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Investment Plans 25133 views February 19, 2020
Life Insurance Corporation is the oldest insurance provider India and was established by the Government of India. LIC offers a wide and variant range of products which include term life plans, endowment plans, savings as well as investment plans, child plans, retirement plans, etc. LIC is a state-owned insurance company and has a large customer base in India. LIC offers Insurance plans for different terms.
Table of Contents
LIC of India offers various Insurance policies to serve the variant needs and requirements of its customers. Some of the best LIC policies for 10 years offered are discussed below.
This LIC endowment plan is a non-linked insurance plan which offers participating benefits to the policyholder. Before the commencement of the insurance plan, full premium payments are required to be made. The plan offers the dual benefit of saving as well as protection of life in a single plan. With the help of dual feature you can ensure the financial security of your family at all times. On the death of the policyholder, it pays the sum assured along with bonus, if any and on the survival of the term of the policyholder, it pay the lump-sum assured as maturity benefit.
Features of LIC Single Premium Endowment Plan
LIC Aadhaar Shila plan is a women-oriented policy which provides dual benefit of saving as well as life protection. The plan is introduced particularly for females. The insured’s family will receive the sum assured in case of unfortunate death of the policyholder during the tenure of the policy. In the case of survival, the sum assured will be paid in lump-sum on the maturity of the policy. Under this plan, no medical test is required and can be obtained by any standard healthy female.
Features of LIC Aadhaar Shila Plan
The tech-term policy of LIC is a non-linked plan which offers pure-risk coverage. This plan provides financial support to the family of the policyholder on his/her death. This plan can be brought online and is a non-participating online pure risk life insurance cover. However, no benefit is payable under the plan if the policyholder survives the term of the policy. Hence this plan does not offer any maturity benefit.
Features of Tech-Term Plan
This LIC policy is a pension insurance plan introduced by the Government for senior citizens of India. It provides a boon in times of fall of the rates of interest. The scheme aims at providing regular pension to the senior citizens. Vaya Vandana Yojana is available for purchase both offline and online through the official website of LIC.
Features of Vaya Vandana Yojana
New Endowment Policy offered by LIC is a non-linked plan which offers participating benefit. For individuals who want to save along with their life insurance then New Endowment plan is suitable option for them. New Endowment Plan of LIC provides financial security to the insured’s family if the insured faces an unfortunate death during the term of the policy. Lump-sum amount is paid as maturity benefit if the policyholder survives the term of the policy.
Key features of LIC’s New Endowment Plan
Conclusion
LIC offers various Insurance products and each product has its unique features and advantages. The best LIC policy for 10 years tenure can be different for different people. Most of the insurance policies offered by LIC have tenure of 10 years or more but the best policy is the one that fit your requirement and need. Hence, before you buy an insurance policy for a tenure of 10 or more than 10 years then you should take into consideration various your requirements and needs in order to make a informed decision.