Benefits of Buying 50 Lakhs LIC Insurance Policy

LIC 50 Lakh Insurance Policy- An Overview

LIC 50 Lakh Insurance Policy is the plan offered by LIC of India that is designed to provide the benefits of life protection and investment of up to 50 Lakhs. These plans come with a Death Benefit wherein, if the policyholder dies, the company will offer the sum assured of Rs. 50 Lakhs to the nominee, and in the case, where the policyholder lives till the end of the policy term, the company will offer a maturity benefit of Rs. 50 Lakhs.

LIC 50 Lakh Insurance Policy

Below mentioned are 5 of the popular life insurance plans offered by LIC that provides coverage of Rs. 50 Lakhs. Have a look:

Why Buy LIC 50 Lakh Plans?

Below mentioned are a few reasons that will help you to understand the benefits and importance of having a 50 Lakhs Insurance policy by LIC

1. Financial Stability at affordable premiums

   Once you are gone, your family will have to struggle for everything that you used to provide. Your love, your guidance, and most importantly, financial stability. Along with the emotional loss, your family will also face financial loss. Thus, it is your responsibility to ensure your family has enough money to live independently. With a term insurance plan like an LIC 50 Lakh policy, you can live peacefully knowing that your family’s financial future will be protected.

2. Stress-free Retirement

   Nowadays, it is quite crucial to plan strategically for your post-retirement life. Failing to do so can make you financially handicapped. Investing your money in LIC 50 Lakh policy during your earning years can ensure that when you retire, you have a huge corpus of Rs. 50 Lakhs which you can use to live your golden years with utmost dignity. There are LIC annuity plans with which you get regular payouts post your retirement as pension.

3. Rising Living Standards

   With the increasing level of living standards, availing quality medical and education facilities can sweep off all your savings. With a 50 Lakh Insurance policy by LIC, you can ensure that after maturity, you have enough corpus to secure and fulfill your basic requirements.

4. Tax Advantages

   Under Section 80C of the Income Tax Act of 1961, premiums paid for a LIC life plan of 50 Lakhs are eligible for tax deductions.

Sample Premium Illustration of LIC 50 Lakhs Insurance Policy

Below mentioned is the sample premium illustration of 3 LIC plans that offer 50 Lakh Sum Assured. Have a look:

Note: The premiums are calculated for the 30-year-old male, with a policy term of 25 years.

From the above table, you can estimate the premiums you need to pay for the LIC 50 Lakh Policy. All the 3 plans have different premiums and LIC Jeevan Umang offers the lowest premium of Rs. 16,663. Thus, before choosing your LIC policy of 50 Lakhs, go through the policy document carefully and then decide.

The Bottom Line

Purchasing LIC policy of 50 Lakhs can help you to safeguard the financial future of your loved ones after your death. Not only do these plans offer death benefits after your demise, but also offer the maturity benefit if you outlive the policy tenure. This way a 50 lakh LIC policy promises you pure insurance protection and savings, taking care of both situations for you.

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