𝐐: What are the key benefits of investing in 𝐋𝐈𝐂's various insurance policies?
𝐀𝐧𝐬: Investing in 𝐋𝐈𝐂's various insurance policies can offer a range of benefits, depending on the specific type of policy and individual financial goals. Here are some key benefits associated with investing in 𝐋𝐈𝐂's insurance policies:
*) 𝐋𝐢𝐟𝐞 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 : One of the primary benefits of 𝐋𝐈𝐂 policies is life coverage. These policies provide financial protection to the policyholder's family in the event of the policyholder's demise, ensuring a lump sum payout to the nominees.
*)𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐀𝐧𝐝 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭: Many 𝐋𝐈𝐂 policies, such as endowment plans and money-back plans, include a savings or investment component. Premium payments made by the policyholder contribute to building a corpus over the policy term, which is paid out as maturity benefits.
*)𝐆𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐝 𝐑𝐞𝐭𝐮𝐫𝐧𝐬: Some 𝐋𝐈𝐂 policies offer guaranteed returns, providing a level of predictability in the investment. The guaranteed returns may be in the form of bonuses, survival benefits, or maturity benefits, depending on the type of policy.
*)𝐓𝐚𝐱 𝐁𝐞𝐧𝐞𝐟𝐢𝐭 :Premiums paid towards LIC policies are eligible for tax benefits under Section 80𝐂 of the Income Tax Act in India. Additionally, the maturity proceeds and death benefits may also be tax-exempt under Section 10(10𝐃), subject to certain conditions.
*) 𝐋𝐨𝐚𝐧 𝐅𝐚𝐜𝐢𝐥𝐢𝐭𝐲 :𝐋𝐈𝐂 policies often come with a loan facility.
