LIC Protection Plus is a great linked life insurance plan that offers you insurance cover and savings, but its biggest attraction is its flexible premium payment method. This plan offers policyholders three main payment options based on their financial situation and income flow, giving them complete flexibility in managing the policy smoothly. It is crucial to understand which option best suits your needs.
Regular Premium Payment
The most common and simple premium payment method under LIC Protection Plus is the Regular Premium Payment. In this option, you pay premiums at fixed intervals (such as monthly, quarterly, semi-annually, or annually) for the entire policy term. This is ideal for salaried individuals with a regular income. Regular payments allow for smaller installments to accumulate, avoiding a large lump sum burden.
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Limited Premium Payment
This option is extremely convenient for policyholders who want to complete their premium payments over a short period of time. With limited premium payment, you only pay premiums for a shorter period than the policy term. For example, if your policy is for 25 years, you can opt for a shorter premium term, such as 5 years, 7 years, 10 years, or 15 years. This ensures your policy continues in force even after the premium payment term ends, allowing you to enjoy life cover and fund growth without any worries for the remaining years. This is ideal for those who want to eliminate all financial obligations before retirement.
Single Premium Payment
The most flexible and attractive option is the single premium payment. As the name suggests, this option requires you to pay the entire premium in one go, at the time of policy purchase. This option is ideal for those who suddenly receive a large sum of money (such as a bonus, inherited property, or FD maturity proceeds) and want to invest it immediately. Once you pay the premium once, you don’t have to pay again for the entire policy term, eliminating the risk of policy lapse and providing secure coverage for a long period.
Premium Payment Methods
LIC Protection Plus offers both premium payment options. You can pay online using LIC’s official website or mobile app, saving you time. Alternatively, you can pay at LIC offices, authorized agents, or through banks by cash, check, or demand draft.