Choosing the right life insurance policy can be a daunting task. There are so many different options out there, and it can be hard to know Which LIC Policy Is Better LIC Umang or LIC Labh? If you’re looking for a policy that will give you peace of mind and financial security, then you may want to consider LIC Umang or LIC Labh. Both of these policies have their unique benefits, so it’s important to compare them before making a decision.
When deciding between LIC Umang and LIC Labh, both highly rated policies offered by Life Insurance Corporation of India, it can be difficult to determine which is best for you. The truth is that the right policy for you depends on your circumstances – your age, your family structure, your health, and your overall financial situation.
LIC Umang offers an endowment life insurance policy with a maturity benefit, providing liquidity through annual payments over 15-20 years and a lump sum payment at maturity. On the other hand, LIC Labh provides term assurance cover to cover any uncertainties such as accidental death or disablement.
It’s important to perform a detailed analysis before making a choice- look at what’s included in each policy, their respective coverage risk factors, and the claims settlement process before choosing one that best meets your needs.
A Guide: Which LIC Policy Is Better, LIC Umang Or LIC Labh?
LIC Umang and LIC labh are two very different life insurance policies offered by the Life Insurance Corporation of India. So, which one is better? It all depends on what you are looking for in a life insurance policy.
If you want a policy that covers more than just your life, then LIC Umang is the better choice. It offers accidental death and dismemberment coverage, as well as protection for your family in the event of your untimely death.
However, if you are simply looking for a life insurance policy to cover your burial expenses and nothing more, then LIC labh is the better option. Read on to know all the details.
LIC Jeevan Umang
The policyholder is covered by the LIC Jeevan Umang life insurance plan till they become 100 years old. The primary advantage of this plan is that it provides both money and insurance coverage to assist the insured’s family while they are away.
The assured benefits act as a strong financial backup in case of any emergency. This policy is a great option for those who are looking for reliable life insurance coverage and want to know if their loved ones will be taken care of financially if something happens to them.
Why Choose LIC Jeevan Umang?
There are many reasons to choose LIC Jeevan Umang as your life insurance policy. One of the most appealing aspects of this policy is the tax-free maturity and death benefit.
This means that you or your beneficiary will not have to pay any taxes on the benefit amount when it is paid out. Additionally, the policy provides life-long risk cover until the age of 100. This means that your beneficiaries will still receive the death benefit even if you live to be very old age.
Another great feature of this policy is the guaranteed income from the age of 30. This gives you peace of mind knowing that you will have a regular income stream to help support yourself or your family in case of your untimely death.
LIC Jeevan Labh
LIC Jeevan Labh (Plan Number: 936) is an ideal investment plan for those who wish to secure their life with reliable protection benefits and efficient saving prospects. This non-linked and guaranteed with-profit endowment plan offers various advantages such as death benefit in form of the Sum Assured and Bonus along with maturity benefit.
Moreover, it provides financial assistance to the policyholder’s family in case of unfortunate death or accidental disability of the insured. Thus, this affordable plan gives you dual protection that safeguards your loved ones against economic instability as well as equips them with adequate resources to manage their life after your demise.
Why Choose LIC Labh?
LIC Jeevan Labh is one of the best life insurance policies on the market, providing a range of beneficial features. For instance, the death benefit ensures that policyholders’ dependents are provided with financial protection even after the policyholder passes away.
Additionally, depending on the term plan chosen, maturity benefits are eligible for reimbursement at various milestones in life such as retirement or children’s marriage. In addition to this, lic offers discounts and special concessions that make it easier to access these plans.
Furthermore, by purchasing this plan you also gain eligibility for taxation benefits. All of these factors make LIC Jeevan Labh truly a one-of-a-kind life insurance policy that can help meet your needs today and in the future.
Ultimately, the decision of which LIC policy is better, LIC Umang or LIC Labh is up to you. Choose the policy that best meets your needs and fits your financial goals. If you’re unsure about what option will be best for you, consider talking to a financial advisor who can help guide your decision-making process.
Taking out life insurance should be an important step in securing your financial future. Both LIC Umang and LIC Labh offer customizable coverage plans that can provide peace of mind and security for you and your family.
The best choice ultimately depends on what makes sense for the individual and their specific circumstances. No matter which choice you make, it’s important to stay informed about all available options so that you can make choices that are beneficial for securing a comfortable and financially secure future