Buying any Life Insurance Corporation (LIC) policy and in dilemma which policy should you opt, then don’t worry we are here to guide you.
Because of the change in lifestyle, issues related to physical and mental health has been increased due to which people are looking for insurance plans that could support them when in trouble.
Going with the tagline of LIC, Zindagi ke saath bhi, Zindagi ke baad bhi, LIC offers several plans that are helpful before and after death of the policy holder. So, to purchase the best plan it is necessary that one should know that what critria should be checked before buying any policy. Because we don’t want that your investment goes waste.
Check out major points that should be keep in mind before buying any policy of LIC:
1. Identify the reason for buying a policy:
One should clear in his/her mind that what policy matters in life and how it will helpful in financial trouble. Also, check whther policy is supportive in financial crisis.
2. Know the type of plan you are buying:
It is mandatory to know that the plan you are buying is fruitful or not in terms for your future goals. If you are willing to take the risk to avail better benefits then, consider investing in ULIPs.You can also go for money-back plan or endowments plans that provides guarnteed returns.
3. Benefits and bonuses:
Policy buyers should know what extra benefits and bonus the policy is offering them like guaranteed additions, reversionary bonuses and other additional benefits.
4. Total sum of the policy:
Before purchasing any policy plan, one shoul know the sum of your term policy that will cover your future financial goals. In case, you are purchasing any polciy for your child’s education or your chilren marriage then check how much you will obtain on policy maturity.
5. Details about tax exemptions:
As per Indian tax laws, section 80C, LIC insurance policies are tax exempted. Also, check what tax benfits will be given on the maturity of the policy during the policy tenure and also after the death of the owner.