Protection: Savings through life insurance guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes, only the amount saved (with interest) is payable.
What is the benefit of LIC policy?
Death Benefit: 250 times the monthly premium together with loyalty additions, if any, and return of premiums excluding first year premiums and extra/rider premium, if any, is payable in lump sum on death of the life assured during the term of the policy.
Is LIC policy a good investment?
While LIC policies offer enough benefits to secure your family's finances after your death, they do not generate enough returns for wealth creation. Therefore, you should look to invest in different financial instruments serving individual purposes.
Which LIC policy is best for saving?
LIC offers a life insurance contract between the buyer and itself that eliminates the risk of the policyholder's death by pledging a sum to the dependents, thereby substituting a loss of income.