All that You Should Know- LIC Plans for 10 Years

The LIC of India is one of the prominent insurance companies that have an unparalleled trust of the customers throughout the country. The Life Insurance Company of India is one of the oldest life insurance companies. Over time, LIC of India has come up with various life insurance plans catering to the needs of customers from all walks of life.

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The LIC offers plans, which remains a popular choice amongst the customers. It offers single premium policies wherein an individual invest a lump sum amount and can enjoy the coverage for the chosen term. There are also LIC plans for 10 years and above. This article discusses certain aspects of LIC policy for 10 years.

Why LIC Plan for 10 years?

When it comes to life insurance it is surely something that must be added by every individual in their investment portfolio. No matter what, it is important to lead a happy and safe life. Nobody can overstate the importance of life insurance in India. It provides financial protection to the family in case the breadwinner of a family passes away.

Undoubtedly, in the times of COVID-19 people have somewhat understood the importance of insurance planning in place. However, insurance was earlier simply considered another expense. Anyone who is wondering whether to buy the LIC plan for 10 years or not should ideally ask themselves two questions: what will the family do in case the earning member passes away? Another question should be how is the family going to manage the expenses if the demised individual was the only earning member in the family?

Well, the answer is buying a LIC policy for 10 years or even more. There are a plethora of insurance policies in place so make the choice that suffices all the needs.

How to Buy LIC Plans for 10 years?

Anyone who wishes to buy the LIC policy for 10 years can buy it both online as well as offline. All you need to do is fill the application and provide all the details correctly.

While submitting the form, attach all the relevant KYC documents such as the address proof, identity proof, passport-sized photograph, and so forth. Once the application form is completed, make the LIC premium payment. Once the premium payment is made, the LIC will then verify and assess the proposal form. Buy the LIC plans for 10 years online as you can compare the benefits and buy the plan as per the coverage needs.

An individual can consider buying a plan such as the LIC tech term plan, which is a pure risk premium plan. In case the policyholder is looking forward to doubling the sum assured within this plan, then the individual can easily do so via payment of 25 to 30 per cent of the higher premium. This plan also lets the policyholder buy an accident rider benefit an add-on. The individual has the option to receive the death benefits in instalment over the time chosen instead of a lump sum amount. The instalment will be paid in advance as per the interval chosen. There are various other plans offered by the LIC that can be chosen. Before, an individual zero down the policy, research and understand the product in every manner.

Wrapping it Up

Life Insurance Corporation of India provides different insurance products and each of their product is unique with the features and advantages it offers. The LIC plans for 10 years does not cater to a specific target audience rather are designed to suit the interest of every individual.

Buy the LIC scheme for 10 years that fits the requirements and necessities. Therefore, buy the insurance plan and take into account every aspect before making the buying decision. With the rise in uncertainties in life and after the outbreak of COVID-19, having insurance cover is of extreme importance.

Written By: PolicyBazaar - Updated: 20 September 2021
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