Which LIC policy is best for newly married couple?

LIC offers a wide range of insurance policies, including term plans, endowment plans, money-back plans, and unit-linked insurance plans (ULIPs). Here are a few policy options that newly married couples commonly consider:

1. Term Insurance Plan: Term insurance provides pure life coverage for a specified term. It is a cost-effective option that offers a high life cover at a relatively low premium. This policy ensures that the family's financial needs are met in case of the untimely demise of one of the spouses.

2. Endowment Plan: Endowment plans provide both insurance coverage and savings. The policyholder receives a lump sum amount at the end of the policy term, either upon survival or to the nominee in case of the policyholder's demise.

3. Money-Back Plan: Money-back plans offer periodic payouts during the policy term. It helps in meeting various financial milestones and can be useful for fulfilling short-to-medium-term goals.

4. ULIP (Unit-Linked Insurance Plan): ULIPs combine insurance with investment. A part of the premium goes towards life cover, and the rest is invested in various funds as per the policyholder's choice. ULIPs offer flexibility and potential for higher returns, but they also involve market risks.

5. Joint Life Insurance Plans: LIC offers joint life insurance policies specifically designed for married couples. These plans cover both spouses under a single policy, and the sum assured is paid out on the death of either spouse.

When choosing a policy, it's essential to assess your financial objectives, the amount of coverage required, and the premium affordability. It's advisable to consult with a licensed insurance agent or financial advisor who can analyze your specific needs and recommend a suitable LIC policy based on your circumstances.

Please note that financial products and insurance policies may change over time, so it's crucial to consider the latest offerings and terms and conditions before making a decision.

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