• 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

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Bharti Jeevan Policy for a while. I pay a premium of 21000 per year. I make payments Via Cheque.. The service is good. No issues so far. The tenure of the policy is 15 years. Overall it has been a hassle free experience with the LIC and their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying the premium 11000, per year. The service good. It is so easy to make payments for this policy. I never faced any issues with their services. Being a govt company the security for my investment is guaranteed with the LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Jeevan Tarang Policy for a while. It is take for my children. The tenure of the policy is 18 years. It can also be converted to a pension scheme where my children will be getting 28000 per year as a part of the plan. It is a useful policy and recommendable.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the LIC Bhima Gold Money back policy for a while now. I will get cash back every 5 years via DD. I pay a premium of 700 monthly for this policy. It is a very useful policy considering the low premium I pay. Overall it has been a good experience with the LIC and their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a Jeevan Anand policy with the LIC. I am paying the premium of 500 per month. It is too easy to make payments and I never faced any issues with their services. Being a govt company the security is there with the LIC Overall it has been a good experience .
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      I got the life insurance policy long back. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy . I would say i am satisfied having the Life insurance policy with Life Insurance Corporation of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 3.5/5 "Pretty good"
      I am having the life insurance policy with the LIC of India. I would like to say that the customer service is good one and the response is better one too. Policy coverage value is good too with them. I am happy with the LIC of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 4.5/5 "Excellent!"
      I am having the Life Insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is also very good too and the response is good too. Coverage value is fine one too with the LIC of India.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Best"
      0.5 4.5/5 "Excellent!"
      Customer service is not experience with the Life Insurance Corporation of India, Policy coverage is good and I have taken two policy with the Life Insurance Corporation of India. Everything is better one with them till now.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "LIC is a very good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this LIC Jeevan Tarang policy 10 years before. I don't remember about the plans and benefits. I'm paying the premium amount of rs. 10000 six months once. I will come to know about the benefits when the maturity arrives. Total tenure of the policy is 12 years. Sum assured amount is 8 lakhs. Death benefits, Risk coverage and Accidental benefits are available. I used to make the payment through cash. My brother working as LIC agent and he suggested this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance from LIFE INSURANCE CORPORATION OF INDIA and the yearly premium is 30000. The total maturity period is for 20 years. After the maturity period i will get the sum assured and the interest. I mostly do cash payment.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 14 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months by cash and i am convenient with the payment options. The maturity period for this policy is after 23 years.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the customer service is fine one for me and the response is also good, also its not necessary. Plan benefits are less with them.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I took this life insurance jeevan policy from Lic insurance company mainly because of the good returns. The tenure period is 20 where the policy covers till 60 years . Am doing my payment yearly through on-line banking this policy covers accidental benefits and critical illnesses .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I took life insurance jeevan policy from Lic insurance company mainly because of the good returns, its 20 years of tenure period , the payment am doing through on-line monthly . There customer service and customer response is good .This policy covers accidental and critical illness coverage .
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance Money back policy from Life insurance Corporation of India. Am satisfied with the premium amount of Rs 7000 which has the tenure period of 20 years . There customer service and response is good. Overall am satisfied with the policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 19, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the LIC. It offers Accidental and Life coverage in one policy . I pay a premium of Premium 4900 per year. I make payments via Cheque and online LIC website. I never faced any issue with the policy so far. Overall ti has been a good experience with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've an insurance policy with the LIC. I make payments via the LIC website . I also got loans out of the policy for 60000 and the whole process of loan application was quick and got the loan amount with in 3 working days. Overall it has been a smooth experience with the LIC policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
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