Buy LIC policy: 9972660645

When buying online, do you know who will be your advisor and provide support in case of any help??

When it comes to investing in insurance, ensuring that you are dealing with legitimate and authorized sources is crucial. There are more than 10 lakh LIC authorized agents in India. The Life Insurance Corporation of India (LIC) is a trusted name, but it’s essential to be cautious of duplicate or fraudulent websites. This guide will help you understand how to buy LIC policies safely, the benefits of purchasing through authorized channels, and the advantages of paying via credit card or UPI, along with tax benefits under Sections 80C and 80D of the Income Tax Act.

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Buying LIC Policies Safely and Securely Through Authorized Channels

Why Buy LIC Policies Through Authorized Channels?

Authenticity: Buying directly from LIC Agent Shivakumar A or through authorized agents ensures that you are getting genuine policies.
Security: Transactions are secure, protecting your personal and financial information.
Compliance: Authorized channels comply with regulatory requirements, ensuring transparency and trustworthiness.
Services: After-sale services are required for life insurance plans. The proposers should be very careful when choosing full-time, professional, experienced agents.

How to Identify Authorized LIC Channels

Official Website: The official LIC website is www.licindia.in. Avoid using websites with similar but different URLs.
Authorized Agents: Contacting authorized agents, like Shivakumar A at 9886568000, ensures you are dealing with legitimate representatives.
LIC Branches: Visit LIC branches directly for any transactions or inquiries.

Steps to Buy LIC Policies Through Shivakumar

Contact Shivakumar: Call 9886568000 to discuss your insurance needs. Shivakumar provides detailed information about various LIC policies and helps you choose the best one.
Policy Selection: Based on your discussion, select the most suitable policy. Shivakumar will provide you with a premium quote and policy details.
Application Process: Shivakumar assists you in filling out the application form, ensuring all necessary information is accurately provided.
Document Submission: Submit required documents such as proof of identity, address, and income. Shivakumar will guide you on how to submit these documents securely.
Payment: Make the payment using your preferred method—credit card or UPI. Shivakumar ensures the payment process is secure and straightforward.
Policy Issuance: Once the payment is made and documents are verified, the policy will be issued. Shivakumar will provide you with the policy document and explain the next steps.

Payment Methods: Credit Card and UPI

Using credit cards and UPI to pay for LIC policies offers several benefits:

Credit Card:
- Convenience: Credit cards provide a quick and easy way to make payments.
- Rewards: Many credit cards offer rewards points, cashback, or other incentives for transactions, adding value to your payment.
- Flexibility: Credit cards allow for easy management of cash flow by offering flexible payment options and EMI facilities.
UPI:
- Instant Payment: UPI allows instant transfer of funds directly from your bank account to LIC, ensuring timely payment.
- No Transaction Fees: Most UPI transactions do not incur additional fees, making it a cost-effective payment method.
- Security: UPI transactions are highly secure, utilizing two-factor authentication for added safety.

To make a payment using a credit card or UPI:

Select Payment Method: When making a payment, choose either the credit card or UPI option.
Enter Details: Provide the necessary payment details (credit card number, expiry date, CVV for credit cards, or UPI ID for UPI payments).
Authenticate Payment: Complete the payment process by entering the OTP or PIN as required by your bank.

Tax Benefits Under Section 80C and 80D

Investing in LIC policies not only provides financial protection but also offers significant tax benefits under the Income Tax Act.

Section 80C:
- Eligibility: Premiums paid for life insurance policies are eligible for deduction under Section 80C.
- Limit: The maximum deduction allowed under Section 80C is ₹1,50,000 per financial year.
- Policies Covered: This includes life insurance policies for self, spouse, and children.
- Conditions: To claim this benefit, the policy must be active for at least two years from the date of commencement. If the policy is surrendered or discontinued within this period, the tax benefits will be reversed.
Section 80D:
- Eligibility: Premiums paid for health insurance policies, including riders and critical illness covers, are eligible for deduction under Section 80D.
- Limit: The maximum deduction allowed under Section 80D is ₹25,000 per financial year for individuals below 60 years and ₹50,000 for senior citizens. An additional deduction of ₹25,000 (or ₹50,000 for senior citizens) is available for policies covering parents.
- Policies Covered: This includes health insurance policies for self, spouse, dependent children, and parents.
- Conditions: Payments must be made through non-cash modes like credit cards or UPI to avail of the deduction.

Example Scenarios

Consider an individual who buys an LIC life insurance policy for ₹1,00,000 and a health insurance policy for ₹30,000. The tax benefits can be summarized as:

Under Section 80C: The premium of ₹1,00,000 is eligible for deduction, reducing the taxable income.
Under Section 80D: The health insurance premium of ₹30,000 is eligible for deduction, providing further tax savings.

Safety and Security of Online Purchases

Buying LIC policies online or through an authorized agent like Shivakumar ensures that your transactions are safe and secure. Here’s how:

Data Encryption: LIC’s online platforms use advanced encryption technology to protect your personal and financial information.
Secure Payment Gateways: Transactions made via credit card or UPI are processed through secure payment gateways, ensuring that your financial details are safe.
Regulatory Compliance: LIC complies with all regulatory requirements set by the Insurance Regulatory and Development Authority of India (IRDAI), ensuring transparency and trustworthiness.

Frequently Asked Questions (FAQ)

Q1: Can NRIs purchase LIC policies through Shivakumar?

A1: Yes, NRIs can purchase LIC policies through Shivakumar by contacting him at 9886568000. They must provide the necessary documentation and comply with FEMA regulations.

Q2: What if I miss a premium payment?

A2: LIC policies typically have a grace period for premium payments. If you miss a payment, you can pay within this period without penalty. Continuous non-payment may lead to policy lapse.

Q3: Are there any charges for paying via credit card or UPI?

A3: Some banks may levy a nominal fee for credit card transactions. Check with your card issuer for specific details. UPI transactions usually do not incur additional fees.

Q4: How do I claim tax benefits?

A4: Tax benefits can be claimed while filing your income tax return. Retain receipts and policy documents as proof of investment.

Q5: Is the purchase process safe?

A5: Yes, buying LIC policies through authorized agents like Shivakumar is safe and secure. Ensure you are dealing with authorized representatives and use secure payment methods.

Purchasing LIC insurance policies through Shivakumar at 9886568000 is a convenient, secure, and efficient way to ensure financial protection while enjoying tax benefits under Sections 80C and 80D of the Income Tax Act. The ability to pay via credit card or UPI adds flexibility and additional rewards, making the process even more attractive. By choosing LIC’s reliable and government-backed policies, investors can secure their future and achieve their financial goals with confidence.

For more detailed information and personalized assistance, contact Shivakumar at 9886568000. Embrace the advantages of digital insurance transactions and safeguard your financial future with the trusted name of LIC. Always ensure that you are using authorized channels to avoid fraudulent websites and secure your investments.