LIC policy is necessary for everybody to get secure your family. In this age of economic uncertainty, most of us are looking at our futures with apprehension. The prospect of having to face money crunch when our bodies fail and we might not be able to work gives most of us sleepless nights. To avoid having to face such dire situations, it is always better to plan our investments for unforeseen events as well as for our retirements.
The best LIC Policy is the one which takes care of both the above-mentioned scenarios. It should enable the proposer to cash in the Life Insurance policy, either partly or fully, when the need arises and it should also give ample returns when it matures. An investment plan should foresee all future events and afford protection against them in monetary terms.
Another major advantage of an best LIC policy is that it helps in tax saving too. The Income Tax Department has certain rules under which a person can save tax by investing in certain policies. These policies are either single premium or Systematic Investment Plans, or SIPs, wherein the proposer pays monthly instalments towards the policy.
Out of the many policies in the market today, the best investment plans/ LIC Policy should be able to provide healthy returns and thus provide value for money. It also makes sense to buy such a plan if it is a tax saving policy. This helps in making a substantial sum of money and saving income tax too.
The most pertinent question that most people ask is - How to save Income Tax? The answer is clear. Although there are many other ways to do it, the most appropriate method for salaried and business people is by buying a tax saving plan.
Care should be taken to understand where your money will be invested when you buy the best LIC policy. The money should effectively be diversely invested in equity and other instruments like government debt bonds. This will even out any market fluctuations and protect your investment. Such types of balanced plans help make money in the long run as well as save income tax too.
LIC investment plans are mixture of both insurance plans as well as investment plans. A few part of the premium you pay is utilized to give you protection ( Life insurance coverage) and rest of the part is invested in to the money related instruments. Such types of plans enable you to fulfil your short term as well as long term goals. Investment plan is a decent choice if you want to get high return as well as Life protection. It is also called best LIC policy.
There are two types of LIC investment plans:
In the traditional plans your money is invested in Govt. Bonds, debt fund and fix-deposits. So there is no market risk and you get guaranteed return in best LIC Policy.
ULIP are those plans that provide return on market performance and your money invested in equity market.
At HiPolicy, we have a range of investment options for all your financial needs. We understand the value of an invested rupee and what it means for your future. We take utmost care to research each and every product that we offer so as to provide the best service to our clients.