Which LIC policy is better, LIC Umang or LIC Labh?
Are you trying to get a life insurance policy that meets your financial goals for the future? LIC Umang and LIC Labh are two popular life insurance policies offered by Life Insurance Corporation of India (LIC). It can be overwhelming deciding which one is better suited for you.
A life insurance policy from LIC (Life Insurance Corporation) is a form of financial protection and peace of mind for an individual or family.
LIC Umang and LIC Labh are two new policy offerings from Life Insurance Corporation of India (LIC). LIC Umang is a Unit Linked Insurance Plan (ULIP) which provides customers with life insurance and investment benefits.
LIC Labh is a non-linked endowment plan that provides life coverage along with regular bonuses until maturity. In addition to the death benefit, the policyholder receives loyalty additions at the time of maturity.
In this blog post, we will help you make an informed decision as to which one is best based on features such as premiums, sum assured coverage, tax benefits and other factors like security of funds. Read on to find out if LIC Umang or LIC Labh makes more sense for your long-term financial aspirations.
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Table of Contents
LIC Umang: Explain
LIC Umang is an initiative taken by the Life Insurance Corporation of India (LIC) to serve its customers in a seamless and hassle-free manner. It provides customers with an intuitive interface to access their policy information and conduct various transactions over their mobile phones. A single application, LIC Umang app serves as a one-stop shop for all things related to life insurance with LIC.
This application offers features such as policy enquiry, premium payment, loan against policy request and tracking, viewing fund values and bonus, downloading documents like receipts and revival quotes etc. In addition to these services, LIC Umang also facilitates online purchase of new plans or policies directly from the app itself. Customers can also use the complimentary international health cover in case of emergencies abroad.
LIC Labh: Explain
LIC Labh is a comprehensive financial planning and portfolio management platform designed to help investors make the most of their money. This platform provides users with a wide range of features such as market analysis, portfolio optimization, tax-planning, estate planning, retirement planning and more. It also offers real-time updates on stock prices, news and other market data. With its intuitive interface, LIC Labh helps users get an accurate picture of their investments in order to make informed decisions
The main goal of LIC Labh is to provide investors with the tools they need to effectively invest their hard-earned money while minimizing risk and maximizing returns. The features are divided into four main categories: Market Analysis, Portfolio Optimization, Tax Planning & Estate Planning, and Retirement Planning.
Which LIC Policy Is Better: LIC Umang OR LIC Labh?
When comparing LIC Umang and LIC Labh, there are several factors to consider. Both policies offer a range of benefits that can be tailored to the individual’s needs.
LIC Umang is a traditional participating endowment plan with limited premium paying term options and offers coverage for both death and maturity benefit. This policy also provides an option for yearly or half-yearly income payments starting from the completion of 5 years pay period. The policyholder has the flexibility to choose from various rider options as well as top up their premiums at regular intervals which makes it beneficial in terms of long term investment planning.
On the other hand, LIC Labh provides higher sum assured along with bonuses on renewal premium payment which can be availed upon death or maturity. The policyholder can opt for life stages features that are available at different intervals such as early payouts and flexible premium payment options. It also offers an option to cover the spouse with a nominal charge which makes it beneficial in terms of family protection.
Ultimately, which LIC Policy is better highly depends on individual’s needs and preferences when selecting a policy and should be discussed thoroughly with an insurance advisor before making any decision. Both policies offer various benefits which can help individuals meet their financial goals while ensuring safety of their investments and secure future planning.
Do you Know LIC MERCHANT PORTAL?
The Life Insurance Corporation of India (LIC) offers two excellent policies – LIC Umang and LIC Labh. Depending on individual’s needs and preferences, they can choose between these two as both of them provide a range of benefits which make them suitable for long term investment planning and secure future planning.
We hope that this article has helped you gain clarity into the two policies and that when faced with the decision, you choose one which best suits your financial needs. Before making a final decision, it is important to consider all available options and consult with an insurance advisor for more information. Thanks for reading.