Top 5 LIC policies
Life Insurance Corporation of India (LIC) is the largest life insurance company in India, providing a range of policies to cater to the diverse needs of its customers. In this essay, we will discuss the top 5 LIC policies in detail, including their features, benefits, and eligibility criteria.
LIC Jeevan Anand Policy:
The LIC Jeevan Anand policy is a traditional endowment plan that provides both death and maturity benefits. The policy offers a combination of protection and savings, making it one of the most popular LIC policies. The key features of this policy are:
- Minimum age at entry: 18 years
- Maximum age at entry: 50 years
- Policy term: 15 to 35 years
- Premium payment term: 5 to 35 years
- Minimum sum assured: Rs. 1 lakh
- Maximum sum assured: No limit
- Premium payment frequency: Yearly, half-yearly, quarterly, or monthly
- Death benefit: Sum assured on death plus bonus
- Maturity benefit: Sum assured plus bonus
The policy offers a bonus, which is a percentage of the sum assured that is added to the policy at the end of each year. The bonus is paid out on death or maturity, whichever is earlier. The policy also provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
LIC New Children’s Money Back Plan:
The LIC New Children’s Money Back Plan is a non-linked, with-profit, regular premium payment plan that provides financial protection to children in case of the untimely death of the parent. The policy also provides survival benefits at regular intervals during the policy term, making it an attractive option for parents looking to secure their child’s future. The key features of this policy are:
- Minimum age at entry: 0 years
- Maximum age at entry: 12 years
- Policy term: 25 years minus age at entry
- Premium payment term: Policy term minus 5 years
- Minimum sum assured: Rs. 1 lakh
- Maximum sum assured: No limit
- Premium payment frequency: Yearly, half-yearly, quarterly, or monthly
- Death benefit: Sum assured plus bonus
- Survival benefit: 20% of the sum assured at ages 18, 20, and 22 years
- Maturity benefit: Sum assured plus bonus
The policy offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
LIC Jeevan Labh Policy:
The LIC Jeevan Labh policy is a non-linked, with-profit, limited premium payment plan that provides a combination of protection and savings. The policy offers a lump-sum payment on maturity, making it an attractive option for those looking to plan for their long-term financial goals. The key features of this policy are:
- Minimum age at entry: 8 years
- Maximum age at entry: 59 years
- Policy term: 16, 21, or 25 years
- Premium payment term: Policy term minus 5 years
- Minimum sum assured: Rs. 2 lakh
- Maximum sum assured: No limit
- Premium payment frequency: Yearly, half-yearly, quarterly, or monthly
- Death benefit: Sum assured plus bonus
- Maturity benefit: Sum assured plus bonus
The policy offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
LIC New Jeevan Nidhi Plan:
The LIC New Jeevan Nidhi Plan is a traditional pension plan that provides both death and retirement benefits. The policy offers
a range of options to choose from, including the choice of the annuity payable to the policyholder after retirement. The key features of this policy are:
- Minimum age at entry: 20 years
- Maximum age at entry: 60 years
- Policy term: 5 to 35 years
- Premium payment term: Policy term minus 5 years
- Minimum sum assured: Rs. 1 lakh
- Maximum sum assured: No limit
- Premium payment frequency: Yearly, half-yearly, quarterly, or monthly
- Death benefit: Sum assured plus bonus
- Retirement benefit: Sum assured plus bonus plus accrued guaranteed additions plus vested simple reversionary bonuses and terminal bonus
The policy offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
LIC Tech Term Plan:
The LIC Tech Term Plan is a pure term insurance policy that provides a high level of protection at an affordable cost. The policy offers flexibility in choosing the policy term, premium payment term, and coverage amount, making it an ideal choice for individuals looking for comprehensive protection for their family. The key features of this policy are:
- Minimum age at entry: 18 years
- Maximum age at entry: 65 years
- Policy term: 10 to 40 years
- Premium payment term: Equal to policy term
- Minimum sum assured: Rs. 50 lakh
- Maximum sum assured: No limit
- Premium payment frequency: Yearly
- Death benefit: Sum assured
The policy offers a discount on the premium for non-smokers and higher sum assured, making it an affordable option for those looking for comprehensive coverage. The policy also provides tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
In conclusion, LIC offers a range of policies to cater to the diverse needs of its customers. The top 5 LIC policies discussed above offer a combination of protection and savings, making them an attractive option for individuals looking to secure their future. It is important to understand the features and benefits of each policy and choose the one that best suits your needs and financial goals.
