Best LIC India Policy

When you decide to go for any Life insurance policy you must consider the following factors in order to choose the best one for you. They are,

• Why do you need a life insurance?
• How much cover you want from it?
• Whether it meets your financial requirements or not?
  Purpose of a LIC policy: - The primary purpose of any insurance is to provide risk cover like accident or early death. Some people take insurance as a secondary option for investment and some consider it to be more important than having a bank account. To have a Life insurance you have to pay regular payments in small amounts and secure the future and you get entitled for the risk cover by that policy. Life insurance policy provides you the eligibility to get Tax rebate for the premium amount paid by you.
  Various options available: - In Indian market, there is a large number of Life insurance polices available. Some of them are most discussed ones which come from various reputed Insurance houses. Life insurance corporation of India has categorized the insurance policies under three broad categories:-
  • Endowment plans
  • Money back plans
  • Term assurance plans
  
  

  
  Under endowment plans you get three options to choose from,
  a) Single Premium Endowment Plan - Here you need to pay the premium in a lump sum amount. This policy along with providing death cover also facilitates liquidity which has a provision for loan facility.
  b) New endowment - It provides a good combination of risk cover and savings options.
  c) Jeevan Anand - This provides financial security against death and provides a payment of lump-sum on term end.  "If you have invested in LIC Jeevan Anand policy then it will be beneficial for you to attain safe returns. The policy aims at providing accidental claim in case when policy holder is not fit and taken to the hospital can withdraw the money"
  2.  Money back plans - Under money back plans there are policies with different tenures like 20 years and 25 years. One policy is there which is meant for tax savings called Bima Bachat. 
  3. Term assurance plans - Under this category there are different policies among which Jeevan anmol is most prevalent in the market. Anmol Jeevan from LIC of India is a verytrusted policy with a coverage amount of 10,00,000.  The minimum entry age for this policy is 18 years and the maximum is 55 years. Maximum exit age is 65 years for this policy. Premium frequency options available for you are half yearly and annual.