government

• Reliability and Trust: With over six decades of experience, LIC is known for its trustworthiness and reliable claim settlement record.

• Wide Range of Policies: LIC offers a variety of insurance plans to meet different financial goals, such as savings, retirement, children's education, or risk cover.

• Government Backing: Being a state-owned entity, LIC offers the assurance of stability and financial security, with strong backing from the Government of India.

• High Claim Settlement Ratio: LIC consistently maintains one of the highest claim settlement ratios in the industry, ensuring peace of mind for policyholders.

• Premium Flexibility: LIC offers flexible premium payment options – monthly, quarterly, or annually – making it accessible to people with varying financial capacities.

Overview of LIC

Popular LIC Policies

• Term Insurance Plans:

  • These are pure risk protection plans that provide life cover for a specified term. In case of the policyholder's death during the term, the sum assured is paid to the beneficiary.

• Endowment Plans:

  • These plans provide a combination of life cover and savings. The policyholder receives a lump sum amount upon policy maturity, or the nominee receives the sum assured in the event of the policyholder's death.

• Money-Back Plans:

  • These policies offer periodic payouts at regular intervals during the policy term, providing liquidity along with life insurance.

• Pension/Retirement Plans:

  • LIC offers annuity and pension plans to help individuals secure their retirement and ensure a regular income post-retirement.

• Children’s Plans:

  • LIC offers policies that help secure the future of children, ensuring financial support for their education and marriage.

• Financial Security for Loved Ones: LIC policies ensure that your family is financially secure in case of your untimely demise. The life cover provides a lump sum to the nominee, helping them maintain their standard of living.

• Wealth Creation: Many LIC policies combine insurance with savings, allowing you to build wealth while enjoying life coverage. This makes it an excellent tool for long-term financial planning.

• Tax Benefits: Under Section 80C of the Income Tax Act, the premiums paid toward LIC policies are eligible for tax deductions. Additionally, the payout received from certain policies is tax-free under Section 10(10D).

• Loan Facility: LIC policyholders can avail loans against their policies, which can be helpful in case of financial emergencies.

• Bonuses: LIC regularly declares bonuses for its participating policies, which add to the total sum assured and provide better returns on investment.

Key Benefits of LIC:

Selecting the right LIC policy depends on your financial goals, age, risk appetite, and family situation. Here’s a step-by-step guide to help you choose the best policy for you:

• Assess Your Needs: Determine your life insurance needs based on your family’s financial obligations, loans, and future goals like children’s education or retirement.

• Understand Policy Features: Carefully review the policy features, including the sum assured, maturity benefits, riders (additional coverage options), and bonuses.

• Consult NRInvest Advisor: While LIC’s website offers extensive information, consulting an NRInvest LIC advisor can help you tailor a policy that matches your individual needs.

• Check Premium Payment Flexibility: Look for a plan that suits your premium payment capability and allows for flexible terms such as monthly or yearly payments.

• Review Claim Settlement Ratio: Ensure that the policy you choose has a strong track record of timely claim settlements, which is something LIC excels at.

Choose the Right LIC Policy

LIC continues to be a trusted name in the Indian life insurance market. With a wide variety of plans catering to different financial needs, LIC ensures that individuals can safeguard their future and provide security to their loved ones. Whether you are looking for a simple term plan for risk coverage or a comprehensive savings-cum-insurance plan, LIC has something for everyone.

Investing in an LIC policy is not just about securing life insurance—it’s about building a financially secure future for you and your family. So, take the time to evaluate your financial goals and choose a policy that aligns with your needs, ensuring a worry-free tomorrow.