LIC Long Term Plans: LIC is the largest public sector insurance company and investors have been trusting it for years. Even in the stock market, its market capitalization is much higher than other insurance companies. Investors are less likely to incur losses by investing in its plans.
If you want to earn more profit by investing in a plan for a long time, then LIC (Life Insurance Corporation of India) plans can be a better option for you. LIC has many such plans, in which you will get more profit by investing for the long term. The biggest advantage of investing in LIC is that your hard-earned money is safe.
LIC is the largest public sector insurance company and investors have been trusting it for years. Its market capitalization in the stock market is also much higher than other insurance companies. Investors are less likely to incur losses by investing money in its plan. Let us know about those plans of LIC, in which investors benefit by investing money for the long term.
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LIC Long Term Plan
- LIC Jeevan Anand: This plan of LIC provides life cover to the investor. The policyholder gets insurance cover during the policy term. Along with this, a fixed amount and bonus is available under this plan.
- LIC Jeevan Umang: Under this plan, investors are given life cover till the age of 100 years and regular income is also given during the policy term.
- LIC Money Back Plan: Under this plan, partial payments are made at regular intervals. The most important thing is that after taking this plan, you get the benefit of sum assured and bonus at the time of maturity.
- LIC Tech Term Plan: This is an online term plan that provides only insurance cover. This plan provides high insurance cover at affordable insurance premium rates.
Benefits of LIC’s long term plans
● LIC’s long term plans provide life insurance coverage during the policy term. They provide financial security to the family in case of death of the policyholder.
● These plans provide insurance coverage as well as savings. On the maturity date, the policyholder gets the assured amount along with bonuses.
● Long term plans help investors grow their money over time. Investing for a long time gives the benefit of compound interest.
● Premiums paid on LIC’s long term plans are taxable under section 80C. Also, maturity benefits and death benefits are tax-free under section 10(10D).
● Many LIC plans offer bonuses, which are given to the policyholder from time to time and increase their investment.
● Policyholders can also take a loan against their LIC policy, which helps in times of financial crisis.
