Why Should You Buy LIC 15 Lakh Policy?

Read on to know more about the LIC 15 Lakh policy.   

LIC 15 Lakh Plans- An Overview:

LIC Policy of 15 Lakhs is designed by LIC of India to help customers enjoy the combined benefits of life cover and savings. These plans offer benefits of Rs. 15 Lakhs to the beneficiary of the policy. In addition to this, the LIC policy of 15 Lakh also offers a host of benefits such as tax benefits, maturity benefits, loan facilities, guaranteed additions, and many more. In the below sections, let’s explore more about the plans and their benefits. 

Why Buy LIC 15 Lakh Plan?

• Wide coverage with affordable premiums: LIC plans with a life cover of Rs. 15 Lakhs are one of the best ways to secure the financial future of your family without burdening your pockets. These plans give coverage of Rs. 15 Lakhs to your family after your death.

• Sovereign guarantee: Backed by Section 37 of the LIC Act, the sum assured and returns carry a Government of India guarantee, making it a highly secure, low-risk investment. 

• Dual Savings and Protection: It provides both life protection (Rs. 15 lakh death benefit to your nominee) and guaranteed maturity/survival payouts if you outlive the policy term. 

• Create financial security for your golden days: With the LIC 15 Lakh policy, you can live and enjoy your post-retirement life without any financial stress, and have sufficient money to look after your needs.

• Fulfill your financial needs: Get a guaranteed amount of Rs. 15 Lakhs at the time of maturity, and use it to fulfill your financial needs, such as outstanding loans, kid’s higher education, buying a new house etc

• Tax-saving benefits under Income Tax Act: LIC 15 Lakh plans also help you save taxes under Sections 80C and 10(10D) of the Income Tax Act. Premiums paid and maturity benefits may qualify for tax exemptions, depending on the policy terms and conditions.

• Bonus and long-term wealth creation benefits: Many LIC 15 Lakh policies offer reversionary bonuses and loyalty additions that increase the final maturity amount. This helps policyholders build long-term savings while enjoying life insurance protection throughout the policy tenure.

• Liquidity Options: If you face a financial emergency after paying premiums for at least 2 years, you can easily avail a loan against the policy. 

LIC of India 15 Lakh Plans 2026

Here are some LIC plans that offer a sum assured of Rs 15 lakhs. Although the sum assured starts from 2 lakhs, it can be increased till 15 lakhs to get comprehensive benefits under the LIC plan:

Benefits of LIC 15 Lakh Plans

LIC Policy of 15 Lakhs offers certain benefits to its policyholders. Some of them are mentioned below:

Combined Benefit of Savings and Life Protection

With LIC 15 Lakh insurance policy, one can enjoy the double benefits of savings and life protection under a single plan.

Riders for Enhanced Protection

In order to enhance your protection, LIC offers 4 riders under a 15 Lakh Insurance policy. The available raiders are:

• New Term Assurance Rider,

• Accidental Death & Disability Benefit Rider,

• Accident Benefit Rider, and

• New Critical Illness Benefit Rider. 

Loan Facility

If a policyholder has paid the premiums for at least 2 years, he/she can avail loan against their policy to meet any financial emergency.

Tax Benefits

Under LIC 15 Lakh policy, the policyholder is eligible to avail of tax benefits for the premiums paid under Section 80C of the Income Tax Act,1961.

How to Buy LIC 15 Lakh Plan from PolicyBazaar?

Follow the below steps to buy LIC Plans from Policybazaar:

Step 1: Visit Life Insurance Corporation of India.

Step 2: In the form, fill your name and contact number. 

Step 3: Click on “view plans”.

Step 4: Next, enter your current age and residential city.

Step 5: You can customize the amount and tenure of your plans at your convenience.

Step 5: Check the details, and proceed to make an online payment.

**Note: You can buy LIC policy offline from Policybazaar. We provide door-to-door services by which you can easily buy your best-suited policy.

To Conclude:

Buying LIC 15 Lakhs plans is a perfect way of securing your family’s future in your absence. After your death, these policies offer up to Rs. 15 lakhs in coverage to your family, assuring them financial security. Additionally, these policies provide maturity rewards in the event that the policyholder survives past the policy's term.

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