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From the poor to the rich, LIC has policies for everyone. Along with insurance, customers also get an opportunity to invest in them. Money and life, both are safe. Now the question is, which is the most popular policy out of thousands of LIC policies?
According to reports, LIC's best-selling policy is the Jeevan Love policy. In which customers can invest along with insurance. Guaranteed returns at the end of the period. Besides, a loan facility is also available on the policy.
One of the biggest benefits of LIC's life policy is the death benefit. Ten times the annual premium is paid to the family if the policyholder dies during the term of the plan. The death benefit shall in no case be less than 105 percent of the premium. But for this, the policy premium has to be paid on time.
LIC offers bonuses and additional benefits in addition to the basic policyholder if the policyholder survives till maturity. All these amounts are paid to the policyholder at the time of maturity. This is a basic charity scheme. As a result, the premium has to be paid for a limited period.
Anyone between the ages of 8 to 59 can buy a Jeevan Profit policy. For this, at least 2 lakh rupees should be assured. There is no maximum limit. Premiums can be paid on a monthly, quarterly, yearly and yearly basis.
A life insurance policy can be invested for 16 years, 21 years and 25 years. If one takes the policy at the age of 59, he can invest only for 16 years. Policy maturity is capped at 76 years of age.
Now suppose a 25-year-old man buys a life insurance policy with a sum assured of Rs.20 lakh for a term of 25 years. Then for 16 years, an annual premium of Rs.88,910 should be paid. That means Rs 243 per day. Then at the age of 50, you will get a benefit of 54 lakh rupees.