LIC Policy 2024: Life Insurance Corporation of India- LIC, is the largest and one of the oldest life insurance company in India. It offers a wide range of life insurance plans to cater to the needs of different individuals and families. There are multiple benefits for citizens in India who are investing in the LIC program in India. It is not only covering in the life insurance but is also providing other additional benefits to the policy holders. So if you are planning to start LIC policy for already enrolled in the policy, Then you can check the following benefits of LIC in 2024 which will help you to get the maximum benefits from the scheme.
LIC Policy 2024: Financial Protection
The Life Insurance Corporation is providing covers for unexpected death under the policy for the Nominees of the policy holder. LIC is one of the largest policy company in India which have more than 5 lakh crore rupees market value in India, So it is a long term policy company which have a good share in Indian market, so it will enable the policy holder to trust on the company.
Wide Range of Plans
LIC company is providing multiple Investment plans including Jivan Utsav scheme of LIC which is a non-linked, non-participating, individual, savings, whole life insurance plan. It requires a one-time lump sum premium payment and offers life insurance coverage throughout a fixed policy term, typically ranging from 5 to 10 years. Upon maturity, policyholders receive the sum assured along with vested bonuses as the maturity benefit, serving as a savings corpus. The plan also provides a death benefit to nominees in the event of the policyholder’s demise during the term. While there are no survival benefits, policyholders may be eligible for a rebate on premiums for higher sum assured amounts, and they also have access to a loan facility against the policy’s surrender value.
Tax Saving LIC Scheme for 2024
Investing in LIC policies offers tax benefits under various sections of the Income Tax Act. Premiums paid towards life insurance policies are eligible for tax deductions under Section 80C of the Income Tax Act, providing taxpayers with a reduction in their taxable income up to a specified limit. Additionally, proceeds received on maturity or death of the policyholder are tax-exempt under Section 10(10D) of the Income Tax Act, subject to certain conditions. These tax benefits make LIC policies an attractive investment option for individuals seeking to optimize their tax liability while securing their financial future through life insurance coverage.
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LIC Policy 2024: Personal Loan 2024 without Security
Policy holders Can apply for personal loan in LIC if they are already owning any policy with LIC. As your amount is already saved in LIC, the company will not ask you for any security for providing the loan against your LIC scheme. This feature allows policyholders to access liquidity during financial emergencies without surrendering their policy. The loan amount is typically determined based on the surrender value of the policy and is offered at a favorable interest rate.
By leveraging the loan facility, policyholders can meet immediate financial needs while ensuring the continuity of their insurance coverage and benefits. It provides a flexible and convenient way to address short-term cash flow requirements without compromising long-term financial goals or protection.
Get Bonus with Returns in LIC 2024
LIC’s traditional insurance plans provide policyholders with the assurance of guaranteed returns, irrespective of market fluctuations, ensuring stability and security in their financial planning. Additionally, participating policies offered by LIC accrue bonuses throughout the policy term, enhancing the overall maturity value of the policy. These bonuses, declared annually by LIC, serve to augment the returns for policyholders, further bolstering the attractiveness of LIC policies as reliable long-term savings and investment instruments.
So if you have any scheme in LIC then it will not only help you to provide financial assistance at any emergency but will also help you to save your tax amount and provide you better returns after completing the maturity of the scheme.
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