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Life Insurance Policy from Lic of India

What is the need getting a life insurance policy from Lic of India?

Before you discharge the idea or scuttle to buy an insurance policy, it is important to stop and answer a couple of points.

  1. Idea for you to get life insurance from LIC India

    What are you getting a life insurance for? Of course protection of life is an obvious answer, but do you have large payments like paying an installment for a house, and are worried about how your family members would continue paying off the installments if something happens to you? Or are you buying a life insurance to ensure that your new born baby has a good future college education? The reason for you purchasing a life insurance may not be either of the two listed here, but by just answering the first question you would most probably get a good idea of the kind of life insurance policy would best suit your need. In case of a temporary need, consider a term insurance as an option. But in case you do not have a definable period of time until when you need the coverage, you could consider opting for a permanent insurance policy.

  2. Decide the coverage level

    A good theory to go by is “The more, the better”, but only if you don’t mind shelling out extra money on premium. You could actually estimate the amount of insurance you need. For example if you’re investing in an insurance to cover a debt, knowing how much debt you owe is a good start. In case you’re choosing an insurance policy to ensure a good financial future for your children, you could approximate the insurance coverage vale by multiplying your current income with the number of years left for your children to become financially independent. The main idea that most people use as a rule while selecting Lic insurance types is that at any given point of time if the bread-winner of the family dies, the Lic insurance policy amount recovered must be enough to let the family members maintain the same if not better lifestyle.

  3. Estimate the coverage period

    After you’ve answered why you need an insurance policy and the coverage level it would be relatively simpler to estimate the coverage period. If  you are taking Lic insurance for covering the payment of a Home loan installment, you might need term insurance of 25 years, depending how long you think it will take to pay off the mortgage considering your current income level. On the other hand if want to secure your child’s future, then considering 20 years or 25 years as benchmark with consideration to their current age could be the estimated coverage period you need for your insurance.

  4. Finally your budget

    You need to realize that paying the premium for a Lic life insurance policy is a long term commitment and is just like saving your money for rainy day. Weigh out your insurance options with your monthly cash inflow and find a medium point that will allow you to pay off the premium amounts AND see you comfortably through a month until your next pay check is due. Insurance companies usually determine the premium level of a policy by considering the age, gender, heath condition, death benefit amount and the type of insurance policies opted for by the applicant.Go through these few points until you’re absolutely sure that you have concrete answers for each. Sit down and discuss your opting with your family members too if need be. Opting for an insurance policy is a long term commitment which you need to abide by successfully.

Plan for life Insurance only with Lic of India – The Largest Life Insurance Company in the world.  For safe and secure future.

Why Buy Lic Life insurance

There’s not such thing as ‘too much Lic Life insurance’. A Lic Life insurance policy would do a family a great deal of good if the insured breadwinner of the family passes away. The whole point of an insurance policy is to allow the surviving members of a family to continue to maintain the same level of lifestyle being followed when the insured was alive.

Lic Life insurance may be taken on by people by people for different reasons. Some of the most common reasons would be to pay off debt, insure the future of a new born child, pay off mortgage on a house etc. Opting for Lic Life insurance policies come with its own set of benefits too.

Contact Lic of India Agent for Your Policy needs and requirement sales#licagentmumbai.com

Two Year Temporary Assurance LIC Policy

Two Year Temporary Assurance LIC Policy is a term assurance plan from Life Insurance Corporation of India for providing insurance cover to those people who require the risk cover for a maximum time of 2 years. A single premium has to be paid under this plan to cover the entire policy term period. The policy holder will also have to pay the medical examination fee and provide age proof as well. There is no loan facility or surrender value for this plan. This plan is specially designed for those individuals who require an insurance cover for a short period if they are going on a tour or something of that kind.

There is no survival benefit under the Two Year Temporary Assurance LIC Policy. The total sum assured will be given in case of death of the policyholder during the term of the policy. The age group eligible for this policy is 18-60 years. There is no loan facility available for this plan. The policy term can be 6, 12, 18 or 24 months.

The Whole Life Policy – Single Premium LIC Policy

The Whole Life Policy – Single Premium LIC Policy is a whole life plan from Life Insurance Corporation of India which is a great plan for families because it includes payment of premium during the most productive life of the policyholder. This plan is suitable for people of all age groups and social groups who want to make financial provisions for their family in case of financial setbacks after their premature death. The Whole Life Policy – Single Premium LIC Policy is a whole life plan from Life Insurance Corporation of India which is a great plan for families because it includes payment of premium during the most productive life of the policyholder. This plan is a whole life plan with single premium.

In this plan, the premiums are payable yearly, six-monthly, quarterly, monthly or through salary deductions. In case of death of the policy holder, the sum assured along with bonuses are paid in a lump sum manner. As it is a whole life insurance plan, there is not maturity date. However, you can claim the sum assured along with bonuses at any time after the policy has completed 40 years provided you have complete 80 years of age.  The survival benefit which is equivalent to sum assured plus bonuses is given to the policyholder after the policy has completed 40 years but the policyholder should complete 80 years of age too. Loan facility is available for this plan.

The Whole Life Policy – Limited Payment LIC Policy

The Whole Life Policy – Limited Payment LIC Policy is a whole life plan from Life Insurance Corporation of India which is a great plan for families because it includes payment of premium during the most productive life of the policyholder. If the policyholder ceases to pay premium after 3 years of the policy commencement, a reduced paid-up assurance policy comes into force. In The Whole Life Policy – Limited Payment LIC Policy, the premiums are payable for a period of 35 years or up to the age of 80 years of the policyholder. Premiums have to be paid for a limited premium paying term.

In this plan, the premiums are payable yearly, six-monthly, quarterly, monthly or through salary deductions. In case of death of the policy holder, the sum assured along with bonuses are paid in a lump sum manner. As it is a whole life insurance plan, there is not maturity date. However, you can claim the sum assured along with bonuses at any time after the policy has completed 40 years provided you have complete 80 years of age.  The survival benefit which is equivalent to sum assured plus bonuses is given to the policyholder after the policy has completed 40 years but the policyholder should complete 80 years of age too. Loan facility is available for this plan.