The current pandemic has compelled us into having sound, effective, and efficient financial planning. It’s no longer a trend of people sitting and enjoying and also expecting money to fall in front of them. If you work hard, then only you earn your sweet fruits. Currently, the second wave is also shutting the whole nation and again the Indian economy will have to face a crisis in every field excluding some exceptional cases.
In the present situation, nobody knows what might happen to them in the next moment. They do not have the guarantee of their health or life. So here is some good news for you. Life Insurance Corporation’s (LIC) special policy gets you Rs. 50 lakh insurance by just paying Rs. 24 daily.
If you are a non-smoker then you deserve greater benefits by paying less premium to the policy and the amount of premium varies for people of different ages. Suppose a person of the age 21 years takes a policy of 20 years then he will have to pay Rs. 6,438 every year and supposedly he takes a policy of 40 years then he is entitled to pay Rs. 8,826 per year. There are many kinds of policies at LIC and while taking a policy one must decide carefully matching their income and expenses and the policy’s suitability to them. There is a similar policy called ‘Take Term Plan’. It is a term insurance policy and the cheapest.
The minimum age to apply for this policy is 18 years and the maximum age limit is 65 years. So anyone between this age group can take a term plan. People having their income can have this policy and both men and women can take such a policy having a plan of Rs. 50 lakh and has no maximum limit. You can invest how much money you want in this and the policy is to be taken for 10 years minimum and the maximum is only 40 years.
You can pay the Premium in three ways:
1. Regular premium wherein the premium has to be paid only for that year for the number of years the policy has been taken.
2. Limited premium is where the policyholder has to pay for less than the term of the policy.
3. Single premium wherein the premium has to be paid only once while taking the policy. There are 2 cases in this type of paying the premium. One is the amount will remain the same in force during the entire policy. The second case is where the policyholder can either increase the sum assured depending on the policyholder’s decision. Once the sum is doubled, the increase will be stopped.
In case of death of the policyholder, the nominee appointed by the policyholder will receive the entire amount in either lump sum or installments. Whether to give in installments or in a lump sum will be given by the policyholder while taking the policy itself. Non-smokers have an advantage in such policies. They are entitled to pay lower premiums. Women have been given special facilities and are to pay a lesser premium than men.
As mentioned in the above example, if a 21-year-old person takes a policy of Rs. 50 lakh to be filled for 40 years then he has to pay Rs. 8,826 per year. Hence the cost of the premium will come to Rs 24 per day. If the policyholder dies, then the nominee will receive all the money. And if the insurance holder survives till the policy term, then he will get nothing. The maturity amount is not there in it.
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