Life Insurance
Life Insurance Corporation of India (LIC) offers several key life insurance benefits:
Core Financial & Protection Benefits
- Demise Coverage (Death Benefit): Guarantees a tax-free payout equal to the Sum Assured (plus accumulated bonuses where applicable) to nominees if the policyholder passes away during the policy term.
- Wealth Accumulation & Maturity Benefits: Endowment, money-back, and ULIP schemes provide survival payouts or a lump-sum maturity amount to fulfill long-term financial goals.
- Sovereign Guarantee: Under Section 37 of the LIC Act, 1956, the Government of India guarantees the payment of Sum Assured and bonuses across LIC policies.
- High Claim Settlement Ratio: LIC consistently maintains a strong claim settlement track record (over 98–99%), providing high reliability for policyholder families.
Auxiliary & Structural Benefits
- Tax Relief: Premium payments qualify for income tax deductions under Section 80C, while death and maturity proceeds enjoy exemptions under Section 10(10D) (subject to prevailing tax conditions).
- Policy Loans & Liquidity: Policyholders can secure low-interest loans directly against the accrued cash surrender value of their policy.
- Rider Add-Ons: Flexible coverage customization options available for accidental death, permanent disability, critical illness, and premium waivers.
Contact S P SAKHARE FINSERV on: +91 9822547682