Before starting investing in any LIC policy people should be aware of the all the different aspects of the policy that they are planning to join. Otherwise, they won’t be able to achieve the expected results. As you all know LIC policies are agreements between the company that provides the policy and the policyholder with the concern of the policyholder getting a fair amount of money in case of any critical situations in his life. From the multiple options that are available from the LIC India, users should select the one that can provide him the maximum profit. Below are the major policy types that the LIC India provides to its users.
LIC Endowment Policy
This is one of the most commonly applied LIC plan by the consumers. In this case, the policy amount will be availed to the family of the policyholder in the case of his death. Otherwise, the amount will be given to the policyholder himself after the maturity of the policy. Some policies that come under this category also provides money to the users in situations when he is suffering from severe illness. A surrender value can be obtained for policies that are paid for a minimum of 3 years.
Moneyback LIC Policy
In this category of LIC policy, users will get a fixed return from the policy at regular intervals. This feature makes the money back plans favorite for the middle-class people who like to enjoy such returns. For a Moneyback policy taken for 20 years, the policyholder will get a fixed amount at the end of 5, 10 and 15 years. This policy is suitable for those people who don’t want to invest their money in the Insurance policies on a long-term basis.
Term Life Insurance Policy
This LIC policy is mainly intended for the families of the policyholders after his death. Nowadays an insecurity is observed in each sector of the human life which can be minimized to a great extent with the help of the term life insurance policies. This type of policy is largely taken by those people who have serious concerns about their families, especially after his death. The term life insurance can help you to make sure that your family can stay away from financial crisis even if in your absence.
Whole Life Insurance
Providing long life coverage to the policyholders, the Whole Life Insurance plans are also good for people who like to secure their family even after their death. In this type of policy, users are required to pay the policies until he is 80 years old or completed 35 years of payment. The family of the policyholders will get an assured amount on his death. The policyholder himself can receive the maturity amount if he crosses the age of 80.
A lot of other various policies of LIC are also available in the market. However, the above said 4 are the most popular ones and holds the highest number of consumers.