Human desires never end that results in expenses more than earning in many people’s life. In such circumstances, it becomes difficult to spare some amount as saving. Insurance policy plays an important role to develop a habit of saving. You can set your policy at auto payment mode so that a specific amount of money will automatically deduct on a monthly or quarterly basis as per the insurance plan.
1. LIC Life Insurance plans are basically designed to cater to particular needs of people. LIC being a Government-owned Life Insurance company keeping in mind of various occasions and goals structured various plans.
2. LIC Jeevan labh is one of the plans which is having three options to suit every individual and parents. This plan is designed in keep school education and marriage planning for children. Payout at 16th year and 21 year makes a good combination for education and higher education.
3. LIC Jeevan Umang is a special pension plan with 5 in 1 benefits. This plan is a bundle of Life Insurance, Tax benefit under 80C, secured Investment, Lifetime Pension, Lifetime Insurance. A perfect plan for all who don’t want to spend more time on life insurance and pension. In India, all Pension plans are taxable, whereas LIC Jeevan Umang is 100% Tax-free pension plan till life.
4. LIC Endowment best suitable for simple investment and great returns. This plan best suits returns on any age. best for those who want lesser term plan. Minimum tenure is 12 years under this plan.
5. LIC Money Back plan is suitable for those who want returns every 5 years and returns at the end. This plan is suitable for child education, small-time traders and Businessmen.
6. Most of the LIC plans come under 80C benefit on premium payment and returns are also tax-free under Section 10 (10 D) of Income Tax Act.
Insurance plans from LIC of India would give you win-win situation at all time. Wherever you go LIC would follow you and give the returns. But the only thing is you should have a good Insurance Advisor with helping attitude.