LIC 10 Lakh Policy

About LIC 10 Lakh Policy

LIC 10 Lakh Policy offers the benefits of Rs. 10 Lakhs to the policyholder and his family. These plans are designed to cater to your investment as well as your life insurance needs. These plans offered by the LIC of India offer the sum assured of Rs. 10 Lakhs in case the policyholder dies during the policy term. Also, in case the policyholder outlives the policy tenure, he/she is eligible to receive the maturity benefits of Rs. 10 Lakhs.

Benefits of LIC 10 Lakh Policy

Take a look at the below-mentioned benefits of the LIC 10 Lakh policy: 

Combined Benefit of Life Protection and Savings

LIC 10 Lakh insurance policy offers the double benefits of savings and life protection under a single plan, which means that the policyholder is eligible for the death benefit if he/she dies during the policy term, and if he/she lives till the policy tenure, he/she will get the maturity benefits.

Tax Benefits

One can avail tax benefits for the premiums paid for LIC policy of 10 Lakhs under Section 80C of Income Tax Act,1961

Enhanced Protection with Riders

LIC of India offers 4 additional riders in their LIC 10 Lakh Insurance policy. The available riders are:

• New Term Assurance Rider,

• Accidental Death & Disability Benefit Rider,

• Accident Benefit Rider, and 

• New Critical Illness Benefit Rider

By paying extra premiums at the time of buying or renewing, one can avail the rider benefits.

Loan Facility

In order to meet emergency financial needs, this LIC policy allows you to avail loan against your policy, provided you have paid premiums for at least 2 years.

Who Should Buy LIC 10 Lakh Policy?

The LIC 10 Lakh policy is an ideal plan for you if you are:

Sole Earning Member of the Family: As a sole earning member of your family, your family will get financially handicapped after your demise. Thus, it is your responsibility to ensure that your family has enough funds to plan their future finances. With an LIC 10 lakhs policy, you may ensure the financial stability of your family.

Financial Security for Future Expenses: To secure your future financial goals without burdening your pockets with high premiums, you can opt for a 10 Lakh LIC policy. These long-term insurance plans provide financial security and enable you to reach your financial goals.

Post-retirement Security: Investing in a LIC policy for 10 Lakhs can become a financial support in your post-retirement days. The amount you will receive at the maturity of the policy can be used to fulfill your day-to-day needs.

If your financial goals exceed the benefits offered under a ₹10 lakh sum assured, choosing an LIC 11 lakh plan may provide better maturity value, higher life cover, and improved long-term returns. Let's understand in detail the plans that offer payable benefits of Rs 11 Lakhs.

What is the LIC 11 lakh plan?

An LIC ₹11 lakh plan refers to an LIC policy that either provides a maturity amount of around ₹11 lakh or allows policyholders to invest ₹11 lakh as a lump-sum amount for retirement income. These plans can help in savings, financial protection, retirement planning, and wealth creation.

Which LIC 11 Plans offer 11 Lakh returns?

LIC ₹11 Lakh Investment Plan for Pension & Retirement

If you already have ₹11 lakh available as a lump-sum amount and want regular retirement income, LIC New Jeevan Shanti can be considered.

LIC New Jeevan Shanti Plan 758 

LIC New Jeevan Shanti is a single-premium pension plan that provides guaranteed income after a deferment period.

How LIC New Jeevan Shanti Works

• You invest ₹11 lakh as a single premium

• You can choose a deferment period, such as 5 to 10 years

• After the deferment period ends, the policy starts paying regular pension income

Pension Payout Options

The plan allows you to receive guaranteed income:

• Monthly

• Quarterly

• Half-yearly

• Yearly

LIC ₹11 Lakh Maturity Plan (Savings & Protection)

If your goal is to build a maturity corpus of around ₹11 lakh along with life insurance protection, LIC Aadhaar Shila is one of the suitable options. Although this plan has been withdrawn, existing policyholders can still enjoy the benefits payable.

LIC Aadhaar Shila Plan

LIC Aadhaar Shila is specially designed for women policyholders and combines savings with financial protection.

Key Features of LIC Aadhaar Shila

• Designed exclusively for female lives

• Suitable for standard and weaker sections of society

• Offers life insurance coverage along with guaranteed maturity benefits

• Policy term generally ranges from 10 to 20 years

Other LIC 11 Lakh plans include LIC New Jeevan Anand (Plan 715) and LIC New Money Back Plan - 20 or 25 Years (Plans 720/721)

How to Buy LIC Plans from Policybazaar?

Step 1: Visit LIC of India

Step 2: Fill in the form with your name and contact number

Step 3: Next, fill in your age and current city

Step 4: Once done, on the next page you can check the plans available and customize the amount and time period for your investments

Step 5: Choose the plan, and pay your premiums online.

Wrapping it up:

With the LIC Policy of 10 Lakh Sum assured, you can effectively safeguard the future of your loved ones from life's uncertainties. Not only this, but with these plans, one can also plan for their future finances by investing in a regular period. These plans offer a combination of life protection and savings, which makes them one of the ideal ways to invest your money.

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