Life Insurance Corporation of India (LIC) has long been a trusted name in the insurance industry, providing financial security to millions of Indians. As we advance into 2024, LIC continues to innovate and expand its offerings to meet the evolving needs of policyholders. Whether you are looking for life insurance, child education plans, guaranteed pension schemes, or other financial products, LIC has a range of policies that can be conveniently purchased through multiple payment methods, including UPI, credit card, net banking, and debit card. For more information or to buy a new policy, call 9886568000.
Why Choose LIC?
LIC is renowned for its reliability, robust portfolio, and excellent customer service. Here are some key reasons why LIC is the preferred choice for millions:
- Comprehensive Coverage: LIC offers a wide range of policies catering to different life stages and financial goals.
- High Claim Settlement Ratio: LIC boasts one of the highest claim settlement ratios in the industry, ensuring your family’s financial security.
- Tax Benefits: Most LIC policies come with attractive tax benefits under various sections of the Income Tax Act.
- Convenient Purchase Options: LIC makes it easy to purchase policies through various payment methods, ensuring a hassle-free experience.
Popular LIC Policies for 2024
1. Life Insurance Plans
Life insurance is crucial for ensuring your family’s financial stability in case of an unforeseen event. LIC’s life insurance plans for 2024 offer enhanced benefits and flexibility:
- Jeevan Amar: This is a pure protection term plan providing substantial coverage at affordable premiums. It offers flexibility in choosing the sum assured and provides a death benefit to ensure your family’s financial well-being.
- Jeevan Labh: This limited premium paying, non-linked, with-profits endowment plan offers a combination of protection and savings. It is ideal for those looking to ensure their family’s financial security while building a corpus for future needs.
2. Child Education Plans
Planning for your child’s education is a significant financial commitment. LIC’s child education plans help you systematically save to meet these future expenses:
- LIC New Children’s Money Back Plan: This plan provides periodic payouts to meet educational milestones. It offers survival benefits at the end of the 5th, 10th, and 15th year, along with a lump sum at maturity, ensuring your child’s education is financially secured.
- Jeevan Tarun: Designed to cater to children’s education and marriage expenses, this plan provides flexible payouts during crucial educational phases, starting from the child’s 20th birthday till they turn 25.
3. Money Back Plans
LIC’s money-back policies are perfect for those who need periodic liquidity:
- Bima Shree: This limited premium paying money-back plan offers regular payouts every five years during the policy term, along with a maturity benefit, combining insurance coverage with periodic returns.
- New Money Back Plan – 20 years: This plan provides survival benefits every five years, making it suitable for individuals seeking regular returns. At the end of the policy term, the maturity benefit, along with bonuses, is paid out.
4. Guaranteed Pension Plans
Retirement planning is essential for a financially secure future. LIC’s pension plans ensure a steady income post-retirement:
- LIC Jeevan Shanti Deferred Plan offers a deferred annuity option ranging from 1 to 12 years, providing a guaranteed pension after the deferment period. This single premium, non-linked, non-participating plan allows policyholders to choose between single life or joint life annuity options. It ensures a stable income stream post-retirement, with flexibility in deferment periods to suit individual financial goals.
- LIC Jeevan Akshay VII is a single premium immediate annuity plan that offers a range of annuity options, ensuring a stable income stream for life. Policyholders can choose from ten different annuity options, including lifetime annuities, joint life annuities, and annuities with a return of purchase price. This non-linked, non-participating plan provides flexibility and security, catering to various financial needs and retirement goals.
Payment Options for LIC Policies
Understanding the need for convenience, LIC allows policyholders to purchase policies through various payment methods:
- UPI (Unified Payments Interface): UPI is a popular and convenient payment method that allows you to transfer funds directly from your bank account using your mobile device.
- Credit Card: LIC accepts payments through all major credit cards, providing a secure and straightforward way to purchase policies.
- Net Banking: You can also use net banking services from any bank to pay your premiums or purchase new policies.
- Debit Card: LIC accepts debit cards from all major banks, making it easy to complete transactions.
How to Purchase LIC Policies
Purchasing an LIC policy is a straightforward process. Here’s a step-by-step guide:
- Call 9886568000: For personalized assistance, call 9886568000. A representative will guide you through the available policies and help you choose the one that best suits your needs.
- Choose the Policy: Based on your requirements, select a policy that offers the benefits you need, whether it’s life insurance, a child education plan, or a pension scheme.
- Fill the Application: Complete the application form with the necessary details. Ensure all information provided is accurate to avoid any issues later.
- Select the Payment Method: Choose your preferred payment method—UPI, credit card, net banking, or debit card.
- Make the Payment: Complete the payment process. LIC ensures that all transactions are secure and hassle-free.
- Receive the Policy: Once the payment is processed, you will receive your policy documents. Keep these documents safe and ensure you understand all the terms and conditions.
Example Scenario for 2024
Profile:
- Age: 40
- Profession: Teacher
- Family: Spouse (Age: 38), Two children (Ages: 10 and 5)
- The below given calculations may change as per the entry age of the proposer and term of the policy
Insurance Portfolio:
- Life Insurance: Jeevan Amar
- Sum Assured: ₹1 crore
- Premium: ₹12,000 annually
- Benefit: Provides financial security for the family in case of untimely demise.
- Child Education: LIC New Children’s Money Back Plan
- Sum Assured: ₹15 lakh
- Premium: ₹45,000 annually
- Benefit: Periodic payouts at ages 15, 20, and 25 of the child, ensuring funds for educational milestones.
- Money Back Plan: Bima Shree
- Sum Assured: ₹10 lakh
- Premium: ₹50,000 annually
- Benefit: Payouts in between the terms, providing liquidity for medium-term financial needs.
- Guaranteed Pension: Jeevan Shanti deferred plan
- Purchase Price: ₹10 lakh
- Deferred Annuity: Starts at age 60, providing ₹25,000 monthly.
- Benefit: Lifetime income post-retirement.
LIC’s diverse range of policies for 2024 offers comprehensive financial solutions for various life stages and needs. From life insurance and child education plans to guaranteed pension schemes, LIC ensures that you and your family are financially secure. The convenience of purchasing policies through multiple payment methods—UPI, credit card, net banking, and debit card—makes it easier than ever to invest in your future.