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Best LIC Plans in India – An Overview

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Overview

Life is a precious gift which needs to be cherished and protected. In this world of mortals, death is inevitable, but there are ways to soften this blow, ensuring that the life of our loved ones is not affected if something happens to us. Life insurance is perhaps the best way to protect not only yourself, but also your near and dear, and life insurance in India is often synonymous with LIC. The largest insurance provider in the country, LIC offers a range of schemes to meet your requirement, with each plan catering to different needs. Choosing the right policy can be hard, but it is crucial that one spends some time to figure out what is needed, ensuring that he/she can lead a peaceful life.

Comparison of Top 5 LIC Plans in India

 

LIC Jeevan Anand

LIC E-term Plan

Jeevan Ankur

New Endowment Plan

New Bima Bachat

Type of plan

Endowment + Whole life

Online term assurance

Conventional with added profits

Participating non-linked plan

Participating non-linked savings plus protection

Maturity benefit

Yes

No

Yes

Yes

Yes

IT Benefits

Yes

Yes

Yes

Yes

Yes

Death benefit

Sum assured + bonuses

Sum assured

Sum assured + income benefit

Sum assured + bonuses

Sum assured + loyalty addition

Entry Age

Min – 18 years

Max – 65 years

Min – 18 years

Max – 60 years

For life assured: Min -18 years

Max -50 years

For child:

Min – 0 years

Max – 17 years

Min – 8 years

Max – 55 years

Min – 15 years

Max -66 years for 9 year term,

63 years for 12 year term and 60 years for 15 year term

Top plans offered by LIC

LIC has life insurance plans under multiple headings, ranging from endowment plans to money back and term assurance plans. Each plan is unique and caters to different individuals, making it a hard task to choose the perfect plan for you. Listed below are 5 of the top LIC plans for investment in the country.

  1. LIC Jeevan Anand:

    A combination of whole life plans and endowment assurance, LIC’s Jeevan Anand offers financial protection against death. Multiple premium options and bonuses make it ideal for those looking to get the best out of their money, both in life and after death.

    Features and benefits

    This plan offers a range of benefits to policyholders, a few of which are highlighted below.

    • Flexibility – Flexible premium payment options and ability to increase cover.
    • Maturity benefit – An individual is entitled to assured returns under this plan.
    • IT benefits – IT benefits are applicable under the IT law.
    • Surrender value – There is a guaranteed surrender value under this plan.
  2. LIC E-term Plan:

    This is an online term assurance plan designed to provide financial security to the family of an insured individual in the event of his/her demise. Keeping modern advances in mind, this plan can be availed only online, eliminating all intermediaries.

    Features and benefits

    Some of the main features and benefits of this plan are highlighted below.

    • Special premiums – Individuals maintaining a healthy lifestyle (non-smokers) are eligible for better premium rates.
    • Term – Individuals can opt for policy terms which best suit their needs, with terms ranging from 10 years to 35 years available.
    • Sum assured – The minimum sum assured ranges between Rs 25 lakh and 50 lakh, depending on multiple criteria.
    • Online purchase – This feature makes it fast and easy to purchase this policy.
  3. Jeevan Ankur:

    The life of a parent often goes towards providing for his/her children and Jeevan Ankur is a plan designed to offer financial resources to meet any expense associated with your kids. A conventional plan with added profits, this is ideal for parents of children up to the age of 17 years.

    Features and benefits

    Some of the major features and benefits of this plan are mentioned below.

    • Maturity benefit – An assured maturity benefit is provided on completion of this policy.
    • Additional cover – Individuals can choose to enhance the protection by adding riders.
    • Death benefit – A death benefit equivalent to the sum assured plus an income benefit will be paid.
    • Premium payment – Premiums can be paid either annually, half-yearly, quarterly or monthly.
  4. New Endowment Plan:

    Finding a plan which serves dual purposes is hard, which makes LIC’s New Endowment Plan unique. This participating non-linked plan does the job of a savings and protection plan, making it ideal for the hard working individual.

    Features and benefits

    Some of the major features and benefits of this plan are mentioned below.

    • Maturity benefit – A maturity benefit comprising the basic sum assured and bonuses (if any) will be paid on maturity.
    • Profit sharing – Policyholders are entitled to share the profits earned by LIC.
    • Death benefit – A death benefit equivalent to the sum assured and bonuses will be paid.
    • Loan – Policyholders can avail a loan against this policy.
  5. New Bima Bachat:

    This participating non-linked plan offers dual benefits of savings and protection, with a unique money back option which ensures that finances don’t wreak havoc in the life of your loved ones.

    Features and benefits

    Some of the major features and benefits of this plan are mentioned below.

    • Maturity benefit – A maturity benefit which includes the premium and loyalty addition will be paid.
    • Single premium – Only one premium should be paid under this plan.
    • Loan – A loan can be availed against this policy, allowing room for liquidity.
    • Death benefit – A death benefit equivalent to the sum assured and the loyalty addition will be paid.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

Best LIC Policy Reviews

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  • LIC Life Insurance
    "Must policy for every Indian"
    0.5 5.0/5 "Blown Away!"
    LIC is a very good policy in India. I cannot compared the LIC company with any other company in terms of best services and the claim ratio. After the maturity, in the same day the amount will be credited in my account and i don't need to contact anyone. They are providing all of kind of policy which suits for all kind of aged people thats the beauty of LIC.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with Life insurance corporation of India from long time, and the agent of LIC was know person so he suggested me best policy and there premium amount they have given me was nominal , the premium amount i use pay on yearly basis,and there is no hidden charged , and i pay premium through auto debit .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with Life insurance corporation of India for long time, and the agent had been suggested me best policy and there premium amount they have given me was nominal ,i use to pay on half yearly basis,and there is no hidden charged , and i pay premium through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I am using LIC using thee policies same policies life insurance coverage and two more different policies i am never contact customer Service for everything contact with agent only Responsiveness very good , Promised Interest Rate is less in LIC but trust worthy , Fees & Charges is use to pay by agent only. Hence i can give rating 5 for best service
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 13, 2018
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life insurance corporation of India from past 6-7 years, and the agent of LIC was know person so he suggested me best policy and there premium amount they have given me was nominal and there is no hidden charged , and i pay premium through on line.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 11, 2018
  • LIC Life Insurance
    "Good for Tax saving"
    0.5 4.0/5 "Great!"
    While I taking the LIC policy, the agent is professional and helped me out to generate the life insurance. In fact the agent is my relative whenever I have any quires they helped me out., they provide average benefits after matured, but its best for tax benefits and life cover.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 07, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my life insurance policy before 5 years. I have selected the LIC company, because of the best services. I pay the premium amount of Rs. 48000 in every year. I make the payment in all the mode like cash, cheque, online. I have chosen the endowment policy by myself. They have offered me a sum assured amount of Rs. 5 lakhs. Total tenure period of the policy is 16 years.
    Was this review helpful? 0
    , rewa
    Reviewed on Dec 04, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I would say LIC is best for the life insurance policy and my policy name is JEEVAN ANAND. The maturity period is 16 years. I need to pay the premium of 50K per annum for 10 years. The customer service was okay. The payment mode is online and its convenient.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Nov 29, 2018
  • LIC Life Insurance
    "Excellent policy"
    0.5 5.0/5 "Blown Away!"
    Since my brother is working as an LIC agent, he used to suggest me a best policies which suits me. Whenever the due date my brother asked about the payments and i will pay the same. I have been paying the premium of Rs. 13 K per annum. I have chosen the annual payment mode. I'm not sure about the sum assured amount. I have not gone through about the benefits and features.
    Was this review helpful? 0
    , faridabad
    Reviewed on Nov 22, 2018
  • LIC Life Insurance
    "Recommendable Insurance company"
    0.5 5.0/5 "Blown Away!"
    In front of LIC no other insurance company can survey, the infra structure is wide they are best in the market. In shublabh plan, I should pay the premium for 10 years after 15 years get the money, life cover age is there and they give additional five years cover.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 12, 2018
  • LIC Life Insurance
    "Trusted Insurance Company"
    0.5 4.0/5 "Great!"
    Its old insurance company, we have confidence on them, the benefits aren't great. But every body have one policy, even my parents having a policy with them. Whenever I make the premium through online, I get immediate update. Lic is best for life insurance not for the investment.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 10, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I took this Life insurance Jeevan policy from Lic insurance corporation of India mainly because of the good returns, it has 20 year tenure process for policy coverage of 60 years , the payment am doing through on-line every half yearly . The best about the policy is it covers accidental coverage and critical illness. Their customer service and customer response is good .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 03, 2018
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I took this Life insurance from Lic insurance corporation of India mainly because of the good returns, it has 15 year tenure process for policy coverage of 50 years , the payment am doing through on-line every half yearly . The best about the policy is it covers accidental coverage and critical illness. Their customer service and customer response is good .
    Was this review helpful? 0
    , bhilwara
    Reviewed on Jul 03, 2018
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I took this Money back policy from Lic insurance company mainly because of the good returns, its long tenure process of 20 years , the Am making the payments monthly which it get auto debited . The best about the policy is claim rate is high compared to other policy available in the market. Their customer service and customer response is good .
    Was this review helpful? 0
    , yamuna nagar
    Reviewed on Jun 04, 2018
  • LIC Life Insurance
    "Average policy"
    0.5 4.0/5 "Great!"
    I took Life insurance policy from Lic insurance company 3 years before mainly because of the good returns, its long tenure process , the payment am doing through online monthly .The best about the policy is claim rate is high compared to other policy available in the market. Their customer service and customer response is good .
    Was this review helpful? 0
    , mumbai
    Reviewed on May 18, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I took a policy from LIC insurance company mainly because of the good returns also it has got long tenure process. I am making the payment through cheque quarterly . The best about the policy is claim rate is high compared to other policy available in the market. Their customer service and customer response is also good .
    Was this review helpful? 0
    , secunderabad
    Reviewed on May 13, 2018
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 5.0/5 "Blown Away!"
    I took this policy from Lic insurance company mainly because of the good returns, its long tenure process , the payment can be done through only payments annually . The best about the policy is claim rate is high compared to other policy available in the market.
    Was this review helpful? 0
    , chennai
    Reviewed on May 11, 2018
  • LIC Life Insurance
    "Best Money Back Policy"
    0.5 5.0/5 "Blown Away!"
    My friend suggested me to take this money back policy. I'm paying Rs.8000 per quarter for 5 lakhs. I took the policy 15 years before. Every 5 years i will be receiving 1 lakh/ every 5 years. After 20 years they will give rest of the amount. This is the best money back policy ever.
    Was this review helpful? 0
    , chennai
    Reviewed on May 07, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    Jeevan policy is the best in LIC, I would say because the tenure period of this LIC is 20 years. It is having good and fast claim process. Till now not faced any issue. I make payments through monthly ECS. Low amount had to pay every month as a premium in this policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on May 04, 2018
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    LIC is one of the best insurance policy, i have this policy from last 8-9 years and it is a long term policy. I pay my premium once in 6 months through net banking and i am convenient with the payment options. The maturity period of this policy is 20 years and i am happy with the returns of this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 20, 2018
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