LIC Personal Insurance

• Definition: LIC Personal Insurance provides financial protection to individuals against life uncertainties such as death, disability, or critical illness.
• Types of Plans: LIC offers various personal insurance plans, including term plans, whole life plans, endowment plans, and ULIPs.
• Life Cover: Ensures that in case of the policyholder’s demise, the nominee receives a lump sum amount for financial security.
• Health & Critical Illness Cover: Certain plans provide coverage for critical illnesses, hospitalization, and medical expenses.
• Premium Payment Options: Flexible premium payment modes, including monthly, quarterly, half-yearly, and annually.
• Maturity Benefits: Many LIC personal insurance plans offer maturity benefits along with bonuses.
• Accidental & Disability Benefits: Provides financial compensation in case of accidental death or disability.
• Loan Facility: Policyholders can avail of a loan against their policy to meet urgent financial needs.
• Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C and 10(10D) of the Income Tax Act.
• Retirement Planning: Some LIC personal insurance plans help in securing post-retirement life with pension benefits.
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