• Best LIC Plans in India – An Overview

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    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 34 1 2 3 4 5
    • LIC Life Insurance
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I am having the life insurance policy with the Life Insurance Corporation of India and the customer service is not really good one. I would like to say that the coverage value is not yet experienced. Everything is best one with the LIC of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance policy with LIC. I am using this service for 10 years. It is a Jeevan Anand policy, the tenure period is 20 years. The customer service is very good. The policy coverage and benefits are best. I used to pay the premium of Rs.5000 monthly.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 14, 2018
    • LIC Life Insurance
      "An affordable insurance policy"
      0.5 5.0/5 "Blown Away!"
      I had an life insurance from an insurer LIFE INSURANCE CORPORATION OF INDIA. It is one of the best product from Public insurers. I will get my policy premium summary statement regularly by registered post. I will get the proper support from LIC agent also.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 12, 2018
    • LIC Life Insurance
      "A great policy"
      0.5 5.0/5 "Blown Away!"
      I had a life insurance from LIFE INSURANCE CORPORATION OF INDIA. I can say it is one of the best life insurer in India by comparing with Private sector and Public sector Insurers. The Premium is also affordable . I will get some bonus settlements also.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 09, 2018
    • LIC Life Insurance
      "Best insurance policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with LIC.I pay a premium amount of 1720 in year,the policy is taken one year back.I have no claim experience,The policy is for 17 years.I make payments through online as its very comfortable to make,I would say its a best to have a policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 02, 2018
    • LIC Life Insurance
      "Max Benefit with LIC"
      0.5 5.0/5 "Blown Away!"
      LIC policy is the best to gain maximum benefits from your investment.Not only this , LIC also provides 100 years life coverage plans .ITs safe and secure as it is a govt undertaken scheme. Also LIC is very much recommendable to all as it provides the maximum benefits.
      Was this review helpful? 0
      , jalandhar
      Reviewed on Jan 24, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with LIC.The premium amount is 30,000 paid in year.I have been holding the policy form last three years.The policy is for 20 years.The policy coverage amount is five lakhs,I get the best response and guidance from the agent.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 22, 2018
    • LIC Life Insurance
      "Stable but sure"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance with LIC for the past 10 years. It is a Government organization, the services are okay. I have taken Jeevan Anand policy and the tenure period is 15 years. I would say it is a best investment for the future. The payment was made through ECS. I believe, LIC have better investment choice.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 19, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been holding the policy since 2008.I closed the policy long back.I pay a premium amount of 5000 every quarterly.I would say its the best policy to hold and a better investment for the customers during the maturity period.I pay my premium by cash at times through online transfer.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2018
    • LIC Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I am having the life insurance policy with the LIC of India and I am with them from the last five years of time. Its the best one for me and the response is also the best one. Jeevan anand is one of the best policies which I hold. Maturity benefits can be reaped after twenty years of time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 11, 2018
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC. i would say its the best policy for very customers.I pay a premium of 40,000 in year.I do get a policy coverage of 10 lakhs.The policy is for 20 years,i pay my premium amount by cash directly.The online service is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 09, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with LIC.I have been holding the policy for two years.I pay a premkum amount of 5000,I get a policy coverage of 10 lakhs.Plan benefits are good,i have no claim experience till date.I am happy holding the policy its a best benefits to the customer.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 09, 2018
    • LIC Life Insurance
      "Better service"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with LIC.I have opened it last few years ago.I pay a premium of 6000 per annum.I pay it through cash.The website has the best scheme details.I got 25,000 bonus cash after 5 years.Its the best benefit fir the customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 08, 2018
    • LIC Life Insurance
      "Good Insurnace"
      0.5 4.0/5 "Great!"
      I have take 4 Life Insurance with LIC. Premium I have been paying is for one Rs.14800, then two other insurance have a premium 9608 each and the last one has Rs.3800. I am at the last premium for couple of my Insurance and 3rd last installment for one back. The Money back scheme I have taken in it is the Best I have.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 07, 2018
    • LIC Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance few years back.The payment is done through online.The policy coverage is up to 5 lakhs.The premkum amount is 7000 paid every quarterly.The website is easy to understand and navigate.I feel its the best investment to the customers.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 04, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken an active LIC . i would say its the best policy for future benefits.The payment options is convenient to make online my account.The premium amount is 1650,i have no claim experience with them.I get a policy coverage in case of accident ,death up to 12 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 04, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a Life Insurance with LIC.I pay a premium amount of Rs 32,000 quarterly through online.They give a good policy coverage amount of 12 lakhs.The online service is the best,the policy is for ten years.I have no claim experience with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 29, 2017
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance for children.I have been using it for the last nine years.The premium amount is 80,000 paid once in a years.I feel its the best investment for the customer s.I get a good policy coverage amount,The agent respond immediately.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 28, 2017
    • LIC Life Insurance
      "Trusted Insurance"
      0.5 3.0/5 "Satisfactory"
      LIC is best compared private insurance provider, because its very safe and trusted. Hence I have taken LIC policy before six years, it has term 15 years, I will get the sum assured value around Rs. 3 lakhs. Quarterly I make the premium around Rs.1055 by cash, They provide receipt for the payment.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 21, 2017
    • LIC Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life Insurance with LIC.The payment is done through online the agent is very polite and respond anytime call in.The policy is jeevan anand,i feel its the best policy for an individual.I pay a premium of 15k per annum.I get a policy coverage of 5 lakhs.The policy for 20 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 20, 2017
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