LIC Bangalore, India
In an increasingly interconnected world, individuals across the globe are feeling the impact of international tensions on their financial security. Economic uncertainties, political instabilities, and shifting global policies can affect personal and family financial planning. Government-guaranteed Life Insurance Corporation of India (LIC) policies offer a robust solution to mitigate these risks, providing a range of options to secure financial futures, from child education and marriage planning to senior citizen investment and NRI/OCI/PIO-specific plans. This article delves into the various LIC life insurance plans and investment options, highlighting their benefits in times of international tensions.
Endowment Plans
Endowment plans combine insurance with savings. They pay out a lump sum after a specific term or on the policyholder’s death. These plans are beneficial in creating a corpus for future financial goals amidst international financial volatility.
LIC Jeevan Labh
LIC Jeevan Labh is a limited premium paying, non-linked endowment plan that offers both protection and savings. It provides financial security to your family in the event of your untimely demise, along with a lump sum at the end of the policy term for meeting various financial goals. This plan ensures guaranteed returns through maturity benefits and bonuses, making it an ideal choice for long-term financial planning. The limited premium payment option makes it affordable and convenient while ensuring a substantial corpus at maturity.
LIC Jeevan Umang
LIC Jeevan Umang is a whole life insurance plan offering annual survival benefits after the premium paying term until maturity, and a lump sum payment either at the end of the policy term or upon death. It combines protection and savings with guaranteed returns, making it suitable for long-term financial planning. The plan provides lifelong coverage up to 100 years, ensuring regular income through survival benefits and a guaranteed payout, which helps in securing financial stability and meeting various life-stage needs.
LIC Jeevan Lakshya
LIC Jeevan Lakshya is a non-linked, with-profits endowment plan designed to offer financial protection and savings. It provides a lump sum at maturity and annual payouts in case of the policyholder’s death during the term, ensuring financial security for the dependents. This plan ensures guaranteed returns through maturity benefits and bonuses, making it ideal for future financial needs such as children’s education and marriage. It combines the benefits of protection and savings, offering a reliable financial safety net and assured returns to meet long-term goals.
LIC Jeevan Tarun
LIC Jeevan Tarun is a tailored plan for children’s future financial needs, combining savings and insurance. It offers annual survival benefits from ages 20 to 24 and a lump sum maturity benefit at age 25, ensuring funds are available for higher education or other significant expenses. The plan also includes life cover, providing financial security in case of the policyholder’s untimely demise. Parents can customize the payout structure, making it a flexible solution for planning their child’s educational and financial future, offering a balance of liquidity and long-term savings.
Child Education plans
Providing for a child’s education and marriage is a primary concern for parents. LIC offers several plans tailored to these needs, ensuring that even in uncertain times, your child’s future is secure.
LIC New Children’s Money Back Plan
LIC New Children’s Money Back Plan is designed to secure a child’s financial future, with the added benefit of a premium waiver. It provides periodic payouts at ages 18, 20, and 22, and a lump sum maturity benefit at age 25, aiding in educational and other milestone expenses. The premium waiver benefit ensures that in case of the policyholder’s death, future premiums are waived while the benefits continue, maintaining the child’s financial security. This plan offers life cover along with savings, ensuring that the child’s financial needs are met regardless of unforeseen circumstances.
Money-Back Plans
Money back plans offer periodic returns during the policy term, ensuring liquidity and financial stability. These plans are particularly useful during economic downturns or global financial crises.
LIC Money Back Plan: 20 Years
The LIC Money Back Plan 20 Years is ideal for small business owners needing periodic liquidity for expenses like school fees and small business needs. This plan offers survival benefits of 20% of the sum assured at the end of the 5th, 10th, and 15th years, providing regular cash flow. At the end of the 20-year term, the remaining 40% of the sum assured, along with accumulated bonuses, is paid out. This structure helps manage short-term financial requirements while ensuring a substantial payout at maturity, combining savings with insurance coverage.
LIC Money Back Plan: 25 Years
The LIC Money Back Plan 25 Years suits small business owners requiring regular funds for recurring expenses such as school fees and small business expenditures. It offers survival benefits of 15% of the sum assured at the end of the 5th, 10th, 15th, and 20th years. At the end of the 25-year term, the remaining 40% of the sum assured plus accrued bonuses are paid out. This plan ensures liquidity through periodic payouts while providing a significant maturity benefit, balancing the need for regular cash flow and long-term savings with life insurance coverage.
LIC guaranteed plans like LIC Jeevan Umang, Jeevan Akshay, and Jeevan Shanti offer assured benefits, making them reliable investment options.
LIC Jeevan Umang
LIC Jeevan Umang provides annual survival benefits from the end of the premium paying term until maturity and a lump sum at maturity or on death, combining lifelong coverage and regular income.
LIC Jeevan Akshay VII
LIC Jeevan Akshay VII is an immediate annuity plan offering a guaranteed income for life. Policyholders make a single premium payment and receive regular annuity payouts, ensuring a steady income stream.
LIC Jeevan Shanti
LIC Jeevan Shanti offers both immediate and deferred annuity options. It guarantees fixed annuity payouts, providing financial security and flexibility to choose the annuity start date based on individual needs.
Tax-saving plans
Tax planning is an essential aspect of financial management, especially in countries with complex tax regulations. LIC offers several tax-saving plans that provide dual benefits of insurance and tax deductions under Section 80C of the Income Tax Act.
LIC plans offer significant tax benefits, making them an attractive investment option. Premiums paid for LIC policies are eligible for tax deductions under Section 80C of the Income Tax Act, up to a limit of ₹1.5 lakhs annually. Additionally, the returns or maturity proceeds received from LIC policies are generally tax-free under Section 10(10D), provided the premium does not exceed 10% of the sum assured for policies issued after April 1, 2012. Some plans might not qualify for these benefits if they do not meet these parameters, such as certain high-premium or short-term policies.
Senior Citizen Investment Plans
LIC Jeevan Shanti
LIC Jeevan Shanti is a versatile annuity plan offering both immediate and deferred annuity options, making it ideal for senior citizens seeking guaranteed income. With a single premium payment, policyholders can choose to start receiving annuities immediately or defer them to a future date. The plan provides various annuity options, including lifetime income, joint-life options, and increasing annuities to combat inflation. This flexibility ensures that senior citizens can tailor the plan to meet their financial needs, providing a reliable and steady income stream to support their retirement lifestyle, regardless of market fluctuations.
LIC Jeevan Akshay VII
LIC Jeevan Akshay VII is an immediate annuity plan designed for senior citizens who want a guaranteed income for life. With a one-time lump sum payment, policyholders can select from multiple annuity options, including lifetime annuity, joint-life annuity, and annuity with return of purchase price. The plan begins payouts immediately, ensuring financial stability without waiting. This makes it an excellent choice for retirees looking to secure a dependable, hassle-free income stream. The guaranteed annuity options provide peace of mind, allowing senior citizens to enjoy their retirement years with financial security and predictability.
Term Insurance
Term insurance is a fundamental aspect of life insurance, offering substantial coverage at minimal premiums for a specified period of time. In the face of international uncertainties, term insurance ensures that your family’s financial needs are met even if you are not around. LIC’s term insurance plans provide high coverage amounts that can cater to future needs like children’s education, debt repayment, and daily living expenses.
NRI, OCI, and PIO Investment and Insurance Plans
Non-Resident Indians (NRIs), Overseas Citizens of India (OCI), and Persons of Indian Origin (PIO) often face unique financial challenges due to fluctuating exchange rates and differing tax laws. LIC offers tailored plans to cater to their needs, ensuring their investments remain secure regardless of international tensions.
Guaranteed Fixed Income Plans
In volatile financial climates, guaranteed fixed income plans offer a safe haven by providing assured returns regardless of market conditions.
Government-guaranteed LIC life insurance policies provide a comprehensive range of options to secure your financial future amidst international tensions. Whether you are planning for your child’s education, your own retirement, or looking for investment opportunities as an NRI, LIC’s diverse portfolio ensures that you have the right tools to navigate financial uncertainties. Investing in these plans not only offers peace of mind but also guarantees financial stability and growth, irrespective of global economic conditions.
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