Choosing Life Insurance Corporation Plans
The first name that pops into your head when you think about insurance is Life Insurance Corporation or LIC. This shows how well-established the company really is. It has been around for 61 years and it is a state-owned company. There is some level of trust that is inherently placed in companies owned by the government, especially when it comes to life savings and insurance.
Is it really worth all that trust? Does it live up to its name? Moreover, why should you choose Life Insurance Corporation? The rest of the post will try to answer these questions.
Features and Benefits of Life Insurance Plans Online
Here are some of the benefits and features of the plans by Life Insurance Corporation.
1. Sovereign Guarantee:
LIC is the only insurance provider that offers the Sovereign Guarantee. This implies that the government backs all the policies provided by LIC. Insurance policies are not just for protection from tragedies; they are also viewed as an investment. With this guarantee, you can be assured that you will never lose your precious savings.
2. Widespread Presence:
One of the advantages of having been around for so long is that LIC has an office in every corner of the country. If you even feel the need to visit their office for any purpose, you won’t have to travel far to find one.
3. Tax Benefits:
When you get a policy from the Life Insurance Corporation, not only the premium payments but also the returns like claim settlement, maturity and survival benefits are exempted from tax. This is a huge benefit. Paying taxes on the returns diminishes any profit you made from the policy.
4. Highest Claim Settlement Ratio:
The main idea behind taking insurance is that you have a safety cover in times of need. This is why you should always choose an insurance provider that has a high claim settlement ratio. Also, LIC is the market leader in this aspect. Their claims settlement ratio is 97.73% which is the highest in the country.
From the 6th year onwards, your policy will be eligible for bonuses. The bonus is a share of the Life Insurance Corporation’s profits for that year. This is calculated every year and the amount gets added to the guaranteed benefits of your policy. LIC calculates this bonus based on the sum assured by your policy and not on the premium. This is definitely an advantage as it will considerably increase the bonus you get.
Reasons for Choosing Plans Online
There are many ways to buy an insurance policy. However, comparing plans online has gained popularity in the recent years. Here is why:
The first and foremost reason why anything becomes popular is convenience. The same applies here as well. You can choose plans online from the comfort of your home. You can do it anytime you are free. You do not need to wait for anyone to tell you about the policies. The purchase can be completed in a matter of minutes.
2. Access to Information:
Buying an insurance policy is not a decision to take lightly. You need to weigh the pros and cons and assess your needs. When you are looking at a plan online, you have all the information you need at your fingertips. You can decide which features are suitable and in accordance with your needs and which features are important for you. If you happen not to understand a particular condition or a term, a quick search can clarify your doubts.
3. Compare Plans:
Many insurance aggregator sites like Coverfox.com allow you to compare different policies side by side. Different policies offered by the same provider will have different benefits and by comparing them side by side, you can be sure that you have made a decision you will not regret.
4. Save Time:
The whole process of searching, comparing and reaching a decision on which plan to buy will only take a few minutes when you do it online. We live in a fast-paced world where no one wants to spend hours and hours to get all the required information to make a decision.
If you are thrown off by certain terminology or if you unable to reach a decision or even if you need help in purchasing a Life Insurance Corporations policy, Coverfox.com can help you with all your problems. You can also look at the different policies on the site and get advice on which policy is best suited for your needs.